"Black people struggling with debts are far less likely than their white peers to gain lasting relief from bankruptcy, according to a ProPublica analysis. Primarily to blame is a style of bankruptcy practiced by lawyers in the South." ProPublica's full story is here.
“This must stop. It is positively infuriating that my colleagues in Congress are so afraid of the gun industry that they pretend there aren’t public policy responses to this epidemic. There are, and the thoughts and prayers of politicians are cruelly hollow if they are paired with legislative indifference. It’s time for Congress to get […]
Below are announcements from the Department of Justice's Consumer Protection Branch from July through September. September 27, 2017 – District Court Enters Permanent Injunction Against Illinois Caviar Supplier to Prevent Distribution of Adulterated Food September 26, 2017 – District Court Enters Permanent Injunction Against Two New Jersey Companies and Two Individuals to Stop Distribution of […]
Here and here. And if want to see who will likely benefit from Trump's proposed changes, click on the chart below.
Those are topics of Justifying Class Action Limits: Parsing the Debates over Ascertainability and Cy Pres by law prof Robert Bone. Here's the abstract: The federal class action has lost its way. It was created about fifty years ago in a major revision to Rule 23 that envisioned a functional aggregation device aimed at promoting litigation efficiency […]
by Jeff Sovern As has been widely reported, Equifax waited about six weeks to disclose its breach, which makes me wonder if we would ever have learned about the breach if the laws requiring disclosures of breaches didn’t exist. And in recent years, Equifax has lobbied aggressively on breach laws. All this left me curious […]
Samuel Issacharoff of NYU has written Collective Action and Class Action, in THE CLASS ACTION EFFECT: FROM THE LEGISLATOR’S IMAGINATION TO TODAY’S USES AND PRACTICES, (Catherine Piché, ed., Éditions Yvon Blais, 2018 Forthcoming). Here is the abstract: Over the past 25 years, class actions have emerged as a central feature of Canadian law. The conceptual […]
Pat Akey of the University of Toronto – Rotman School of Management, Rawley Heimer of the Boston College – Department of Finance, and Stefan Lewellen of the London Business School have written Politicizing Consumer Credit. Here's the abstract: Using proprietary credit bureau data, we find that consumers’ access to credit decreases by 4.5 percent–8 percent […]
Today, the U.S. Chamber of Commerce, American Bankers Association, American Financial Services Association, Consumer Bankers Association, Financial Services Roundtable, and a coalition of associations located throughout Texas filed a legal challenge to the Consumer Financial Protection Bureau’s anti-arbitration rule. The complaint alleges that the rule violates the requirements of the Dodd-Frank Act because the CFPB […]
by Jeff Sovern The ABA Banking Journal (that's the banking ABA, not the lawyers' ABA) has the story here. Except: The OCC has conducted a study finding that the Consumer Financial Protection Bureau’s arbitration rule is likely to increase the cost of credit by about 25 percent once lenders factor in the cost of class action litigation, […]