Bank of America v. Peterson, No. 12-2508 (8th Cir. 2015)

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In 2014, the Eighth Circuit held that the Petersons’ claim for rescission under the Truth in Lending Act, 15 U.S.C. 1601, was time-barred by 15 U.S.C. 1635(f) because of their failure to file a lawsuit within three years of their transaction with Bank of America. In 2015, the Supreme Court held that another court had erred in holding that a borrower’s failure to file a suit for rescission within three years of the transaction’s consummation extinguishes the right to rescind and bars relief. Following remand by the Court, the Eighth Circuit vacated it earlier judgment and remanded.

Court Description: Civil case - Truth in Lending Act. On remand from the Supreme court for reconsideration in light of Jesinoski v. Countrywide Home Loans, 135 S. Ct. 790 (2015). For the court's prior opinion in the case, see Peterson v. Bank of America, N.A., 746 F.3d 357 (8th Cir. 2014). In light of the Jesinoski opinion, the court vacates that portion of the judgment that granted Bank of America summary judgment on the Petersons' claim for rescission, reinstates that portion of the judgment that vacated the grant of summary judgment to Bank of America on the Peterson's counterclaim for statutory damages and remands the matter to the district court for further proceedings.

This opinion or order relates to an opinion or order originally issued on March 21, 2014.

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United States Court of Appeals For the Eighth Circuit ___________________________ No. 12-2508 ___________________________ Bank of America, N.A. lllllllllllllllllllll Plaintiff - Appellee v. Gary R. Peterson; Sally L. Peterson lllllllllllllllllllll Defendants - Appellants JP Morgan Chase Bank, N.A., and its successors and assigns; Horizon Bank, National Association; Clear & Close Title Agency, Ltd., also all heirs and devisees of any of the above-named persons who are deceased; and all other persons or entities claiming any right, title, estate, lien or interest in real estate described in the Summons and Complaint herein lllllllllllllllllllll Defendants ____________ Appeal from United States District Court for the District of Minnesota - Minneapolis ____________ Submitted: March 4, 2015 Filed: April 15, 2015 ____________ Before WOLLMAN, BYE, and COLLOTON, Circuit Judges. ____________ WOLLMAN, Circuit Judge. This case is before us on remand from the United States Supreme Court. In Peterson v. Bank of America, N.A., 135 S. Ct. 1153 (2015), the Court granted a writ of certiorari, vacated this court’s judgment in Bank of America, N.A. v. Peterson, 746 F.3d 357 (8th Cir. 2014), and remanded the case to us for reconsidering in light of its decision in Jesinoski v. Countrywide Home Loans, Inc., 135 S. Ct. 790 (2015). In Peterson, we relied upon our court’s decision in Keiran v. Home Capital, Inc., 720 F.3d 721 (8th Cir. 2013), in holding that the Petersons’ claim for rescission under the Truth in Lending Act, 15 U.S.C. § 1601 et seq., was time-barred by 15 U.S.C. § 1635(f) because of their failure to file a lawsuit within three years of their transaction with Bank of America. 746 F.3d at 360. The Supreme Court held in Jesinoski that the Keiran court had erred in holding that a borrower’s failure to file a suit for rescission within three years of the transaction’s consummation extinguishes the right to rescind and bars relief. 135 S. Ct. at 792. In light of the Court’s holding in Jesinoski, we vacate that portion of our judgment in Bank of America N.A. v. Peterson that granted Bank of America summary judgment on the Petersons’ claim for rescission, reinstate that portion of our judgment that vacated the grant of summary judgment to Bank of America on the Petersons’ counterclaim for statutory damages, and remand the case to the district court for further proceedings consistent with this opinion. ______________________________ -2-

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