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Class Action › Arbitration Agreements › Broker-Dealer

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.
Troutman Pepper

Securities Industry Arbitrations and Litigation Update: Newly Introduced Bill Could Prohibit Mandatory FINRA Arbitration of...

Troutman Pepper on

On April 16, 2021, a bill was introduced in the Senate and House that would restrict securities industry broker-dealers and other FINRA registered firms from imposing mandatory arbitration for customer disputes or...more

Carlton Fields

CFPB Grabs for SEC/CFTC Turf

Carlton Fields on

In May, the Consumer Financial Protection Bureau (CFPB) proposed a ban on “mandatory arbitration” contract clauses that make financial products consumers waive their right to join class actions. Broker-dealers,...more

Carlton Fields

Still Threatened: Arbitration Clauses in Securities Customer Agreements

Carlton Fields on

In a report to Congress released in March, the Consumer Financial Protection Bureau (CFPB) takes aim at consumer agreements that require disputes to be resolved by arbitration. The CFPB generally does not have...more

Pillsbury Winthrop Shaw Pittman LLP

Citing Concepcion, FINRA Panel OKs Class Action Waivers in Broker-Dealer Customer Arbitration Agreements

Pillsbury Winthrop Shaw Pittman LLP on

A Financial Industry Regulatory Authority (“FINRA”) hearing panel held that FINRA’s own rules prohibiting judicial class action waivers in broker-dealer customer arbitration agreements are preempted by the Federal Arbitration...more

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