Annual Report 2015
Litigation
During 2015, the Board of Governors was a party in 5 lawsuits or appeals filed that year and was a party in 12 other cases pending from previous years, for a total of 17 cases. The Board intervened in or initiated an additional 3 cases relating to privileged documents or testimony. In 2014, the Board had been a party in a total of 19 cases. As of December 31, 2015, 9 cases were pending.
Ruiz v. Board of Governors, et al., No. 15-cv-547 (D. Rhode Island, filed December 22, 2015), is an action seeking a writ of mandamus and declaratory judgment that the Board failed to perform certain duties under golden parachute regulations.
Burford v. Yellen, No. 15-cv-02074 (D. District of Columbia, filed December 1, 2015), is an employment discrimination claim.
SBAV v. Porter Bancorp., No. 13-cv-710 (W.D. Kentucky, motion to intervene filed October 10, 2015), was an action by private investors against a Board-regulated bank holding company under the Kentucky Securities Act and Kentucky common law. On October 14, 2015, the court granted the Board's and Federal Deposit Insurance Corporation's motion to intervene to seek reconsideration of the court's March 31, 2015, order requiring production of privileged bank examination materials. On December 1, 2015, the court granted the agencies' motion to vacate the order as moot.
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.
White Arnold & Dowd, P.C., v. Board of Governors, No. 15-cv-00789 (N.D. Alabama, filed May 12, 2015), was a Freedom of Information Act case. On October 30, 2015, the district court dismissed the case on the parties' stipulation.
Love v. Federal Reserve Board, No. 15-cv-1077 (D. Kansas, filed March 16, 2015), was a challenge to the Board's monetary policy actions. On June 11, 2015, the district court granted the Board's motion to dismiss the action.
Colonial BancGroup, Inc. v. PricewaterhouseCoopers LLP, No. 15-mc-201 (D. District of Columbia, filed February 19, 2015), was an action to quash deposition subpoenas to a senior Board official and officials of the FDIC. On June 9, 2015, the court granted the agencies' motions to quash.
Ramey v. Board of Governors, No. 14-cv-220 (D. District of Columbia, filed December 22, 2014), was a Freedom of Information Act case. On December 10, 2015, the district court granted the Board's motion to dismiss the action.
Ferrer v. Bernanke, No. 14-15325 (Eleventh Circuit, appeal filed November 25, 2014), is 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.
The Loan Syndications and Trading Association v. Board of Governors, No. 14-1240 (D.C. Circuit, petition for review filed November 10, 2014), is 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.
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.
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.
Johnson v. Federal Reserve Board, No. 14-cv-50 (E.D. North Carolina, filed March 28, 2014), was a complaint by incarcerated individual that his prosecution and imprisonment violated his rights under the "redemption theory." On January 30, 2015, the district court granted the Board's motion to dismiss the action.
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.)).
NACS et al. v. Board of Governors, No. 13-5720 (D.C. Circuit, notice of appeal filed August 21, 2013), was an appeal from a District Court ruling invalidating Board regulations issued pursuant to section 1075 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to debit card interchange fees. On March 21, 2014, the Court of Appeals reversed the District Court's grant of summary judgment and remanded the action to the district court. On January 20, 2015, the Supreme Court denied NACS's petition for certiorari (No. 14-200), and on October 2, 2015, the District Court entered judgment for the Board.
State National Bank of Big Spring v. Bernanke, No. 13-5247 (D.C. Circuit, notice of appeal filed August 2, 2013), is an appeal of a district court ruling dismissing plaintiffs' challenge to the constitutionality of the Consumer Financial Protection Bureau (CFPB) and the Financial Stability Oversight Council. On July 24, 2015, the Court of Appeals affirmed in part and remanded in part to the district court to consider issues related to the CFPB.
Ball v. Board of Governors, No. 13-cv-00603 (D. District of Columbia, filed April 30, 2013), was a Freedom of Information Act case. On March 31, 2015, the District Court granted the Board's motion for summary judgment.
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.
Wise v. Federal Reserve Board, No. 12-cv-1636 (D. District of Columbia, filed October 2, 2012), was a claim under the Federal Tort Claims Act. On November 17, 2015, the court entered judgment for the Board.
