To follow up our comprehensive 50-state chart regarding statutes of limitations pertaining to claims against appraisers, we have compiled, summarized and linked to 16 cases from 12 states involving statute of limitations issues in lawsuits filed against appraisers and AMCs. For appraisers registered with READI, the table of cases can Read more…
I’ve written previously about what is the biggest case against appraisers in terms of alleged damages. That case is Gibson, et al. v. Credit Suisse, Cushman & Wakefield, et al. The case is a reflection for appraisers about what is happening in the courts to their profession — liabilities being Read more…
Judge Carter ruled yesterday on eAppraiseIT’s motions attacking the FDIC’s First Amended Complaint in the lawsuit filed by the FDIC against CoreLogic/eAppraiseIT and their various affiliates on May 9, 2011. eAppraiseIT’s Motion to Dismiss Count I — Breach of Contract Relating to Appraisals Delivered Prior to Signing of Formal Written Read more…
In March of this year, the FDIC sued Washington Mutual’s former CEO Kerry Killinger, its former chief operating officer Stephen Rotella and its former head of residential lending David Schneider for $900 million in alleged damages resulting from their “gross negligence” in running WaMu’s residential lending business. The FDIC claimed Read more…
In the wake of Judge Carter’s order granting motions to dismiss the FDIC’s gross negligence and alter ego-type claims against LSI Appraisal and CoreLogic Valuation Services, the FDIC has filed first amended complaints against the appraisal management companies in each case. It also has reserved the right to later appeal Read more…
In the two weeks leading up to Thanksgiving Day, the FDIC sued 29 individual residential appraisers and a rafter of mortgage brokers in 12 separate lawsuits. All of the appraisers sued in this round reside in California — in the last three years, the FDIC has so far sued a Read more…
In an opinion published today concerning the 2007 lawsuit filed by then Attorney General Cuomo against First American Corporation and its former appraisal management company eAppraiseIT, New York state’s highest court — its Court of Appeals — has ruled that the trial court properly denied eAppraiseIT’s motion to dismiss. In Read more…
Caption of 11-14-11 Order In a November 14 ruling in the FDIC’s lawsuit against CoreLogic and its various subsidiaries, Judge Carter dismissed the FDIC’s gross negligence claim (with leave for the FDIC to amend) based on the economic loss rule for the same reasons he previously dismissed the FDIC’s similar Read more…
(Update — Judge Carter granted, in part, CoreLogic’s similar motion to dismiss on 11/14/11. See post here.) As reported in prior posts, the FDIC, as receiver for failed lender Washington Mutual, sued appraisal management company LSI Appraisal and its corporate parent Lender Processing Services for breach of contract and gross Read more…
Today, four years after New York’s then Attorney General Cuomo filed his state’s lawsuit against First American eAppraiseIT (now part of CoreLogic), the New York Court of Appeals (the state’s highest court) heard eAppraiseIT’s appeal of the trial court’s denial of its motion to dismiss. eAppraiseIT’s argument on appeal, as Read more…