News & Analysis as of

Motion to Dismiss Usury

Orrick, Herrington & Sutcliffe LLP

District court allows lawsuit on earned wage access alleging potential TILA and Pennsylvania usury violations to proceed

On August 28, the U.S. District Court for the Eastern District of Pennsylvania denied a motion to dismiss a proposed class action against a financial services company offering earned wage access products in the form of cash...more

Morrison & Foerster LLP - Left Coast Appeals

This Week at The Ninth: E-Scooters and Usury

This week, the Ninth Circuit examines whether a city’s collection of location data from electronic scooters violates the Fourth Amendment, and whether a consumer lender can circumvent state usury laws by making loans through...more

Orrick, Herrington & Sutcliffe LLP

Madden Progeny Update

The Second Circuit’s decision in Madden v. Midland Funding, LLC was announced in 2015. Since that time, there have been a number of cases brought based on the Second Circuit opinion, as well as recent regulatory proposals...more

Cadwalader, Wickersham & Taft LLP

2019 Year in Review: Securitization Litigation and Regulation

There were significant developments in 2019 as courts continued to issue important decisions in this space and significant legislation impacting the residential mortgage-backed securities (“RMBS”) market came into effect.  A...more

Mayer Brown

Magistrate Judge Recommends Dismissal in Chase Issuance Trust Usury Lawsuit

Mayer Brown on

A United States Magistrate Judge for the United States District Court, Western District of New York, yesterday issued his report and recommendation on the defendants’ motion to dismiss in Petersen et al. v. Chase Card...more

Burr & Forman

Eleventh Circuit Finds Forum Selection Clause and Class Action Waiver in Payday Loan Agreements Unenforceable as against Georgia...

Burr & Forman on

In Davis v. Oasis Legal Fin. Operating Co., LLC, 18-10526, 2019 WL 4051592 (11th Cir. Aug. 28, 2019), the U.S. Court of Appeals for the Eleventh Circuit (“Eleventh Circuit”) affirmed a decision in the U.S. District Court for...more

Ballard Spahr LLP

Update on Colorado bank-model lawsuits

Ballard Spahr LLP on

In two closely-watched enforcement actions pending in Colorado state court, the Administrator of the Uniform Consumer Credit Code for the State of Colorado is employing the “true lender” theory and the Second Circuit’s...more

Orrick, Herrington & Sutcliffe LLP

Rejecting "True Lender" Arguments, California District Court Dismisses Claims Against Student Loan Servicers

This past Thursday, September 22, a federal district court in the Central District of California dismissed an action raising usury claims against several student loan servicers, rejecting the plaintiffs' arguments based on...more

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