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Finance & Banking Alternative Dispute Resolution (ADR) Civil Procedure

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Noreika-Cordray Dispute Escalates as Senate Nears Vote on CFPB Arbitration Rule

by Ballard Spahr LLP on

Since last summer, Acting U.S. Comptroller of the Currency Keith A. Noreika and CFPB Director Richard Cordray have exchanged polar-opposite views on whether the CFPB’s final arbitration rule should be repealed....more

More details on finance industry’s CFPB arbitration rule lawsuit

by Ballard Spahr LLP on

As promised previously, here are further details on the lawsuit filed by industry groups against the CFPB to overturn the final arbitration rule.  The complaint largely mirrors our heavy criticism of the rule. ...more

Earlier deadline for Senate to pass CRA resolution to override CFPB arbitration rule

by Ballard Spahr LLP on

In a recent blog post, we estimated that, as a practical matter, November 16 was the last day on which the Senate could pass a resolution of disapproval under the Congressional Review Act to override the CFPB arbitration...more

Bankruptcy Court Grants MF Global Holdings’ Motion To Reconsider Decision To Compel Arbitration In Bermuda, But Reaches Same...

by Carlton Fields on

On September 6, 2017, the Bankruptcy Court for the Southern District of New York issued the latest order in the ongoing coverage battle between MF Global Holdings (“MF Global”) and Allied World Assurance Company regarding the...more

Business Groups File Federal Lawsuit to Challenge CFPB Arbitration Rule

by Foley & Lardner LLP on

On September 29, 2017, the U.S. Chamber of Commerce, the Texas Association of Business, and various other national and Texas statewide business organizations and trade groups (together, Plaintiffs) filed a federal lawsuit in...more

Judge Fitzwater Assigned to Hear Industry Suit to Block CFPB Arbitration Rule is Experienced and Well-Respected

by Ballard Spahr LLP on

As we’ve mentioned, the finance industry recently filed suit to overturn the CFPB’s arbitration rule in the U.S. Federal District Court for the Northern District of Texas. Shortly after the case was filed, it was assigned to...more

What is the deadline for the Senate to pass a CRA resolution to override the CFPB’s arbitration rule?

by Ballard Spahr LLP on

Despite the filing of a lawsuit last Friday by a number of industry trade groups seeking to block implementation of the CFPB’s arbitration rule, we remain hopeful that the Senate will pass a resolution of disapproval under...more

Courts Lose Jurisdiction To Vacate Arbitration Award After Three Months

The Nebraska Supreme Court recently had the unenviable task of determining whether the three month time period that the FAA provides for vacating an arbitration award is a statute of limitation (subject to tolling) or is...more

Finance Industry Files Lawsuit to Overturn CFPB Arbitration Rule

by Ballard Spahr LLP on

The U.S. Chamber of Commerce, American Bankers Association, the Consumer Bankers Association, Financial Services Roundtable, American Financial Services Association, Texas Association of Business, Texas Bankers Association,...more

In A Stunning Rebuke To CFPB, OCC Finds Arbitration Rule Will Significantly Increase Cost Of Consumer Credit

by Ballard Spahr LLP on

In a September 20 report, the Office of the Comptroller of the Currency (OCC) seriously undermined the integrity and completeness of the CFPB’s empirical study of consumer arbitration that purports to be the foundation for...more

Intra-EU Bilateral Investment Treaties: compatible with EU law after all?

by White & Case LLP on

In an advisory Opinion to the CJEU, Advocate General Wathelet has advised that an Investor-State Dispute Settlement mechanism between two Member States is not contrary to EU law. He also considers that, in disputes arising...more

Crucial Labor and Employment Issues on the Line in Landmark U.S. Supreme Court Case

Schnader Assesses Landmark Labor Case in U.S. Supreme Court - The U.S. Supreme Court will hear oral argument on Monday, October 2 in Epic Systems Corp. v. Lewis, an important labor and employment case in which Schnader...more

Chris Lazarini Examines Dismissal of Claims Applying Res Judicata Standard

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini examined a case filed by Morgan Stanley against Defendant in a FINRA arbitration over an un-paid promissory note. The Defendant answered without asserting counterclaims, but later...more

Chris Lazarini Analyzes Court's Decision to Stay Proceedings Involving Non-Arbitrable Claims Pending the Outcome of an Arbitration

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini analyzed a case involving claims against one defendant that are arbitrable and claims against a second defendant that are not. Exercising its discretion, the court stayed the...more

Arizona Court of Appeals Clarifies Law Governing Arbitration Waiver

by Snell & Wilmer on

In Security Alarm Financing Enterprises, L.P. v. Fuller, et al., Case No. 1 CA-CV 16-0255 (Ariz. Ct. App. July 6, 2017), the Arizona Court of Appeals recently held as a matter of first impression that Arizona state courts...more

Financial Services Report - Fall 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - Through hurricanes, wild fires, the publication of Hillary Clinton’s book, the birth of Amal and George Clooney’s twins, and the Dodgers’ historic losing streak, Director Richard Cordray and the CFPB’s...more

Financial Services Weekly News - September 2017 #2

by Goodwin on

Editor's Note - In This Issue. Federal banking agencies are seeking public comment on their proposed revisions to the Community Reinvestment Act (CRA), the Consumer Financial Protection Bureau (CFPB) released a small...more

Chris Lazarini Provides Insight on Lawsuit Dismissal on Res Judicata Grounds

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini provided insight on a lawsuit involving a former broker of Wells Fargo who sued the firm in state court for fraud and personal injury when the company initiated a foreclosure action...more

Professor Sovern Disagrees with Senator Warren and Concedes that Consumers Do Well in Arbitration But Raises Another Red Herring

by Ballard Spahr LLP on

Professor Jeff Sovern has responded to our recent blog, “Senator Warren’s Numbers Don’t Add Up,” with a blog of his own. He does not contest the main point of our blog, which was that Senator Warren’s claim that consumers...more

Senator Warren’s Numbers Don’t Add Up

by Ballard Spahr LLP on

In a press release issued earlier this week, Senator Elizabeth Warren argued that the CFPB’s arbitration rule should not be repealed under the Congressional Review Act because consumers recovered “in only 9 percent of the...more

Chris Lazarini Discusses Application of Inter-American Convention on International Commercial Arbitration

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini discussed a case involving an international family dispute over the holdings in a brokerage account. In this instance, the primary owner of the account – a mother living in Columbia...more

DOL Announces New Enforcement Policy on BIC Arbitration Limitation Class Actions

by Carlton Fields on

In order for fiduciaries to receive compensation that varies based on their investment advice (e.g., commissions) or from third parties in connection with their advice (e.g., revenue sharing), they must comply with a...more

CFPB Issues Final Rule Prohibiting Class Action Waiver Arbitration Agreements In Certain Consumer Financial Contracts

by Carlton Fields on

The Consumer Financial Protection Bureau issued a final rule on July 10, 2017, prohibiting providers of certain consumer financial products and services from including within consumer agreements a requirement that any future...more

Director Cordray’s Op-Ed Disregards Many Inconvenient Facts

by Ballard Spahr LLP on

In an op-ed published in today’s New York Times, CFPB Director Richard Cordray argues against congressional repeal of the agency’s final arbitration rule by “correcting the record.” He contends that the CFPB’s March 2015...more

CFPB Arbitration Rule Hits a Roadblock

The Consumer Financial Protection Bureau (CFPB) issued a final rule on pre-dispute arbitration agreements on July 10, 2017. The final rule was published in the Federal Register on July 19, 2017, and as such, it is due to...more

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