United States Third Circuit

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SCHNALL v. AMBOY NAT'L BANK, 01-1502

The Truth in Savings Act ("TISA"), 12 U.S.C. Sections 4301-13, imposes strict liability on depository institutions that violate its disclosure requirements, and to recover statutory damages under Section 4310, a plaintiff need not show that he relied to his detriment on an advertised annual percentage yield (APY), that he was misled by the advertised APY, or that he was financially harmed by the TISA violations.

Appellate Information

  • Argued 11/06/2001
  • Decided 01/28/2002
  • Published 01/28/2002

Judges

  • Before:  BECKER, Chief Judge, McKEE and RENDELL Circuit Judges.

Court

  • United States Third Circuit

Counsel

  • For Appellant:
  • Stuart A. Blander, (Argued) Alan A. Heller, Heller, Horowitz & Feit, P.C., New York, NY, Abe Rappaport, David Kessler & Associates, L.L.C., Clifton, NJ, Counsel for Appellant., Dolores S. Smith, Director Board of Governors of the Federal Reserve System Division of Consumer and Community Affairs, Washington, DC, Counsel for Amicus Curiae at the Invitation of the Court.

  • For Appellees:
  • Dennis T. Kearney, (Argued) Helen A. Nau, Pitney, Hardin, Kipp & Szuch, LLP, Morristown, NJ, Counsel for Appellee.
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