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Ninth Circuit Clarifies Amount in Controversy Standard Where Borrower Seeks Only “Temporary” Foreclosure Stay Pending Loan Modification Review

The Ninth Circuit recently limited the availability of diversity jurisdiction for certain cases with claims involving mortgage loan modifications. Specifically, in Corral v. Select Portfolio Servicing, Inc., the Ninth Circuit held that, where the plaintiff-borrower “seeks only a temporary stay of foreclosure pending review of a loan modification application … the value of the property or amount of indebtedness are not the amounts in controversy.” — F.3d —-, 2017 WL 6601872, at *1 (9th Cir. Dec. 27, 2017).

USA, Banking, Insolvency & Restructuring, Litigation, Real Estate, K&L Gates LLP, Foreclosure, Ninth Circuit
M&A Deal Points: New Developments for Deal Makers

New Law to Encourage Informal Restructuring

On 28 March 2017, the Federal Government released its long awaited draft legislation that is designed to encourage restructuring of distressed businesses.

The proposed legislation is open for consultation with the finalised legislation expected to come into effect on 1 January 2018. There are two proposed changes:

Australia, USA, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, Tax, K&L Gates LLP, Australian Securities and Investments Commission