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Class Action Arbitration Financial Services Industry

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.
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

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

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

Comment letters from consumer advocates bolster case against CFPB rulemaking on post-dispute arbitration clauses

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We previously reported and released a podcast episode on comments that we and Professor David Sherwyn of Cornell University submitted in opposition to the Petition for Rulemaking filed by a number of consumer advocacy groups...more

Carlton Fields

SCOTUS Removes Burden Handicapping Appeals Seeking Arbitration

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The U.S. Supreme Court’s June 2023 decision in Coinbase Inc. v. Bielski requires that district court litigation in any matter remain in the starting gate while any appeal from a denial of a motion to compel arbitration in...more

Orrick, Herrington & Sutcliffe LLP

District Court stays stablecoin suit pending arbitration proceedings

On January 6, the U.S. District Court for the Northern District of California granted a defendant cryptocurrency exchange’s motion to compel arbitration in a class action alleging the exchange, along with the issuer of a...more

Troutman Pepper

What Is Mass Arbitration and How Should Companies Protect Themselves? - The Consumer Finance Podcast

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Please join Consumer Financial Services Partner Chris Willis and his colleagues Jeremy Rosenblum and Tony Kaye as they discuss the phenomenon of mass arbitrations, which pose increasing risk to the consumer finance industry....more

Alston & Bird

Class Action & MDL Roundup – Q4 2021

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Welcome back to the Class Action & MDL Roundup! This edition covers notable class actions from the fourth quarter of 2021. In this edition, the Seventh Circuit shorts out an FCRA suit, a plaintiff just … gives up, and...more

Ballard Spahr LLP

CFPB Should Disregard Professor Sovern’s Advice to Try to Regulate Arbitration (Again)

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In a recent “open letter” to newly confirmed CFPB Director Rohit Chopra, Professor Jeff Sovern asks the agency not to forget about “arbitration” as it implements its regulatory agenda.  He argues that “[p]re-dispute...more

Jackson Lewis P.C.

Financial Industry Regulatory Authority Arbitration Of Employment Disputes

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The Financial Industry Regulatory Authority, Inc. (FINRA) is an independent regulatory body, overseeing securities firms and their brokers and other registered personnel. Arbitration of employment disputes in the arbitration...more

Pierce Atwood LLP

District Of Massachusetts Holds That Consumers With No Arbitration Agreement Must Arbitrate Their “Closely Intertwined” Class...

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It is a legal maxim that arbitration is a creature of contract. A recent District of Massachusetts decision explores critical questions about when that creature can exist outside of the confines of a binding agreement to...more

Ballard Spahr LLP

House passes bill to ban mandatory arbitration agreements; White House threatens veto

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This past Friday, by a vote of 225-186, the House passed H.R. 1423, the “Forced Arbitration Injustice Repeal Act.”  A Senate companion bill (S. 610) was introduced in February 2019 and referred to the Senate Judiciary...more

Ballard Spahr LLP

A response to comments made at Senate Judiciary Committee’s arbitration hearing

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Last Tuesday, I had the great privilege of testifying before the Senate Judiciary Committee at its “Arbitration in America” hearing. ...more

Ballard Spahr LLP

Alan Kaplinsky to testify before Senate Judiciary Committee on April 2

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Alan Kaplinsky, who leads our Consumer Financial Services Group, has been invited to testify before the Senate Judiciary Committee tomorrow, April 2....more

Ballard Spahr LLP

New bills introduced to prohibit use of mandatory arbitration provisions

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Democratic lawmakers have introduced several new bills to prohibit the use of mandatory arbitration provisions, ranging from bills that broadly target consumer transactions to bills that target schools that receive Title IV...more

Carlton Fields

Fifth Circuit Finds Waiver Of Arbitration Where Motion To Dismiss Argued Merits, Omitted Mention Of Arbitration, And Created...

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A consumer (Forby) filed a proposed class action in Illinois state court alleging that One Technologies, L.P. (One Tech) failed to adequately disclose that consumers who accessed their “free” online credit score on the...more

Carlton Fields

Seventh Circuit Affirms Ruling Denying Motion to Compel Arbitration, Holding That Company Waived Right to Arbitrate

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GC Services Limited Partnership (“GC Services”), a debt collector hired by a bank to collect an allegedly unpaid balance on a credit card, advised plaintiff Francina Smith (“Smith”) that it would commence a collection...more

Carlton Fields

Eighth Circuit Finds All Claims Involving Consumer Credit Dispute Subject To Arbitration

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A federal court in Minnesota determined that three of Plaintiffs’ claims were not subject to the applicable arbitration clause: (1) state-law usury claims; (2) state and federal financial disclosure claims; and (3) state-law...more

Ballard Spahr LLP

Sixth Circuit Continues To Expand Class Action Waivers, Following Supreme Court's Lead

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The U.S. Supreme Court's ruling in Epic Systems Corp. v. Lewis was extended by the U.S. Court of Appeals for the Sixth Circuit last week in Gaffers v. Kelly Services, Inc. ...more

Ballard Spahr LLP

Online Arbitration Agreement Must Be “Reasonably Communicated and Accepted”

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Ruling in a class action brought against Uber Technologies, Inc., the U.S. Court of Appeals for the First Circuit recently held that the company's arbitration clause could not be enforced because it was not "reasonably...more

Ballard Spahr LLP

Reasonable Notice to Consumer Required for Enforcement of Arbitration Clause

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Addressing an important contract-formation issue that has divided federal courts, the U.S. District Court for the Western District of Pennsylvania recently denied a company's motion to compel arbitration because the consumer...more

Stinson LLP

Will the New Year Bring a New CFPB? Planning in the Wake of Uncertainty

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The Consumer Financial Protection Bureau (CFPB) was created under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) in July 2010 in the wake of a financial crisis, as an independent agency tasked with...more

Polsinelli

Trump Blocks CFPB Arbitration Rule, but the Story’s Not Over Yet

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President Donald Trump effectively stopped the Consumer Financial Protection Bureau’s (CFPB) so-called “arbitration rule,” signing legislation repealing the rule on Nov. 1. The rule would have prohibited providers of certain...more

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