This feature originally appeared in the May 26th edition of the Pittsburgh Business Times. Q: My company received notice of a significant default judgment against it. After investigating, I discovered that an employee received notice of the lawsuit in the mail but never opened it. Can we do anything? Advice: After you are served with a lawsuit you have a certain amount of time to respond (usually 20-30 days depending on your jurisdiction). If you don’t submit a written answer to the lawsuit the court can enter a default judgment. First, it is important to determine whether your company was properly served. Service by mail is only proper under certain circumstances. If you determine your company was not properly served with notice of the lawsuit, any default judgment is invalid and you should file a motion in Court to have the judgment removed. If you discover that your company was properly served, you may still be able to open the judgment. Generally speaking, a default judgment may be opened if the moving party has (1) promptly filed a petition to open the default judgment, (2) provided a reasonable excuse or explanation for failing to file a responsive pleading, and (3) pleaded a meritorious defense to the allegations contained in the complaint. Setting aside a judgment can be time-sensitive and complex – the attorneys at Bernstein-Burkley would be happy to guide you through the process. Kerri C.
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In a rare move, the credit union regulator is asking the CFPB for exemptions for credit unions from expanded HMDA requirements and unfair and deceptive acts authority.
The FDIC's Quarterly Banking Profile was mostly good news for banks, showing higher profits and lower noncurrent loans, but loan growth remains a worry. Following is a detailed look at some of the insights into bank earnings.
Well, Student Loan Collections are worse –
than even I thought!
And my opinion of student loan collectors was,
is, they are abysmal.
Shahien Nasiripour has a great story at the Bloomberg site.
The Department of Education has even more ways to screw up.
The Education Department, which rewards its (student) loan servicers with more business if the loans they service remain in good standing, excludes rehabilitated loans when grading its servicers’ performance.
Read More from: Discharge Student Loan
The role of branches in consumers' lives may be changing in the digital age, but brick-and-mortar locations are here to stay. To adapt, Citizens Bank has begun a "10-year process" of retrofitting its branch network.
Blockchain platform's capital raising is its biggest to date; mutual fund giant now accepts digital currency in its cafeteria as CEO Abigail Johnson embraces it.
Regulatory restrictions on market entry can shield banks for only so long from problems like those faced by traditional retailers. But financial institutions can take these steps to stay competitive in the ever-digital world.
The $3.2 billion-asset company is making a bigger push into northern Indiana with its agreement to buy Lafayette Community Bancorp.
More bankers say risk is rising — across all categories — than did in a survey conducted two years ago.
Andy Maguire faces a challenge: tasked with upgrading HSBC's digital-banking systems, he has discovered that customers are twice as likely to trust a robot for heart surgery than for picking a savings account.
Bank earnings leaped to $44 billion in the first quarter, a 12.7% increase from a year earlier, but loan growth marked its first quarterly slowdown since 2013.
House Democrats are asking Deutsche Bank Chief Executive Officer John Cryan for documents related to two internal reviews, including one into accounts held by President Trump and his family.
Europe is debating whether to ban screen scraping, a practice that fintechs count on as a last resort. Innovation is at stake.
Appeals court justices appeared divided on whether the structure of the Consumer Financial Protection Bureau is constitutional during oral arguments in the PHH v. CFPB case on Wednesday.
The Spanish bank is opening its APIs to outside developers as Bank of America tests a new data-sharing model with aggregators.
New mothers were bailing out from the Cincinnati bank at twice the rate of other women employees, so it decided to offer a maternity concierge service that would help them with stressful chores.
The Treasury Department significantly raised an estimate for how much the exemption will cost the government over the next decade, giving bankers some hope that their complaints are finally being heard.
Six years after the initial concept release, the PCAOB announced that it will hold an open meeting next Thursday, June 1, to consider adopting standards on the auditor’s report and proposing updated requirements for auditing accounting estimates and an auditor’s use of the work of specialists.
In 2013, the PCAOB proposed rules to require the inclusion of critical audit matters (CAM) in the auditor’s report. After a public comment period and several roundtables that criticized the overly broad scope of CAM, the rule was repurposed in May 2016, as we described here.
The 2016 proposal modified the prior definition of CAM by adding a materiality standard, limiting the source of potential CAM and narrowing the definition. Continue Reading
Read More from: Davis Polk Briefing: Governance
Delaware Sports Complex, LLC, which operates an 180 acre indoor and outdoor sports facility and the 190 acre St. Annes golf course in Middletown, Delaware, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 17-11175). According to the Petition, the Debtor is filing as a small business debtor. The Petition estimates the Debtor’s assets and liabilities to both be between $1–$10 million. The Debtor has filed a DIP Financing Motion seeking authority to borrow up to $278,750 in order to fund its professional and statutory fees throughout the case. The Debtor has not moved to appoint a claims or noticing agent. The case has been assigned to the Honorable Kevin Gross.
Read More from: Bankruptcy and Restructuring Law Monitor