Bank of New York Mellon Trust Co. avoided a proposed class action by New York homeowners seeking penalties for the bank’s alleged failure to record mortgage repayments within the time frame set by state law, after the Second Circuit Wednesday found the plaintiffs failed to show sufficient injury.
The three-judge panel of the U.S. Court of Appeals for the Second Circuit reversed its May ruling that Sandra Maddox and Tometta Maddox Holley have constitutional standing to sue the bank for violating New York statutes that require mortgage lenders to record a borrower’s repayment within 30 days.
A U.S. Supreme Court ...
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