Merrill Lynch Ducks Mortgage Fee Class Action In 9th Circ.

Law360, New York (May 1, 2013, 10:15 PM EDT) -- Merrill Lynch & Co. Inc. on Wednesday shook off a proposed class action by a home buyer accusing its unit First Franklin Financial Corp. of unlawful residential mortgage lending practices when the Ninth Circuit ruled federal laws over a bank's real estate lending ability preempt state laws that impede it.

A three-judge panel affirmed a lower court’s November 2011 decision granting summary judgment to the defendants

and said that Roger Deming’s claims were preempted by the National Banking Act, according to the order.

Deming had filed...
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