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Conflict of Laws Alternative Dispute Resolution (ADR) Finance & Banking

Read Conflict of Laws updates, alerts, news, and analysis from leading lawyers and law firms:

California Supreme Court Punts on FAA Preemption - Court invalidates waiver of public injunctive relief, declines to address...

Last month, the California Supreme Court handed down its unanimous decision in McGill v. Citibank N.A., holding that an arbitration provision that effectively waives a consumer’s statutory right to seek public injunctive...more

California Supreme Court Finds Arbitration Agreement Waiver of 'Public Right' Unenforceable

by Pepper Hamilton LLP on

On April 6, the California Supreme Court issued a unanimous opinion in McGill v. Citibank, finding that a pre-dispute arbitration agreement was unenforceable to the extent it required the plaintiff to waive her right to seek...more

Private Arbitration Agreements which Prohibit Public Injunctive Relief Violate Public Policy and are Unenforceable Under...

by Foley & Lardner LLP on

In an April 5, 2017 unanimous opinion, the California Supreme Court (the “Court”) held that private arbitration agreements which prohibit public injunctive relief in any forum are contrary to California public policy and...more

Forcing the Issue? California Supreme Court Opens Door for Challenges to Mandatory Arbitration Clauses

Consistent with the historical reluctance of California courts to enforce arbitration provisions in consumer contracts, on April 6, 2017, the California Supreme Court ruled that an arbitration provision that waived an...more

Litigation Alert: CA Supreme Court Holds Arbitration Provisions Waiving Right to Seek Public Injunctive Relief "In Any Forum" Are...

by Fenwick & West LLP on

In a closely-watched case, the California Supreme Court recently held in McGill v. Citibank, N.A. that arbitration clauses that foreclose a plaintiff’s right to pursue public injunctive relief in any forum are invalid and...more

California Supreme Court Invalidates Contractual Waivers Of Public Injunctive Relief

by Seyfarth Shaw LLP on

Seyfarth Synopsis: No California contractual provision, including one in an arbitration agreement, can waive the statutory right to seek injunctive relief to protect the general public. McGill v. Citibank, N.A. (April 6,...more

Dancing On Their Own: The California Supreme Court’s Decision in McGill v. Citibank, N.A. that Class Action Waivers Do Not Apply...

On April 6, 2017, the California Supreme Court struck another blow in its contentious battle with the United States Supreme Court on the enforceability of consumer arbitration clauses subject to the Federal Arbitration Act...more

Seventh Circuit Rejects Challenge To Arbitration Award Based On “Manifest Disregard Of The Law” And Fraud

by Carlton Fields on

This case involved a FINRA arbitration held to resolve a dispute over money allegedly owed to Ameriprise Financial Services by a former financial adviser. The financial adviser appealed the district court’s confirmation of...more

California Court Of Appeal Sides With Federal Arbitration Act Over State Law Unconscionability Rule

by Carlton Fields on

The California Court of Appeals recently held that the Federal Arbitration Act (“FAA”) preempts California’s Broughton-Cruz rule, which states that arbitration agreements for injunctive relief under California’s unfair...more

The Importance Of Selecting An Available Arbitration Forum

by Carlton Fields on

The Eleventh Circuit affirmed a Florida district court’s denial of Cashcall’s motion to compel arbitration, as the forum selected in the parties’ loan agreement was not available. Appellee Abraham Inetianbor initially...more

Second Circuit Affirms Orders Enjoining Arbitration, Holding Broad Forum Selection Clause Supersedes FINRA Arbitration Rule

by Carlton Fields on

The Second Circuit affirmed two cases in which financial services firms had succeeded in enjoining FINRA arbitrations that were initiated against them by public financing entities. The court held that in each case, the FINRA...more

Second Circuit Holds Forum Selection Clause Supersedes FINRA’s Mandatory Arbitration Rule

In Goldman, Sachs & Co. v. Golden Empire Schools Financing Authority, No. 13-797-cv, 2014 WL 4099289 (2d Cir. Aug. 21, 2014), the United States Court of Appeals for the Second Circuit held that a forum selection clause in a...more

Forum-Selection vs. Arbitration Issue Teeing Up for Supremes

by Burr & Forman on

The Second Circuit stayed its mandate last week to allow public-pension litigants to file cert petitions seeking review of its August holding that a subsequent account-agreement forum-selection clause requiring federal-court...more

A Check in the “Win” Column for Broker-Dealers!

by Wilson Elser on

The Second Circuit recently issued a single opinion for two cases [Goldman Sachs & Co. v. Golden Empire Sch. Fin. Auth., No. 13-797-cv (2d Cir. Aug. 21, 2014) and Citigroup Global Mkts. Inc. v. N.C.E. Mun. Power Agency, No....more

Second Circuit Decision Provides Guidance for Drafting Enforceable Broker-Dealer Agreement Forum Selection Clause

On August 21, the US Court of Appeals for the Second Circuit decided two closely watched appeals regarding the intersection of Financial Industry Regulatory Authority, Inc. (FINRA) rules mandating arbitration of...more

Second Circuit Holds Contractual Forum Selection Clause Supersedes FINRA Mandatory Arbitration Rule

On August 21, the US Court of Appeals for the Second Circuit decided two closely watched appeals regarding the intersection of Financial Industry Regulatory Authority, Inc. rules regarding mandatory arbitration of disputes...more

Financial Services Report - Quarterly News, Winter 2013

by Morrison & Foerster LLP on

Editor’s Note - Stuff didn’t happen this quarter. Lots of it. The federal government didn’t happen for two weeks in October, which caused some to celebrate and others to wring their hands and clamor for a strong,...more

Financial Services Report - Quarterly News, Summer 2013

by Morrison & Foerster LLP on

In This Issue: Arbitration Report; Bureau Report; Privacy Report; Mortgage Report; Operations Report; Preemption Report; and Beltway Report. Excerpt from Arbitration Report: Ninth Circuit Punts...more

FINRA Panel Rules on Charles Schwab's Challenge to FINRA Rules Prohibiting Class Action Waiver Clauses

by Hinshaw & Culbertson LLP on

In October 2011, Charles Schwab ("Schwab") began inserting into its customer Account Agreements a class action waiver clause....more

Financial Services Report -- Summer 2012

by Morrison & Foerster LLP on

Editor’s Note New York Mayor Michael Bloomberg wants to ban sodas sold in containers of more than 16 ounces. Thank you for asking our opinion. Or, as the young folks say, “no problem.” It’s a brilliant idea, but...more

FINRA and Charles Schwab Battle over Class Action Waiver Clauses

by Hinshaw & Culbertson LLP on

Last October, Charles Schwab & Company ("Schwab") began inserting into its customer Account Agreements a class action waiver clause. Schwab's Account Agreements require arbitration of any dispute...more

Second Circuit (Again) Rules that Arbitration Clauses that Diminish Vindication of Federal Claims are Not Enforceable

by Davis Wright Tremaine LLP on

The ping-pong match between the Second Circuit and the U.S. Supreme Court regarding the enforceability of arbitration provisions continues.  The Second Circuit reaffirmed its decision that the class action...more

Financial Services Report - Volume 11, No. 1 - Summer 2011

by Morrison & Foerster LLP on

In this issue: Arbitration Report; Beltway Report; Operations Report; Mortgage Report; Privacy Report; and Preemption Report. Weird things happened this quarter that read like plot devices that couldn’t get past the...more

Financial Services Report - Volume 9, No 1. Winter 2010

by Morrison & Foerster LLP on

In this issue: 2 Beltway Report 5 Operations Report 5 Plastic (a/k/a Card Report) 6 Mortgage Report 7 Privacy Report 10 Arbitration Report 10 Preemption Report Editor’s Note Tis the season to be thankful, and...more

Financial Services Report: Staying Ahead of the Summons - Volume 7, No 1. Summer 2010

by Morrison & Foerster LLP on

In This Issue: 2 Beltway Report 5 Operations Report 6 Plastic (a/k/a Card Report) 7 Mortgage Report 8 Privacy Report 9 Arbitration Report 10 Preemption Report Please see full report below for more information....more

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