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Arbitration Financial Institutions

Arbitration is a widely-used method for settling disputes between parties. During arbitration, parties submit their dispute to an impartial third person or party, usually chosen by the parties. Typically, parties... more +
Arbitration is a widely-used method for settling disputes between parties. During arbitration, parties submit their dispute to an impartial third person or party, usually chosen by the parties. Typically, parties to arbitration agree in advance to be bound by the arbitrator's decision. Arbitration is an alternative to litigation, but it shares many of the familiar features of litigation. Namely, parties to arbitration hold hearings before neutral decision-makers, present evidence and argue the merits of their position. Parties often choose arbitration due to its perceived advantages over litigation. Those perceived advantages include greater efficiency and flexibility, and lower costs. less -
Mayer Brown

Managing Sovereign Immunity Risk on a Transaction – What Commercial Parties Need to Know

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AT A GLANCE - State involvement in commercial transactions continues to increase and remains an area of distinct legal risk for commercial parties. The nature of a state's role on any transaction may vary and its...more

Troutman Pepper

Contract Terms and Conditions Come Under CFPB Scrutiny

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The Consumer Financial Protection Bureau (CFPB or Bureau) has issued a circular warning covered persons that including unlawful or unenforceable terms and conditions in consumer contracts can violate the prohibition on...more

Parker Poe Adams & Bernstein LLP

NC Supreme Court: Credit Union Can Unilaterally Add Arbitration Provision and Class Action Waiver to Agreements

The North Carolina Supreme Court on Thursday, May 23 held that a credit union’s unilateral update to add an arbitration provision and class action waiver to its contract with one of its customers was valid under North...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: A Look at a New Approach to Consumer Contracts

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Our special guest is Andrea Boyack, Professor, University of Missouri School of Law. We first discuss the principles that underlie our current system of consumer contracts and the system’s role in promoting transactional...more

Ballard Spahr LLP

442 Congress members did NOT join anti-arbitration letter to CFPB

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Recently, 93 members of Congress (all Democrats) signed a letter in support of the pending Petition for Rulemaking filed by consumer advocacy groups in September that would prohibit pre-dispute consumer arbitration clauses...more

UB Greensfelder LLP

[Webinar] FINRA Expungement: A Rundown of Recent Amendments Regarding Expunging Customer Dispute Information - December 14th,...

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Join Michael J. Charlillo as he discusses FINRA's latest expungement process enhancements. He will explore process changes implemented when requesting and obtaining expungement of customer dispute information. Michael will...more

Ballard Spahr LLP

Ballard Spahr attorneys and Cornell University law professor submit comments opposing CFPB rulemaking on post-dispute consumer...

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Ballard Spahr Senior Counsel Alan S. Kaplinsky and Mark J. Levin, and David Sherwyn, Professor of Law at Cornell University’s School of Hotel Administration, today submitted lengthy comments to the Consumer Financial...more

Amundsen Davis LLC

Silence is Not Always Golden: Land v. IU Credit Union

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The spate of class-actionGavel with Cash lawsuits against banks and credit unions (“Financial Institutions”) involving overdraft fees has prompted Indiana Financial Institutions to amend their existing account agreements to...more

Holland & Knight LLP

Mandatory Arbitration and Class Action Waivers by Amendment: Easier Said Than Done

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In response in part to the dozens of cases filed throughout the country related to assessment of insufficient funds (NSF) and overdraft (OD) fees, many banks and credit unions have sought to add arbitration and class action...more

White & Case LLP

Ask, and you shall receive – English Court of Appeal grants anti-suit injunction in support of foreign arbitration

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In Deutsche Bank AG v RusChemAlliance LLC [2023] EWCA Civ 1144, the English Court of Appeal granted an anti-suit injunction to restrain Russian court proceedings brought in breach of an agreement to arbitrate in Paris,...more

Ballard Spahr LLP

CFPB reacts quickly and favorably to Petition submitted to it by consumer groups to ban pre-dispute arbitration

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Last week, a group of consumer advocate organizations filed a Petition for Rulemaking with the CFPB that would prohibit the use of pre-dispute arbitration clauses in consumer contracts in favor of arbitration clauses that...more

A&O Shearman

UK Russia sanctions: back in the spotlight

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Sanctions and the systems and controls companies have in place to comply with them seem to be back in the spotlight. In addition to guidance recently published by the UK Financial Conduct Authority, a number of recent...more

Kohrman Jackson & Krantz LLP

Who’s Liable When Your Cryptocurrency Is Stolen?

One of the asserted advantages of blockchain and cryptocurrency is their operation outside the commercial banking system. However, this very feature poses a challenge when cryptocurrency is stolen—or more accurately,...more

Awatif Mohammad Shoqi Advocates & Legal...

Law & Regulations Governing Businesses in the Dubai International Financial Centre (DIFC)

The Dubai International Financial Centre (DIFC) is a prestigious financial free zone in the United Arab Emirates (UAE), established to diversify Dubai's economic resources and attract capital and investments to the region....more

Ballard Spahr LLP

If consumers are “clueless” about arbitration, it’s not industry’s fault

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Last week, Professor Jeff Sovern of St. John’s University School of Law published a blog post discussing a new empirical study by Roseanna Sommers, Assistant Professor of Law at the University of Michigan Law School, dealing...more

Bressler, Amery & Ross, P.C.

SEC Approves Overhaul of FINRA Expungement Process

On April 12, 2023, the SEC approved FINRA’s proposed expungement overhaul, a process that started in earnest in December 2017. See Release No. 34-97294; File No. SR-FINRA-2022-024. The latest rule changes, which FINRA...more

Katten Muchin Rosenman LLP

FINRA Proposes Changes to Arbitrator List Selection Process

The Financial Industry Regulatory Authority (FINRA) recently proposed several rule changes aimed at “provid[ing] greater transparency and consistency” with respect to the arbitrator list selection process administered by...more

Spilman Thomas & Battle, PLLC

Plaintiffs Pursuing Increased Class Action Claims for Overdraft Fees and Charges Against Customers

With plaintiff attorneys seeing potential large dollar settlements and verdicts, along with increased regulatory scrutiny, banks need to review their overdraft practices. As noted by the American Bankers Association, banks...more

Bradley Arant Boult Cummings LLP

Subpoena Responses for Financial Institutions

Financial services companies, such as banks, credit unions, lenders, finance companies, loan servicers, broker-dealers, and securities firms, often receive subpoenas from parties in litigation involving their customers,...more

Faegre Drinker Biddle & Reath LLP

New Year’s Priorities: FINRA Releases its 2023 Report on its Examination and Risk Monitoring Program

Yes, (somehow) it is that time of year again. FINRA recently released its 2023 Report on its Examination and Risk Monitoring Program (the “Report”). As is typical (and this blog has well-covered), it contains a mix of old and...more

Cadwalader, Wickersham & Taft LLP

CFPB Issues Proposed Rule on Form Contracts

The Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule last week addressing the “Registry of Supervised Nonbanks that Use Form Contracts to Impose Terms and Conditions that Seek to Waive or Limit Consumer...more

Morrison & Foerster LLP

UK Litigation - A Year in Summary

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This year saw the UK grapple with life after Brexit and, along with the rest of the world, the impact of the continued COVID-19 pandemic. As 2021 draws to a close, we round up the key events and developments from the year in...more

Akin Gump Strauss Hauer & Feld LLP

A High Point for On-Demand Bonds: English Court of Appeal Questions ‘Paget’s Presumption’; English High Court Rejects Emergency...

On-Demand Bonds or Guarantees are preferred relative to “see to it” Bonds or Guarantees. This is because under On-Demand Bonds the obligation to pay arises through a demand being made under the Bond whereas under a “see to...more

Vinson & Elkins LLP

UAE further strengthens its AML protections with creation of specialist AML court

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The United Arab Emirates (the “UAE”) has announced a new division of its court system established specifically to hear cases relating to money laundering and financial crime. This new Court, an integral element of the UAE’s...more

Robins Kaplan LLP

Financial Daily Dose 7.23.2021 | Top Story: Amazon Abruptly Drops Mandatory Arbitration Requirement

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In a major departure, Amazon announced to customers this week that “it would no longer require them to resolve their legal complaints involving the technology giant through arbitration.” Consumer advocates cheered the news...more

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