Daily Archives: May 4, 2015

Court Allows Damages for Lost Rental Income and Emotional Distress Against the Bankster

Miles v. Deutsche Bank

Court: California Court of Appeal
Docket: G050294
Opinion Date: April 29, 2015
Areas of Law: Civil Procedure, Real Estate & Property Law

At issue in this case were allegations of a wrongful foreclosure and related causes of action. Plaintiff John Miles appealed a judgment dismissing his breach of contract, fraud, and negligent misrepresentation causes of action pursuant to a sustained demurrer, and a summary judgment in favor of defendants banks on the wrongful foreclosure cause of action. With respect to the demurred causes of action, the Court of Appeal reversed: after review of the record, the Court found no explanation for the trial court’s ruling. Based on its independent review of the complaint, the Court of Appeal concluded plaintiff adequately stated his claims. With respect to the wrongful foreclosure cause of action, the Court also reversed: the trial court granted summary judgment on the sole basis that plaintiff could not prove damages because he did not have any equity in the home when it was sold at a non-judicial foreclosure sale. “Wrongful foreclosure is a tort, however, and thus plaintiff may recover any damages proximately caused by defendants’ wrongdoing. Plaintiff offered evidence that he lost rental income and suffered emotional distress as a result of the foreclosure. This is disputed, of course, but it is sufficient to survive a summary judgment motion.”

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Bank of America Tops the List of the Most Hated Companies in Banking

Even though it’s been seven years since the onset of the financial crisis, Americans still haven’t forgiven the banks most responsible for the worst economic downturn since the Great Depression.

To be fair, sentiment toward banks in general has improved. In its latest survey of the U.S. retail banking industry, J.D. Power found that customer satisfaction with lenders is at a “record high as banks improve experiences for their customers, reduce problems, and create a better understanding of fees.”

The performance of JPMorgan Chase (NYSE: JPM  ) serves as a case in point. The nation’s biggest bank by assets scored better than the average bank across all nine of the regions in which it operates. It had a particularly strong showing in Florida, where customers gave it a score of 826 out of 1,000, making it the best-performing bank in the Sunshine State.

Read on.