American Banker quotes Eric Magnuson in “Supreme Court Punts on Key Case for Banks”Print PDF
Eric Magnuson, a partner in the firm’s Business Litigation practice group, was quoted in “Supreme Court Punts on Key Case for Banks” in American Banker on June 29. The article discusses a lawsuit involving the Real Estate Settlement Procedures Act and the Court’s decision not to issue a ruling, even after hearing oral arguments in the case. The case First American Financial Court v. Edwards had potential implications for the Electronic Fund Transfer Act (EFTA). The question before the Court was whether the plaintiff could litigate over alleged title insurance kickbacks if the plaintiff did not suffer any actual harm. Recent lawsuits related to the disclosure of ATM fees allege various banks and credit unions violated a legal requirement that ATMs have physical signage informing users of fees in addition to onscreen notification of fees.
On Wednesday, the House Financial Services Committee voted unanimously to repeal the legal requirement for physical signage for ATMs. “The court was basically just saying, “We shouldn’t have taken this case in the first instance,’” said Eric. “The big takeaway is: lower courts are left without any additional guidance.”
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