Litigation
During 2016, the Board of Governors was a party in 6 lawsuits filed that year and was a party in 10 other cases pending from previous years, for a total of 16 cases. The Board intervened in or initiated one additional case relating to privileged documents or testimony. In 2015, the Board had been a party in a total of 17 cases. As of December 31, 2016, 13 cases were pending.
Pending
Rodriguez v. Bank of America, et al., No. 16-cv-8197 (D. New Jersey, filed November 3, 2016), is an action relating to a mortgage loan foreclosure.
Center for Popular Democracy v. Board of Governors, No. 16-cv-5829 (E.D. New York, filed October 19, 2016), is an action under the Freedom of Information Act.
Hardy v. Yellen, No. 16-cv-1572 (D. District of Columbia, filed August 2, 2016), is an employment discrimination action.
Richardson v. Board of Governors, No. 16-cv-867 (D. District of Columbia, filed May 9, 2016), is a case under the Federal Tort Claims Act, Privacy Act, and Freedom of Information Act, among other claims.
The Colonial BancGroup, Inc. v. PricewaterhouseCoopers LLP, No. 16-cv-653 (N.D. Georgia, filed February 12, 2016), is an action to quash a deposition subpoena to a Federal Reserve Bank examiner.
Burford v. Yellen, No. 15-cv-02074 (D. District of Columbia, filed December 1, 2015), is an employment discrimination claim.
The Loan Syndications and Trading Association v. Board of Governors, No. 14-1240 (D.C. Circuit, petition for review filed November 10, 2014), was a challenge to the credit risk retention rules issued under section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. On March 18, 2016, the Court of Appeals transferred the case to the U.S. District Court for the District of Columbia, No. 16-652. On December 22, 2016, the Court granted the Board's and Security and Exchange Commission's motion for summary judgment. On January 5, 2017, the plaintiff filed its notice of appeal.
Richardson v. Yellen, No. 14-cv-01673 (D. District of Columbia, filed October 8, 2014), is an employment discrimination claim.
In re Wilmington Trust Securities Litigation, No. 10-cv-990 (D. Delaware, motion to intervene filed August 20, 2014), is a securities class action against Wilmington Trust Corporation and related entities. On August 22, 2014, the court granted the Board's motion to intervene for the limited purpose of asserting the bank examination privilege. On September 12, 2016, the court adopted the Magistrate's Report and Recommendation granting in part plaintiffs' motion to compel.
Community Financial Services Association of America, Ltd., v. Board of Governors, No. 14-cv-00853 (D. District of Columbia, filed June 11, 2014), is a challenge to actions of the Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency that allegedly disadvantage payday lenders.
Crisman v. Board of Governors et al., No. 12-cv-1871 (D. District of Columbia, filed November 19, 2012), is a Freedom of Information Act case.
Resolved
Perry v. Board of Governors, et al., No. 16-cv-1661 (D. District of Columbia, filed August 16, 2016), was an action by a Board employee relating to long-term disability benefits. On December 1, 2016, the plaintiff voluntarily dismissed the Board as a defendant.
Haase v. Bank of America, et al., No. 16-cv-1567 (S.D. Texas, filed April 25, 2016, removed to federal court June 3, 2016), was an action against 69 defendants including individual Governors, Federal Reserve Banks, and the Federal Reserve System under the Texas Constitution, among other claims. On February 8, 2017, the court dismissed the action.
Ruiz v. Board of Governors, et al., No. 15-cv-547 (D. Rhode Island, filed December 22, 2015), was an action seeking a writ of mandamus and declaratory judgment that the Board failed to perform certain duties under golden parachute regulations. On April 5, 2016, the court entered the plaintiff's notice of voluntary dismissal.
WMI Liquidating Trust v. Board of Governors, No. 13-cv-01706 (W.D. Washington, filed September 20, 2013), is an action for a declaratory judgment regarding golden parachute payments. On July 3, 2014, the action was transferred to the United States Bankruptcy Court for the District of Delaware (Adv. Pro. No. 14-50435-MFW (Bankr. D. Del.)). On February 15, 2017, the district court granted the Board's motion to dismiss all claims.
Artis v. Greenspan, No. 15-5260 (D.C. Circuit, notice of appeal filed September 19, 2015), was an appeal of the dismissal of plaintiffs' Equal Employment Opportunity claims. On December 21, 2015, the Court of Appeals summarily affirmed the district court's dismissal. On March 21, 2016, the Court of Appeals denied plaintiffs' petition for rehearing en banc. On October 3, 2016, the Supreme Court denied plaintiffs' petition for a writ of certiorari.
Ferrer v. Bernanke, No. 14-15325 (Eleventh Circuit, appeal filed November 25, 2014), was an appeal of the dismissal of an action alleging that plaintiffs received improper relief under the Board's and the Office of the Comptroller of the Currency's financial remediation orders regarding deficient mortgage servicing and foreclosure practices. On August 12, 2016, the Court of Appeals affirmed the district court's dismissal of the action.