What You Need to Know
- The Supreme Court found the 2nd Circuit applied the wrong standard in determining a state escrow interest law is preempted by federal law.
- Justice Brett Kavanaugh delivered the opinion for the unanimous court.
- The decision vacates the appeals court judgment and remands the case for further proceedings.
The U.S. Supreme Court delivered a partial victory to New York borrowers on Thursday, finding that a federal appeals court applied the wrong analysis when it struck down a state law requiring banks to pay interest on escrow accounts.
In a unanimous decision in Cantero v. Bank of America Thursday, the Supreme Court revived a class action against Bank of America over its alleged failure to pay interest on mortgage escrow accounts. The court held that the U.S. Court of Appeals for the Second Circuit applied the wrong standard in determining that New York’s 1974 escrow interest law is preempted by the 1864 National Bank Act.
Want to continue reading?
Become an ALM Digital Reader for Free!
Benefits of a Digital Membership
- Free access to 1 article* every 30 days
- Access to the entire ALM network of websites
- Unlimited access to the ALM suite of newsletters
- Build custom alerts on any search topic of your choosing
- Search by a wide range of topics
Already have an account? Sign In Now
*May exclude premium content
You Might Like
By Abigail Adcox
3 minute read
Anger Over Weinstein Ruling Sparks Bills to Curb New York High Court's Power
By Brian Lee
5 minute read
Republicans Urge US Banking Agencies to Provide Clarity in Merger Review Process
By Maydeen Merino
4 minute read
AI Boom Has Left Employers With Head-Spinning Governance Challenges
By Chris O'Malley
4 minute read
- Latest
- Trending
- {{#each content.latest}}
{{ cardHeaderSimple }}
{{ summary }}
Read More
{{/each}}
- {{#unless content.trending.user}} {{#each content.trending.global}}
{{ lawfirm }}
{{count}} new blips
{{/each}} {{ else }} {{#each content.trending.user}} {{ lawfirm }}
{{count}} new blips
{{/each}} {{/unless}}
{{#unless content.trending.user}}
Learn More About Radar
{{ else }}
Open My Radar
{{/unless}}
Trending Stories
-
A Famous Big Law Combination, 20 Years Later—And Its Lessons For Today's Merger Market
The American Lawyer
11th Circuit Judge Uses ChatGPT in Deciding Appeal, Encourages Others to Consider It
Legaltech News
Gov. Murphy Signs Controversial OPRA Changes Into Law: I Take 'Corruption and Trust in Our Democracy Extremely Seriously'
New Jersey Law Journal
Are These Judges Too Slow? New Data and Nuances
New Jersey Law Journal
Deacons Sexual Harassment Saga Takes a Turn as Judge Lifts Anonymity and Ex-Partner Sues for Defamation
International Edition
- How Have The Second Hundred Firms Fared Since Outperforming the Am Law 100 Last Year?
Featured Firms
Law Offices of Gary Martin Hays & Associates P.C.
75 Ponce De Leon Ave NE Ste 101
Atlanta, GA 30308
(470) 294-1674
www.garymartinhays.com
Law Offices of Mark E. Salomone
2 Oliver St #608
Boston, MA 02109
(857) 444-6468
www.marksalomone.com
Smith & Hassler
1225 N Loop W #525
Houston, TX 77008
(713) 739-1250
www.smithandhassler.com
Presented by BigVoodoo
More From ALM
- Resources
- CLE Center
- Law.com Compass
- Lawjobs
- Professional Announcements
Go to Resources
Premium Subscription
With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Team Accounts
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Bundle Subscriptions
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
Go to CLE Center
From Data to Decisions
Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends.
Exclusive Depth and Reach.
Law.com Compass includes access to our exclusive industry reports, combining the unmatched expertise of our analyst team with ALM’s deep bench of proprietary information to provide insights that can’t be found anywhere else.
Big Pictures and Fine Details
Law.com Compass delivers you the full scope of information, from the rankings of the Am Law 200 and NLJ 500 to intricate details and comparisons of firms’ financials, staffing, clients, news and events.
Elite Trial Lawyers 2024
July 11, 2024
New York, NY
The National Law Journal Elite Trial Lawyers recognizes U.S.-based law firms performing exemplary work on behalf of plaintiffs.
The National Law Journal Legal Awards 2024
October 24, 2024
Georgetown, Washington D.C.
The National Law Journal honors attorneys & judges who've made a remarkable difference in the legal profession in the D.C. area.
Southeastern Legal Awards 2024
June 20, 2024
Atlanta, GA
The Daily Report is honoring those attorneys and judges who have made a remarkable difference in the legal profession.
Go to Events Go to Webcasts
Health Law Associate CT
Health Law Associate CT Shipman is seeking an associate to join our national longstanding health law practice. Candidates must have t...
FINANCE & REAL ESTATE ASSOCIATES - Connecticut Preferred; Remote will be considered
Shipman & Goodwin LLP is seeking two associates to expand our national commercial real estate lending practice. Candidates should have ...
Associate Attorney
Associate attorney position at NJ Immigration Law firm: Leschak & Associates, LLC, based in Freehold, NJ, is looking for a full time ass...
Clifford Law Offices, PC
04/29/2024
The National Law Journal
Professional Announcement
View Announcement ›
04/15/2024
Connecticut Law Tribune
MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS
View Announcement ›
04/11/2024
New Jersey Law Journal
Professional Announcement
View Announcement ›
Go to Professional Announcements
Subscribe to National Law Journal
Don't miss the crucial news and insights you need to make informed legal decisions. Join National Law Journal now!
Unlimited access to National Law Journal
Access to additional free ALM publications
1 free article* across the ALM subscription network every 30 days
Exclusive discounts on ALM events and publications
Join National Law Journal
Already have an account? Sign In
Breaking news and trends for law firm and legal departments about the evolving federal regulations in a volatile political climate.
Federal Legal News
- Expert Columns
- Latest Stories
- Events
Special Coverage
- Special Reports
- Special Supplements
Surveys & Rankings
- The NLJ 500
National Law Journal
- Current Issue
- Contact
- Sitemap
