Category Archives: Class Actions

New York Law’s Center for Justice & Democracy: 9 Examples of Class Actions that Helped Consumers

The report is titled How Consumer Financial Class Actions Help and Protect Americans. Here is an excerpt from the press release: This report illustrates how anytime, anywhere, an unscrupulous bank or lender could steal money from you, your family, or your small business. … If, say, a bank opens a fraudulent bank account in your […]

American Banker: GOP efforts to repeal CFPB arbitration rule off to rocky start

by Jeff Sovern Here. The article points out that one Republican member of the Senate Banking Committee, John Kennedy of Louisiana, did not agree to cosponsor the Senate CRA resolution to rescind the CFPB rule (he was said to be reviewing the resolution); that Senator McCain's unfortunate health issues may prevent him from voting on […]

Who Are the “leading scholars” Who Senator Crapo Said Have Criticized the CFPB Arbitration Study “as biased and inadequate”?

by Jeff Sovern Yesterday, the Senate Banking Committee released a press release that said in part: Today, U.S. Senate Committee on Banking, Housing and Urban Affairs Chairman Mike Crapo (R-Idaho) and Republican colleagues will file a Congressional Review Act (CRA) Joint Resolution of Disapproval in the Senate against the Consumer Financial Protection Bureau’s (CFPB) arbitration […]

Conservative Commentator Argues Against CRA Challenge to CFPB Arbitration Rule

Dean Clancy in US News has written The GOP's Foolish Decision. Excerpt: The U.S. Chamber of Commerce urged Congress to kill not only [the arbitration] regulation, but every CFPB rule, on grounds the agency is unconstitutional and therefore all of its actions are invalid. The GOP would be terribly foolish to go down this road, […]

David Dayen: MORE TRUMP POPULISM: HIRING A BANK LAWYER TO ATTACK CFPB BANK RULES

Here, in The Intercept. Excerpt: Trump has sent out his lead attack dog to overturn the arbitration rule — a former bank lawyer who has used the very tactic the CFPB wants to prevent. [Dayen describes how Wells Fargo attempted to use arbitration to deflect a class action in  Gutierrez v. Wells Fargo.] * * * […]

Lawsuit against Gerber for deceptive and unlawful claims narrowed a bit by Ninth Circuit

By Stephen Gardner On July 17, a panel of the Ninth Circuit issued a revised opinion in Bruton v. Gerber Products. (I’ve attached the withdrawn opinion here and the new opinion here.) In her lawsuit, Natalia Bruton alleged that “labels on certain Gerber baby food products included claims about nutrient and sugar content that were […]

The Arbitration Empire Strikes Back!

by Jeff Sovern In keeping with Justice Gorsuch's remark yesterday that  "Democracy depends on our ability to learn from & work with those who hold very different convictions than our own," here is a partial report on the activities of arbitration supporters: The Chamber of Commerce is holding an event titled CFPB's Anti-Arbitration Rule: Analysis […]

Report that CFPB Arbitration Rule to Be Published in Federal Register Tomorrow, Starting Two Clocks

by Jeff Sovern Under the Congressional Review Act, Congress will have 60 legislative days to overturn the rule.  The rule can also be blocked by the FSOC, and for that to happen, an FSOC member must file a petition within ten days of publication of the rule. Given the opposition of Acting Comptroller of the […]