Yocum scores appellate victory in class action
On August 26, 2008, the United States Court of Appeals for the Eighth Circuit upheld a dismissal obtained by Beckie Yocum of a class action filed in the United States District Court for the District of Nebraska. The claims arose from alleged usury violations under the National Bank Act and the Depository Institutions Deregulation and Monetary Control Act of 1980. The court concluded that the National Bank Act does not apply to state chartered banks, hence dismissal was proper based upon lack of jurisdiction. In addition, the court found that the alleged improper conversion of funds or collateral did not constitute the payment of interest as defined under the law. The case is Mamot Feed Lot and Trucking, et al v Scott Hobson, et al, case no. 07-3129.
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