Consent Order

News & Analysis as of

NY regulator settles lawsuit filed using Dodd-Frank authority

A settlement has been announced in the lawsuit filed by Benjamin Lawsky, the Superintendent of the New York Department of Financial Services, using his Dodd-Frank Section 1042 authority. Section 1042 allows state attorneys...more

Illegal “Wash Sales” in Futures Contracts Result in $35 Million Fine

On December 18, the U.S. District Court for the Southern District of New York entered a Consent Order against a foreign bank (the “Bank”), imposing a civil monetary penalty of $35 million and enjoining future violations by...more

CFPB settles with military base retailer and related companies for alleged unlawful debt collection practices

As part of this week’s flurry of enforcement-related announcements, the CFPB announced the settlement of a lawsuit filed jointly with the Attorneys General of North Carolina and Virginia against Freedom Stores, Inc....more

Full Disclosure in Advertising – Recent Guidance from the FTC

Enforcement efforts by the Federal Trade Commission in the area of false advertising have long emphasized the importance of disclosing material facts relevant to advertising claims to ensure that messages communicated to the...more

CFPB announces consent order relating to alleged debt relief scam

The CFPB has announced that it has entered into a proposed consent order with Premier Consulting Group LLC and a related law firm to settle claims that the defendants charged consumers upfront fees in violation of the...more

Antitrust-Related Recent Developments: DOJ settles gun-jumping case, FTC issues fines for failure to submit HSR filing and FTC...

DOJ fines particleboard manufacturers $4.95 million for gun-jumping violations - On Friday, November 7, 2014, two companies agreed to pay $4.95 million to settle U.S. Department of Justice (DOJ) allegations that the...more

Sale Proceeds: Better Get the Carve-Out Right the First Time

In re Stacy’s, Inc., 508 B.R. 370 (Bankr. D. S.C. 2014) – A debtor sold substantially all of its assets after negotiating with its primary secured creditor for carve-outs from the sale proceeds for administrative...more

Credit Monitoring Company Enters Consent Order with Government Regarding Online ‘Negative Option’

The Federal Trade Commission (FTC) and the Attorneys General of Ohio and Illinois recently entered into a stipulated settlement order with a credit monitoring company arising out of the company’s alleged conduct concerning...more

Advertising Law - November 2014 #4

FTC Takes on a Patent Troll - Tackling the issue of patent trolls for the first time, the Federal Trade Commission charged MPHJ Technology Investments, LLC and its law firm Farney Daniels with making deceptive claims...more

NY DFS Takes Action Against Foreign Bank Regarding Transactions with Sanctioned Countries

On November 18, the New York DFS announced a consent order with a foreign bank for allegedly misleading regulators regarding its transactions with sanctioned countries, most notably Iran, Sudan, and Myanmar. According to the...more

Three Principals of Adviser Settle SEC Charges Over Undisclosed Conflicts

The Commission filed another settled action based on undisclosed conflicts involving an investment adviser. In this proceeding Respondents, principals of the adviser, failed to disclose a fee splitting arrangement with an...more

Consent Decree Ends EEOC Race Discrimination Lawsuit Against Battaglia Distributing

Grocery Wholesaler Allegedly Tolerated Harassment on Ashland Avenue Docks - CHICAGO - A federal district judge has entered a $735,000 consent decree resolving a race harassment lawsuit brought by the U.S. Equal...more

Strike Two for Alleged L.O. Comp. Violations

Last week, the Bureau announced a $730,000 settlement with Franklin Loan Corporation (Franklin) based on alleged violations of the loan originator compensation rule in Regulation Z. That rule prohibits mortgage lenders from...more

CFPB Finds Violation of Loan Originator Compensation Rule

The CFPB and Franklin Loan Corporation have asked a federal court to approve a consent order regarding alleged violations by Franklin Loan of the loan originator compensation rule. Franklin Loan did not admit or deny the...more

Patent Assertion Entity Settles FTC Charges

Patent Assertion Entities (PAEs) acquire patent rights and attempt to generate revenue by licensing or litigating the patents. In September 2013, the FTC announced its decision to collect empirical data to study the effects...more

FTC Proposes Consent Order to Settle Charges Alleging Misrepresentations by Patent Assertion Entity

On November 6, 2014, the Federal Trade Commission proposed a consent order that would settle charges against a patent assertion entity, MPHJ Technology Investments, LLC (“MPHJ”), and a law firm that represented MPHJ....more

Federal Circuit Upholds ITC’s Authority to Enforce Consent Order Covering Third-Party Products

uPI Semiconductor Corp. v. U.S. International Trade Commission and Richtek Technology Corp. v. U.S. International Trade Commission - The U.S. Court of Appeals for the Federal Circuit affirmed in part and reversed in...more

CFPB Targets Marketing Service Agreements

On September 25, 2014, the Bureau of Consumer Financial Protection (“CFPB”) entered into a Consent Order with Lighthouse Title, Inc., a title insurance company located in Holland, Michigan (“Lighthouse”), in which the CFPB...more

SEC Settlement with Layne Christensen Raises New Questions on the Government’s Understanding of the Business Nexus Element of the...

Last week the SEC settled charges against Layne Christensen for various violations of the FCPA. While a relatively unremarkable case at first glance, the SEC’s charges against Layne Christensen reflect a troubling approach by...more

Layne Christensen Settles SEC FCPA Probe

-- Negligible Evidence of Business Nexus Element May Explain DOJ Declination - Consenting to a October 27, 2014, Cease and Desist Order, the global water management, construction and drilling company Layne Christensen...more

Mortgage company that entered into CFPB consent order moves to dismiss class action claims

Earlier this week, Castle & Cooke Mortgage, LLC, the mortgage company that entered into a consent order with the CFPB in November 2013 to settle charges that it violated the Regulation Z loan originator compensation rule (“LO...more

FTC Takes Action Against Unsubstantiated Caffeine-Infused Shapewear Weight-Loss Claims

Wacoal America and Norm Thompson, both manufacturers of women’s shapewear, recently entered into consent orders to pay sums of $230,000 and $1.3 million, respectively, and agree to not make any false and misleading future...more

Bank Pays $16M to Settle FDIC Charges Over Credit Card Add-On Products

The Federal Deposit Insurance Corporation (FDIC) reached a $16 million deal with a Utah bank recently, settling charges that the financial institution engaged in unfair and deceptive acts and practices. ...more

Recent State Attorney General Merger Enforcement: Charting a Different Path from the Feds - or Not?

As hospital and physician consolidation continues, state Attorneys General (AG) have not abdicated the merger enforcement arena to the Federal Trade Commission (FTC) or the United States Department of Justice (DOJ)...more

Special Alert: Class Action Suit Filed Based on CFPB Consent Order

In what may be the first action of its kind, a consumer who received restitution under the CFPB consent order has filed a class action lawsuit based on the same alleged violations. While this litigation is still in its early...more

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