Salient insights on key enforcement and legal trends pertaining to the consumer financial services sector
In a 6-3 decision issued today, the Supreme Court ruled that defendants cannot rely on a strategic offer of judgment to the named plaintiff to moot the claims of the putative class.
After an unfavorable Ninth Circuit decision, U.S. Navy contractor Campbell-Ewald asked the high court to consider, inter alia, whether defendants can strategically…
In a move long anticipated by the industry, the Consumer Financial Protection Bureau (CFPB) on October 7, 2015 proposed to ban class action waivers in consumer financial contracts. Although the proposed ban would not take effect for a few years, it could lead to an increase in consumer class action lawsuits—some of which have been…
In October 2014, 15 financial institutions created a cloud-based financial messaging platform, known as Symphony Communications Services LLC, to allow for secure communications between them. Regulators, including the New York Department of Financial Services, became concerned that Symphony’s encryption and privacy settings would prevent investigators from catching improper trading activities. However, on September 14, 2015…
On August 3, 2015, the California Supreme Court issued a long-awaited opinion that provides further clarity on the standard of unconscionability needed to invalidate an arbitration agreement. The court determined that its prior formulations of unconscionability, characterized by the terms “overly harsh,” “unreasonably favorable” or “shock the conscious,” were essentially similar. And the court concluded…
On August 3, 2015, the Eleventh Circuit ruled that a class action accusing Bob Wines Nursery Inc., of sending unsolicited faxes didn’t suspend the statute of limitations for a later-filed action, rejecting Plaintiff’s argument that because the first action never ruled on the class certification, the limitations was tolled.
In January 2010, Plaintiff Aero filed…
