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Arbitration Financial Services Industry

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 -
Troutman Pepper

Arbitration Clause Rendered Illusory and Unenforceable by Unilateral Amendment Clause, Says Virginia Federal District Court

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In a recent decision, the U.S. District Court for the Eastern District of Virginia denied a retailer’s motion to compel individual arbitration of a claim brought in a putative class action lawsuit. The complaint alleges that...more

Troutman Pepper

EDVA Judge Invalidates Arbitration Clause in Online Terms and Conditions

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In a recent decision, EDVA Judge Rossie Alston invalidated the arbitration clause in the terms and conditions for online sales through the Lowe’s Home Centers website on the grounds that the terms and conditions were illusory...more

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

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: A Discussion of Industry and Consumer Perspectives on Mass Arbitration

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Our special guest is Professor Richard Frankel of Drexel University Thomas R. Kline School of Law and the author of a recent article on mass arbitration. In this episode, we first discuss what mass arbitration is, how it...more

Ballard Spahr LLP

Ninth Circuit: Arbitration clause prevails in “true lender” challenge against OppFi

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In a recent unpublished memorandum opinion in a putative class action, Carpenter et al. v. Opportunity Financial, LLC, the U.S. Court of Appeals for the Ninth Circuit upheld an arbitration clause in an agreement governing...more

Troutman Pepper

JAMS Issues New Mass Arbitration Procedures

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On May 2, JAMS announced its new Mass Arbitration Procedures and Guidelines and Mass Arbitration Procedures Fee Schedule (together, the Procedures), with the express goal to “facilitate the fair, expeditious and efficient...more

Ballard Spahr LLP

JAMS adopts mass arbitration procedures and guidelines

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After several years of refusing to adopt special rules applicable in mass arbitration proceedings, JAMS announced that it has issued Mass Arbitration Procedures and Guidelines and a Mass Arbitration Procedures Fee Schedule...more

Carlton Fields

Third Circuit Reverses Order Denying Motion to Compel Arbitration, Holds Arbitration Clause in Consumer Financing Agreement Is...

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In Mancuso v. MDG USA Inc., the Third Circuit Court of Appeals considered defendant MDG’s appeal of an order denying its motion to compel arbitration of the plaintiff’s lawsuit alleging violations of state and federal fair...more

Ballard Spahr LLP

Lawmakers and AFSA oppose future arbitration rulemaking

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In connection with the petition to ban pre-dispute consumer arbitration agreements pending before the Consumer Financial Protection Bureau (CFPB) and a recent Senate Judiciary Committee hearing on “forced arbitration,”...more

Womble Bond Dickinson

Increasing Volume of Pro Se, Frequent Litigants, and Pre-Litigation Demands & Arbitration Claims in Financial Services Litigation...

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This is the first in a series of articles based on Womble Bond Dickinson’s recent 2024 Trends in Financial Services Litigation seminar. Managing consumer disputes and consumer lawsuits has always been a fact of life for...more

Troutman Pepper

Ninth Circuit Reverses District Court, Sending Opportunity Financial Lawsuit to Arbitration

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The U.S. Court of Appeals for the Ninth Circuit recently reversed a district court’s ruling, which had denied a motion to compel arbitration of Opportunity Financial (OppFi) on the basis that the arbitration clause was...more

Morrison & Foerster LLP

HKIAC’s 2023 Statistics Reinforce Hong Kong’s Appeal As An Arbitration Hub

On 6 March 2024, the Hong Kong International Arbitration Centre (HKIAC) released its annual statistics for 2023. The numbers reaffirm Hong Kong’s position as a highly attractive center for international arbitration. In...more

A&O Shearman

Navigating the challenges in arbitrating competition law issues

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Once considered non-arbitrable, competition law disputes between private parties are increasingly being resolved by arbitration. Even where competition law issues are not at the heart of the dispute, parties are becoming...more

Seyfarth Shaw LLP

Commercial Litigation Outlook - 2024

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By any measure, the world has changed vastly since we issued our first Commercial Litigation Outlook in 2020. We are now on our fourth installment of providing insights and flagging trends for what to expect in the coming...more

Troutman Pepper

AAA Adopts New Mass Arbitration Rules

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On January 15, the American Arbitration Association (AAA) issued amended Mass Arbitration Supplementary Rules and new Consumer Mass Arbitration and Mediation Fee Schedules (collectively, the New Rules). The New Rules will...more

Carlton Fields

Third Circuit Affirms Order Denying Motion to Compel Arbitration After AAA Declines to Administer Arbitration

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The Third Circuit Court of Appeals has affirmed a district court decision denying defendant MicroBilt Corp.’s motion to compel arbitration, finding the plaintiff had fully complied with all provisions of her arbitration...more

Troutman Pepper

Supreme Court to Decide Whether District Courts Have the Discretion to Dismiss Cases Subject to Arbitration

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Recently the U.S. Supreme Court granted the petition for certiorari in Smith v. Spizzirri, which presents the question of whether § 3 of the Federal Arbitration Act (FAA) requires district courts to issue a stay pending...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

Carlton Fields

Second Circuit Affirms Schwab Victory in FINRA Arbitration

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The Second Circuit Court of Appeals recently affirmed a decision confirming an arbitration award in favor of Charles Schwab & Co. over allegations of discovery abuses that purportedly rendered the arbitration proceeding...more

Alston & Bird

Class Action & MDL Roundup 2023 Q3 - Catching the Class Action Waive(r)

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Welcome back to the Class Action & MDL Roundup! This edition covers notable class actions from the third quarter of 2023. In this edition, a mistake is just a mistake, “99.99%” isn’t 100% clear, and faxes aren’t always...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

Ballard Spahr LLP

Professor Sovern’s reply underscores need for consumer education

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Recently, Professor Sovern replied to our blog post that commented on the letter that he and 160 other law academicians submitted to the CFPB in support of the pending Petition for Rulemaking that would prohibit pre-dispute...more

Ballard Spahr LLP

CFPB rulemaking on post-dispute consumer arbitration agreements not mentioned in Fall 2023 rulemaking agenda: is there...

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As we reported, the CFPB just released its Fall 2023 rulemaking agenda as part of the Fall 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions....more

Bracewell LLP

FINRA Facts and Trends: December 2023

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Welcome to the latest issue of Bracewell’s FINRA Facts and Trends, a monthly newsletter devoted to condensing and digesting recent FINRA developments in the areas of enforcement, regulation and dispute resolution. This month,...more

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