February 29, 2016
- A suit under the Telephone Consumer Protection Act (TCPA) for unwanted text messages against VoiceShot LLC and Kale Realty LLC, a real estate agency, was dismissed when the court found that the law did not apply to their conduct. The court found that VoiceShot was a “common carrier” providing telecommunication services and thus is immune from TCPA liability.
- The Court of Appeals for the Ninth Circuit held that Fannie Mae and Freddie Mac are not considered “federal agencies” under the False Claims Act, but rather non-governmental third parties in particular circumstances, including spending money on the government’s behalf.
- The S. Securities and Exchange Commission receives $147 million in illicit profit and $1 million in civil penalties from Louis Schooler, who deceived investors to buying into a general partnership at exorbitant, undisclosed markups.
- In cases alleging failure in trustee duties on residential mortgage-backed securities, S. Bank won (partially) when the court dismissed claims from the federal credit union regulator, but allowed private investor contract breach claims to continue.
- UBS AG will pay $33 million in settlement with National Credit Union Association for claims alleging that UBS lied on offering documents to residential mortgage-backed securities.