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Andrew Buxbaum

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A recent decision out of the Northern District of Illinois should help banks defend against increasingly common claims involving fraudulent wire transfers. In Trivedi v. Bank of America, et al., the district court granted the defendant banks’ motions to dismiss, holding that the plaintiff’s common law claims were preempted by the Illinois Uniform Commercial Code (UCC), the consumer fraud claims failed to meet R. 9(b)’s heightened pleading standard, and claims under the Electronic Funds Transfer Act failed to state a claim.

A federal district court in New Jersey recently dismissed a complaint against a bank filed by a commercial customer duped by a business email compromise incident. The case involved four wire transfers totaling $1.4 million dollars. The court found that even though the customer was tricked by a fraudster into initiating the transfers, the wires…

In Cadence Bank, N.A. v. Roy J. Elizondo III, PLLC, the Supreme Court of Texas recently held that an administrative form relied upon by a victim of a fraud scam did not impose contractual obligations on a bank to verify available funds before processing the wire transaction.

A Texas lawyer maintained an IOLTA deposit…

The Uniform Commercial Code’s (UCC) midnight deadline rule imposes an obligation on payor banks to return dishonored checks before midnight of the next business day after the date of receipt of the item. The midnight deadline rule states: “If an item is presented and received by a payor bank, the bank is accountable for the…

2021 was a transformative year for the consumer financial services world. As we navigate an unprecedented volume of industry regulation, Troutman Pepper is uniquely positioned to help its clients find successful resolutions and stay ahead of the curve.

In this report, we share developments on auto finance, background screening, bankruptcy, consumer class actions, consumer…

As we recently reported, the Federal Communications Commission (FCC) provided new maximum call guidance in a December 2020 order (Order) for callers subject to the Telephone Consumer Protection Act (TCPA). The guidance was issued prior to the implementation of new regulations capping the number of permitted calls under the TCPA. But industry members quickly…

2020 was a transformative year for the consumer financial services world. As we navigate an unprecedented volume of industry regulation, Troutman Pepper is uniquely positioned to help its clients find successful resolutions and stay ahead of the compliance curve.

In this report, we share developments in 2020 on consumer class actions, background screening, bankruptcy,…

Calls exempt from the Telephone Consumer Protection Act (“TCPA”) will soon be subject to call volume limits. At the close of 2020, the Federal Communications Commission (“FCC”) issued new guidance capping the number of artificial or prerecorded voice calls that may be made to residential phone lines without prior express consent.

The FCC’s Report and…