Banks

R and D signpost

Catchy blog titles are usually hard too, but not this one. Discovery of electronically stored information (“ESI”) is just plain difficult. If you are lucky, it does not come up in your case at all. Or, the parties agree that only certain emails during a certain period of time are relevant to the dispute. If you are unlucky, you might find yourself in the middle of a massive theft of trade secrets case involving customer lists with thousands of names and an email address for each one of them. At that point, expect to spend several months creating an ESI discovery protocol with your opposing counsel – a process of negotiating everything from search terms to custodian/device lists to hard drive/server copying formats, and so on and so forth. Once that part is finished, you still have to engage in discovery according to the protocol.

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gavel money

The Federal Deposit Insurance Corporation (FDIC) reached a $16 million deal with a Utah bank recently, settling charges that the financial institution engaged in unfair and deceptive acts and practices.

Merrick Bank violated Section 5 of the Federal Trade Commission (FTC) Act in the marketing and servicing of its credit card add-on products, the regulator alleged. From 2008 to 2013, the bank touted its “PAYS Plan” as a payment protection card add-on product that provided a benefit payment toward a customer’s monthly credit card payment when triggered by life events such as involuntary unemployment, disability or hospitalization.

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Ed. note: Above the Law will have a reduced publishing schedule on Friday, July 4, in observance of the day when Will Smith beat those aliens.

* Two state supreme courts rejected the bids of guns rights advocates to give felons the right to own guns. But if you outlaw guns, only outlaws… wait, that slogan doesn’t work here. [The Volokh Conspiracy / Washington Post]

* Hobby Lobby fallout. Religious groups are asking President Obama to accommodate their “sincerely held belief” that gay people don’t deserve jobs. [Talking Points Memo]

* On the other hand, Hobby Lobby opens the door to student loan forgiveness. [Tyler Coulson]

* People hated talking to Steve Jobs about their work. Was it because kids these days don’t understand the value of hard work? Or was it because computer geeks are notoriously introverted? [What About Paris?]

* Don’t discriminate against people getting divorces — they’ve got enough to worry about. [Adjunct Law Prof Blog]

* Some legal academics think bank executives should be paid in bonds. Here are some arguments against that. [Fortune]


If you don’t have a lawyer, it is hard to really put their feet to the fire and make sure the banks have every ‘t’ crossed and ‘i’ dotted… We are going to make sure funding for those legal services is restored.

– New York Attorney General Eric T. Schneiderman, discussing the implications of a $2.7 billion hard-cash settlement under a nationwide mortgage servicing agreement.

As part of the settlement, New York State will receive a guaranteed $136 million, and New Yorkers who suffered during the foreclosure crisis will be eligible for an estimated $648 million in additional payments. Schneiderman said the settlement will help restore legal service programs that were cut back in recent years.