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Loans Class Action Arbitration Waivers

Ballard Spahr LLP

Small business borrowers bring lawsuit alleging lender engaged in “rent-a-charter” scheme to make usurious loans

Ballard Spahr LLP on

A group of small businesses and their individual owners have filed a putative class action lawsuit in a New York federal district court against online lender Kabbage, Inc. that alleges Kabbage engaged in a “rent-a-charter”...more

Manatt, Phelps & Phillips, LLP

LendingClub Hit With Class Action Over Usurious Interest

A New York resident, Ronald Bethune, accused LendingClub Corporation of violating the state's usury laws by charging him 29.97 percent interest on his loan—roughly twice the 16 percent limit under New York law and high enough...more

Baker Donelson

CFPB Eyes Consumer Arbitration Clauses

Baker Donelson on

It has only been 24 hours since the Consumer Financial Protection Bureau (CFPB) announced its plans to propose rules limiting the use of arbitration clauses, but the financial services industry is already gearing up to...more

Stinson LLP

CFPB Takes Aim at Class Action Waivers in Arbitration

Stinson LLP on

On October 7, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it is considering proposing rules that would prohibit companies from including in consumer contracts arbitration clauses that prevent...more

Carlton Fields

Arbitration Clause Of A Loan Agreement Containing A Class Action Waiver Was Not Void As Being In Violation Of Public Policy

Carlton Fields on

In Baldwin v. Regions Financial Corp., 98 So. 3d 1201 (Fla. 3d DCA 2012), the District Court of Appeal of the Third District of Florida held that an arbitration clause of a loan agreement, containing a class action waiver,...more

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