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.
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