News & Analysis as of

Class Action Arbitration Agreements Banks

A class action is a type of legal action where a representative individual or group of individuals can bring a claim on behalf of a larger group or class who share a common legal interest.
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

Ballard Spahr LLP

Texas federal court enforces arbitration agreement and dismisses class action lawsuit filed against fintech company for evading...

Ballard Spahr LLP on

A Texas federal court has dismissed a class action lawsuit against Opportunity Financial, LLC (“OppFi”) alleging OppFi violated Texas usury law by charging interest on loans it made through a partnership with a...more

Holland & Knight LLP

Food and Beverage Law Update: June 2018

Holland & Knight LLP on

Wage and Hour - Decision Upholds Class Action Waivers in Arbitration Clauses, Resolves Circuit Split - The U.S. Supreme Court issued a long-awaited decision in Epic Systems Corp. v. Lewis on May 21, 2018, holding that...more

Holland & Knight LLP

Controversial CFPB Rule Exposes Financial Services Companies to Greater Class Action Risk

Holland & Knight LLP on

Under a controversial new final rule issued by the Consumer Financial Protection Bureau (CFPB) on July 10, 2017, banks and credit card companies are prohibited from forcing consumers into arbitration to avoid class action...more

Ballard Spahr LLP

Pew’s issue brief in support of the CFPB’s proposed arbitration rule: a flawed presentation

Ballard Spahr LLP on

The Pew Charitable Trusts has released an issue brief, “Consumers Want the Right to Resolve Bank Disputes in Court,” in which it urges the CFPB to “expeditiously finalize” its proposed arbitration rule. The CFPB’s proposal...more

Ballard Spahr LLP

New York Times article omits critical pro-arbitration facts

Ballard Spahr LLP on

An article on consumer arbitration in this week’s Sunday New York Times concludes that “[b]y inserting individual arbitration clauses into a soaring number of consumer and employment contracts, companies… devised a way to...more

Moore & Van Allen PLLC

CFPB Singles Out Class Action Waivers for Elimination from Consumer Financial Arbitration Agreements

Moore & Van Allen PLLC on

The Consumer Financial Protection Bureau (“CFPB”) made clear this week that, in its view, class action waivers should be on the chopping block in the agency’s upcoming rulemaking aimed at regulating the use of arbitration...more

BakerHostetler

CFPB Taking Steps to Ban Class Action Waivers

BakerHostetler on

On October 7, the CFPB announced at a field hearing in Denver, Colorado, that it plans to propose rules via its rule-making authority that would prohibit financial services companies from including class action waivers in...more

Pierce Atwood LLP

CFPB Proposal Would Make Class Actions More Likely. Here's What's Next.

Pierce Atwood LLP on

On Wednesday, October 7, the Consumer Financial Protection Bureau issued proposals that would, if adopted, limit the use of arbitration provisions in contracts for consumer financial products. The CFPB’s proposals would not...more

Manatt, Phelps & Phillips, LLP

Employment Law - June 2014

California Supreme Court Strikes Down $15 Million Employee Class Action Win and Orders Decertification in Duran V. U.S. Bank Nat’l Ass’n - Why it matters: On May 29, 2014, the California Supreme Court unanimously...more

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