Irritable TILA Syndrome

Get out your “I’m with Stupid” T-shirts. In our last several issues, we

have been tracking the demise of rescission class actions under TILA.

AND:

Truncate This!

The newest consumer class action craze is suing retailers and restaurants for failing to truncate credit card numbers and expiration dates on credit and debit card receipts. This trend started in California but, like bad weather, is spreading east. These suits are brought under Section 1681c(g) of the Fair Credit Reporting Act (15 U.S.C. § 1681c

(g)) against major retailers and restaurants, alleging that defendants are failing to comply with the FCRA’s requirement that businesses may only print the last five digits of a card number and may not print the card expiration date on an electronically printed receipt given to a consumer.

AND:

Sociologists on the Loose

Who says sociology isn’t science? Not the Ninth Circuit. In Dukes v. Wal-Mart, Inc., 474 F.3d 1214 (9th Cir. 2007), the Ninth Circuit affirmed a decision by the district court certifying a class of 1.5 million current and former female Wal-Mart employees in a suit charging gender discrimination.

AND:

Are We Suitable Yet?

Congress may not be quite ready to impose securities-like suitability requirements on mortgage lenders. But what about the Third Branch?

AND:

Twist Ties

The California Supreme Court, which doesn’t much like arbitration, heard oral argument on June 5 in a case that could offer a new twist on arbitration and unconscionability law. That case involves a “class action waiver” clause by which an employee waives his right to bring a class action. But to be unconscionable in California, as in most states, a clause must be not only substantively but also procedurally unconscionable.

AND:

No File Left Behind

Federal and state legislators want to take student lenders to school.