News & Analysis as of

Class Action Lenders

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.
Troutman Pepper

Class Action Alleging Usurious Fees and Tips Filed Against FinTech Provider of Earned Wage Access Services

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A proposed class action lawsuit has been filed in the U.S. District Court for the Northern District of California against EarnIn, a FinTech provider of Earned Wage Access services, alleging that its optional fees and tips...more

Orrick, Herrington & Sutcliffe LLP

District Court denies class certification in lending discrimination suit

On May 30, the U.S. District Court for the Eastern District of Virginia entered an opinion denying class certification in a suit accusing a credit union (defendant) of lending discrimination. Each plaintiff applied to...more

Sheppard Mullin Richter & Hampton LLP

New York Attorney General Brings $1.4 Billion Lawsuit Against Merchant Cash Advance Lenders

On March 5, the New York Attorney General filed a lawsuit against a network of over 30 lending companies and their officers alleging their involvement in a predatory “merchant cash advance” lending scheme that exploited New...more

Shook, Hardy & Bacon L.L.P.

Class Action Decisions Published October 2023: Banking and Financial Services

The banking and financial services industry requires counsel that runs the gamut from Uniform Commercial Code litigation and transactional work to the development of nationwide consumer credit programs and legislative...more

Orrick, Herrington & Sutcliffe LLP

4th Circuit affirms certification of class action in tribal lending case

On January 24, the U.S. Court of Appeals for the Fourth Circuit concluded that a district court did not abuse its discretion when certifying a class action. The lawsuit alleges an individual who orchestrated an online payday...more

Goodwin

House Votes to Repeal OCC True Lender Rule

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In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

Balch & Bingham LLP

RETREAT! “Agent Fee” Class Actions Moving Against Plaintiffs

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Earlier this year, this blog reported on the wave of “Agent Fee” class actions against lenders who made PPP loans under the CARES Act. At one point, there were over sixty such lawsuits, spread across the federal courts,...more

BakerHostetler

AD-ttorneys@law – October 2020 #3

BakerHostetler on

Puffy Class Action Deflated by $1.9 Million Settlement - Mass-producer of tandoori supermarket breads won’t change packaging (much) - Folklore Fusion - Friend v. FGF Brands (USA), Inc. is a modern-day, South-Asian themed take...more

Manatt, Phelps & Phillips, LLP

Good News on PPP Lender Liability for Agent Fees: What You Need to Know

A panel of judges has now made it far more likely that a recent wave of class action litigation will be resolved without huge litigation costs for lenders. In this post, we explain why....more

Balch & Bingham LLP

Florida Judge Dismisses First-Filed PPP Agent Fee Class Action, Holds the CARES Act Contains No Requirement Agents be Paid

Balch & Bingham LLP on

In a landmark decision Monday, the United States District Court for the Northern District of Florida dismissed a putative class action involving “agent fees” for Paycheck Protection Program (“PPP”) loans under the federal...more

Pierce Atwood LLP

Judicial Panel on Multidistrict Litigation Refuses to Consolidate Class Action Litigation Concerning Paycheck Protection Program

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In four separate decisions issued on August 5, 2020, the U.S. Judicial Panel on Multidistrict Litigation declined to consolidate for pretrial purposes dozens of actions against national banks arising from their roles as...more

Balch & Bingham LLP

Lenders Gain Big Win Resisting MDL Consolidation in PPP Agent Fees Class Action Litigation

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On Wednesday, the Judicial Panel on Multidistrict Litigation rejected consolidation of 62 class actions involving Paycheck Protection Program (“PPP”) loans under the federal Coronavirus Aid, Relief, and Economic Security...more

Pierce Atwood LLP

Developments in Class Action Litigation Surrounding the Paycheck Protection Program

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As more class actions are filed every day related to the COVID-19 pandemic, a growing number of plaintiffs are asserting claims against banks that acted as participating lenders in the Paycheck Protection Program (PPP). The...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Agent Fees and the Payment Protection Program

Last week, Arkansas saw its first class action where “agents” claimed entitlement to payment of fees under the Payment Protection Program (PPP). This class action illustrates another area of confusion surrounding the...more

Goodwin

Agent Fee Suits and PPP Loans: Clarity Could Be Coming

Goodwin on

During a House Financial Services Committee (HFSC) oversight hearing on June 30, 2020, Treasury Secretary Steven Mnuchin hinted that clarification may be coming on whether agents helping small businesses apply for Paycheck...more

Hicks Johnson

PPP Agent Fees: A Guide for Accountants, Attorneys, and Consultants

Hicks Johnson on

The troubles affecting the federal government’s Paycheck Protection Program (PPP) have been well documented. One critical issue is the fact that, while PPP lenders have been receiving their fees, PPP agents have not....more

Spilman Thomas & Battle, PLLC

COVID-19 Litigation Trends for April 24-May 3, 2020

Our updates about “The REAL Trending Litigation Topics Regarding COVID-19” are now called Unprecedented to reflect the development and adaption of legal theories to address the unprecedented impact from COVID-19. Although the...more

Goodwin

Financial Services Weekly Roundup: PPP Borrowers And Lenders Under The Microscope

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule that would establish a revised framework for the fair value determination for purposes of the Investment Company Act of 1940 and have...more

Goodwin

Trends in U.S. Paycheck Protection Program Class Actions

Goodwin on

Early uncertainty and the initial lapse in appropriations for the U.S. CARES Act’s Paycheck Protection Program (PPP) set off a wave of litigation by disgruntled small businesses who have been unable to secure PPP loans. PPP...more

Baker Donelson

Class Action Lawsuits Attack Banks' Implementation of CARES Act Lending Program

Baker Donelson on

As a result of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), more than 1.6 million businesses received $349 billion in forgivable loans to pay their employees and certain other operating expenses...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending February 7, 2020

Carlton Fields on

Real Property Update - Fraudulent Transfer: Real property that was worth less than mortgage encumbering it was not an asset per the plain language of section 726.102(2) and, therefore, could not support fraudulent transfer...more

Carlton Fields

Financial Services Update: Week Ending September 6, 2019

Carlton Fields on

Financial Services Update - TCPA / ATDS: lender's dialer equipment not an ATDS because it is not capable of generating and dialing random or sequential numbers - Brown v. Ocwen Loan Serv. LLC, No. 8:18-cv-136-T-60AEP (M.D....more

Burr & Forman

Eleventh Circuit Finds Forum Selection Clause and Class Action Waiver in Payday Loan Agreements Unenforceable as against Georgia...

Burr & Forman on

In Davis v. Oasis Legal Fin. Operating Co., LLC, 18-10526, 2019 WL 4051592 (11th Cir. Aug. 28, 2019), the U.S. Court of Appeals for the Eleventh Circuit (“Eleventh Circuit”) affirmed a decision in the U.S. District Court for...more

Womble Bond Dickinson

Is FinTech the Next TCPA Frontier?: New High-Powered Class Action against Fiserv, Inc. May Be Harbinger of Things to Come

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A new federal class action complaint against Fiserv, Inc. was filed yesterday in the Eastern District of Wisconsin alleging violations of the Telephone Consumer Protection Act (“TCPA”). Fiserv–a leading provider of technology...more

Holland & Knight LLP

Food and Beverage Law Update: April 2016

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Finance - PACA Liens Could Impact Financing Terms - The Perishable Agricultural Commodities Act (PACA) is a federal law enacted in 1930 with the goal of protecting suppliers and sellers of agricultural goods from...more

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