1st Circ. Downs National City Credit Line Action

Law360, New York (November 30, 2009, 12:55 PM EST) -- A federal appeals court has affirmed the dismissal of a putative class action claiming that National City Bank unilaterally and illegally altered the terms of a home equity line of credit agreement to eliminate a late payment grace period.

The U.S. Court of Appeals for the First Circuit on Wednesday ruled that the U.S. District Court for the District of Massachusetts correctly dismissed the suit and that the plaintiffs' claims were not adequately pled.

The plaintiffs in 2004 jointly obtained a 10-year, $100,000 line of credit...
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