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Class Action Financial Services Industry Consumer Contracts

A class action is a type of legal action where a representative individual or group of individuals can bring a claim on behalf of a larger group or class who share a common legal interest.
Orrick, Herrington & Sutcliffe LLP

Illinois appeals court rejects arbitration in FDCPA class action

On August 27, an Illinois appellate court affirmed a trial court’s denial of a motion to compel arbitration in an FDCPA class action. The case involved a 2022 collection email about a charged-off account originally opened...more

Ballard Spahr LLP

New Jersey Supreme Court Enforces Stand-Alone Class Action Waiver

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Earlier this year, the New Jersey Supreme Court held in Pace v. Hamilton Cove that class action waivers in consumer contracts that do not contain an arbitration clause (i.e., a stand-alone class action waiver) are not per se...more

Troutman Pepper Locke

Ninth Circuit Issues Decision Limiting Scope of Concepcion

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In Heckman v. Live Nation Entertainment, Inc., a panel of the Ninth Circuit affirmed a lower court decision refusing to enforce the Ticketmaster arbitration provision in a purported consumer antitrust class action brought...more

Ballard Spahr LLP

Comment letters from consumer advocates bolster case against CFPB rulemaking on post-dispute arbitration clauses

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We previously reported and released a podcast episode on comments that we and Professor David Sherwyn of Cornell University submitted in opposition to the Petition for Rulemaking filed by a number of consumer advocacy groups...more

Stinson LLP

FDIC Requiring NSF Fee Refunds in Examinations

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Last month, the latest class action regarding bank-charged returned payment fees passed a motion to dismiss in Mawyer v. Atl. Union Bank. This comes on the heels of the Federal Deposit Insurance Corporation (FDIC)'s recent...more

BCLP

2019 Year in Review for Financial Services Class Actions

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Focus areas included FCRA, Fair Lending, ancillary fees and services (such as lender placed flood insurance), TCPA, privacy and data security and other topics. Consumer Financial Protection Bureau’s Director Kathleen...more

Ballard Spahr LLP

House passes bill to ban mandatory arbitration agreements; White House threatens veto

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This past Friday, by a vote of 225-186, the House passed H.R. 1423, the “Forced Arbitration Injustice Repeal Act.”  A Senate companion bill (S. 610) was introduced in February 2019 and referred to the Senate Judiciary...more

Ballard Spahr LLP

A response to comments made at Senate Judiciary Committee’s arbitration hearing

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Last Tuesday, I had the great privilege of testifying before the Senate Judiciary Committee at its “Arbitration in America” hearing. ...more

Carlton Fields

Eighth Circuit Finds All Claims Involving Consumer Credit Dispute Subject To Arbitration

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A federal court in Minnesota determined that three of Plaintiffs’ claims were not subject to the applicable arbitration clause: (1) state-law usury claims; (2) state and federal financial disclosure claims; and (3) state-law...more

Womble Bond Dickinson

Either “Called Party” Will Do: Consent from Subscriber Husband Defeats Wife’s TCPA Claim Even Though She Was the Customary User of...

Womble Bond Dickinson on

Its a factual scenario that arises far more than it should. A customer provides a cell phone number to a business, consenting to receive phone calls in the process. Phone calls are placed to that customer at that number. But...more

Ballard Spahr LLP

Online Arbitration Agreement Must Be “Reasonably Communicated and Accepted”

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Ruling in a class action brought against Uber Technologies, Inc., the U.S. Court of Appeals for the First Circuit recently held that the company's arbitration clause could not be enforced because it was not "reasonably...more

Polsinelli

Trump Blocks CFPB Arbitration Rule, but the Story’s Not Over Yet

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President Donald Trump effectively stopped the Consumer Financial Protection Bureau’s (CFPB) so-called “arbitration rule,” signing legislation repealing the rule on Nov. 1. The rule would have prohibited providers of certain...more

Ballard Spahr LLP

CFPB to Remove Arbitration Rule from CFR

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The CFPB is scheduled to publish a notice in tomorrow’s Federal Register removing the agency’s final arbitration rule from the Code of Federal Regulations (CFR). ...more

Pierce Atwood LLP

Consumer Financial Services Arbitration: Another Perspective

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Much has been said and written about Congress’ rejection of the CFPB proposal to ban class action waivers in arbitration agreements between consumers and financial services companies. One of the most frequent statements I...more

Ballard Spahr LLP

CFPB Finally Acknowledges Arbitration Rule “Has No Force or Effect”

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Two weeks after President Trump signed H.J. Res. 111, the joint resolution passed by the House and Senate disapproving the CFPB arbitration rule, the CFPB has formally acknowledged Congress’ override of the rule under the...more

Ballard Spahr LLP

Director Cordray criticizes CRA override of CFPB arbitration rule

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In a blog post last week, we noted that there had been no official statement from the CFPB about Congress’ override of the CFPB’s arbitration rule, which President Trump signed on November 1....more

Ballard Spahr LLP

When will the CFPB formally acknowledge that Congress has repealed its arbitration rule?

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Yesterday marks one week since President Trump signed H.J. Res. 111, the joint resolution passed by the House and Senate disapproving the CFPB arbitration rule....more

Seyfarth Shaw LLP

Another One Bites the Dust - the President Kills the CFPB Arbitration Rule

Seyfarth Shaw LLP on

Seyfarth Synopsis: Pursuant to the the Congressional Review Act, President Trump officially repealed the CFPB Arbitration Rule. As expected, President Trump signed the resolution to repeal the arbitration rule proposed...more

Carlton Fields

No Treat For CFPB: Trump, Congress Override Rule On Class Action Waivers

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On November 1, President Trump signed legislation disapproving a CFPB rule designed to prohibit class action waivers in certain consumer financial services contracts. In so doing, Trump rejected a last minute personal appeal...more

Bilzin Sumberg

CFPB Arbitration Rule Eliminated by Congress and President

Bilzin Sumberg on

On November 1, President Trump formally did away with a Consumer Financial Protection Bureau (CFPB) arbitration rule that would have given consumers the opportunity to file class actions against banks and other companies in...more

Ballard Spahr LLP

Finance industry groups file dismissal notice in lawsuit seeking to overturn CFPB arbitration rule

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The plaintiffs in the lawsuit filed by industry groups in a Texas federal district court against the CFPB to overturn the final arbitration rule have filed a Notice of Voluntary Dismissal....more

Kilpatrick

Update: President Trump Sticks a Knife in the CFPB’s Arbitration Rule

Kilpatrick on

Key Takeaway: For now, pre-dispute arbitration clauses with class action waivers are safe. On November 1, President Trump abrogated a Consumer Financial Protection Bureau (CFPB) rule that would have given consumers the...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Facebook may have had a difficult day on the Hill. But a 79% rise in Q3 profit—driven, ironically enough, by online ads—should help soften the blow....more

Ballard Spahr LLP

President Trump signs CFPB arbitration rule override

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Yesterday, President Trump signed H.J. Res. 111, the joint resolution passed by the House and Senate disapproving the CFPB arbitration rule. The House and Senate actions were taken pursuant to the Congressional Review Act...more

BakerHostetler

Congress Overturns CFPB Arbitration Rule

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On the afternoon of Nov. 1, President Donald J. Trump signed H.J. Res. 111, completing the process under the Congressional Review Act to disapprove the Consumer Financial Protection Bureau (CFPB)’s Consumer Arbitration Rule...more

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