Merrill Lynch Ducks Mortgage Fee Class Action in 9th Circ.
A May 1 Law360 article titled “Merrill Lynch Ducks Mortgage Fee Class Action in 9th Circ.” named Lane Powell and Lane Powell Shareholder John Devlin as counsel to First Franklin Financial Corp., a unit of Merrill Lynch & Co., Inc. The article discussed a proposed class action whereby a home buyer accused First Franklin Financial Corp. of unlawful residential mortgage lending practices. The Ninth Circuit affirmed a lower court’s November 2011 decision granting summary judgment to Merrill Lynch and ruled that federal laws over a bank’s real estate lending ability preempt state laws that impede it. Read the article (PDF).