MERS Member Banks Beat Texas, La. Counties' RICO Claims

Law360, New York (March 6, 2014, 5:38 PM EST) -- The Fifth Circuit refused Wednesday to revive Racketeer Influenced and Corrupt Organizations Act suits in which Louisiana and Texas counties accused banks of defrauding them through Mortgage Electronic Registration System Inc., ruling that the complaints didn't allege an injury to business or property.

Affirming dismissals by federal judges in those two states, the appeals court decided that the loss of recording fees and general damage to the integrity of the public records arose from a government function, not commercial activity, thus the suits had no standing...
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