Privacy Finance & Banking Civil Remedies

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Commercial Financial Services Brief: Can My Bank Recover Costs Related to Replacing Debit or Credit Cards?

Many financial institutions are counting the costs they are incurring for replacing customer debit or credit cards as a result of recently discovered security breaches at various national retailers. These costs will be...more

Fear FACTA: Beware the Truncation Requirement of the Fair and Accurate Credit Transactions Act

All businesses, large and small, that issue electronically generated credit or debit card receipts to consumers at the point of transaction are subject to the “truncation” requirement of the Fair and Accurate Credit...more

FTC: Data Brokers That Compile Tenant Data May Be Covered by FCRA

On April 3, 2013, the Federal Trade Commission issued a press release that marks yet another step in its continuing trend of actions involving data brokers and data providers. As we have noted in earlier blog posts, the...more

Missouri Court Rules Against $440,000 Cyberheist Victim

A Missouri court last week handed a legal defeat to a local escrow firm that sued its financial institution to recover $440,000 stolen in a 2009 cyberheist. The court ruled that the company assumed greater responsibility for...more

Burr Alert: Blowing The Cap Off Statutory Damages Under The FCCPA?: An Analysis Of Kahmeyer v. Federal Credit Corporation

In Kahmeyer v. Federal Credit Corporation, the 13th Judicial Circuit in Hillsborough County, Florida released an opinion that has given new life to the argument that each violation of the Florida Consumer Collection Practices...more

Court Holds that Hannaford Data Breach Suit Cannot Proceed as Class Action

On March 20, 2013, the United States District Court for the District of Maine denied a motion brought by plaintiffs in In re Hannaford Brothers Company Data Security Breach Litigation that would have allowed the suit to...more

Zip Code Requests Off-Limits in Massachusetts Credit Card Transactions

In a recent decision, Tyler v. Michaels Stores, Inc., the Massachusetts Supreme Judicial Court held that zip codes are “personal identification information” and that a merchant asking for that information during a credit card...more

Retailers Beware: Massachusetts Court Restricts Ability To Collect ZIP Codes At Point Of Sale

The Supreme Judicial Court of Massachusetts recently held that collecting a consumer's ZIP code at the point of sale may violate Massachusetts General Laws Chapter 93, Section 105(a) (Section 105(a)), which restricts the...more

Retail Customers Obtain Unusually Favorable Settlement In Zip Code Collection Case

On January 11, the U.S. District Court for the Northern District of California approved a settlement between a retailer and a class of customers to resolve allegations that the retailer violated the California Song-Beverly...more

CFPB's Regulatory Agenda - 2013

As we begin a new year and prepare ourselves for the blizzard of new and revised regulations coming our way, I think it is important for us to consider the regulatory agenda that the Consumer Financial Protection Bureau...more

Bank Agrees to Reimburse Company for Funds Taken Through Online Bank Account Theft

We reported in July on a First Circuit Court of Appeals decision finding that a bank failed to implement commercially reasonable security methods to prevent unauthorized transfers by a criminal that gained the online banking...more

Making Meyer Lemonade Out Of Meyer Lemons: Ninth Circuit Affirms Provisional Class Certification and Injunction in TCPA Case

In Meyer v. Portfolio Recovery Associates (Oct. 12, 2012), the Ninth Circuit affirmed the Southern District of California’s decision to provisionally certify a class and grant a preliminary injunction against Portfolio...more

When Banks Are on the Hook for Cybertheft

This Wall Street Journal Article features Bernstein Shur Attorney Dan Mitchell. Banks typically are responsible for losses when personal accounts are hacked. But commercial clients that fall victim to cyber theft have...more

After Sanford company’s money stolen, court rules banks are responsible if hacked

This BDN Maine article features Bernstein Shur Attorney Dan Mitchell. SANFORD, Maine — A recent court ruling involving a Sanford construction company and its bank could have nationwide implications as attorneys and...more

The Tale of Two Banks: Final Settlement in Maine Bank Security Practices Case and a Failure of Bank Security Procedures in Florida

In a case that we have written about, People’s United Bank of Maine has agreed to pay about $ 390,000 to settle a claim that its security practices allowed unauthorized persons to withdraw funds from a construction company’s...more

Bank Agrees to Reimburse Hacking Victim $300K in Precedent-Setting Case

This Wired Magazine article features Bernstein Shur Attorney Dan Mitchell. In a case watched closely by banks and their commercial customers, a financial institution in Maine has agreed to reimburse a construction...more

Bank Agrees to Settle Suit Over Cyber Security Procedures

On November 19, a bank sued by a commercial account holder to recover funds lost after cyber attackers gained electronic access to its account and made a series of unauthorized withdrawals reportedly agreed to pay the...more

Elizabeth Warren's Interview

In July 2011, I published my interview of Elizabeth Warren, entitled Opening a Dialogue: Elizabeth Warren and the Mortgage Industry.* I have been told that this interview is one of the last published interviews of Mrs....more

Alternative Trading System Agrees to Pay $800K for Failure to Protect Confidential Information

Earlier this month, the Securities and Exchange Commission (“SEC”) instituted public administrative and cease and desist proceedings against eBX, LLC (“eBX”), a broker-dealer registered with the SEC. eBX operates LeveL ATS,...more

CFPB's Five Year Strategic Plan

Recently, the Consumer Financial Protection Bureau (CFPB) published for comment on its website its draft Strategic Plan for 2013 - 2018 (Plan). According to the CFPB, the plan includes the following four goals: (1)...more

Door to Increased Liability for Banks Opened by U.S. Court of Appeals for the First Circuit

The United States Court of Appeals for the First Circuit has opened the door to increased liability for banks when hackers make fraudulent withdrawals....more

Court Rules on What is “Commercially Reasonable” Bank Security

Small business owners have new hope that they may be on the same footing as individuals when it comes to cybertheft from their bank accounts. ...more

First Circuit Holds Bank May Be Liable For Customer Losses from Cyber Attacks

On July 3, the U.S. Court of Appeals for the First Circuit became the first federal appellate court to address the issue of bank liability for the loss of customer funds resulting from a breach of a bank’s cyber security,...more

Recent Credit Card Data Breach Once Again Demonstrates Need for Insurance Coverage

The recent data breach at Global Payments Inc., which has contracts to handle the processing of credit and debit card transactions, has again focused attention on the significant risk associated with storing or transmitting...more

FTC Issues New Consumer Privacy Guidelines

In this article, we will take a brief look at consumer privacy protection updates at the Federal Trade Commission (FTC), the watchdog enforcement agency charged with protecting consumer privacy, issued a sweeping revisions to...more

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