Cadwalader allows sharing content.
Email to a friend or colleague:
From
To
Subject
Email On August 12, 2015, the United States Court of Appeals for the Second Circuit denied Midland Funding, LLC and Midland Credit Management (collectively, “Midland”)’s petition for panel rehearing, or, in the alternative, rehearing en banc, of the Second Circuit’s recent decision in Madden v. Midland Funding, LLC (“Madden”), that upended well-settled lending law by holding that the federal preemption of state usury laws does not extend to non-national bank assignees of national banks, thus calling into doubt the enforceability of loans that were valid when made, depending on the identity and location of the assignee. https://www.cadwalader.com/resources/clients-friends-memos/the-second-circuit-denies-midlands-request-for-rehearing-on-its-decision-that-upended-longstanding-principles-of-lending-law