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, […]
by Paul Alan Levy In a motion to quash filed today, three Facebook users are challenging search warrants issued by federal prosecutors seeking to rummage through accounts in which they supported protests against the inauguration of Donald Trump on the weekend of January 20. One of the accounts may be the Facebook analogue of the […]
In a survey of nearly 1,700 vehicles for sale at eight CarMax locations – four in Massachusetts, two in California, and two in Connecticut – more than one in four vehicles (27 percent) were found to contain unrepaired safety recalls. The survey is described in a report released today by Consumers for Auto Reliability and […]
by Jeff Sovern The Hill has a story about the forthcoming speech. Excerpt from the story: President Trump plans to give a speech at the White House next week on his efforts to roll back federal regulations. “The President will be making remarks in the morning highlighting his administration’s efforts to eliminate excessive, job-killing […]
A new report examines the use of arbitration agreements in the workplace by the top 100 largest domestic United States companies, as ranked by Fortune magazine. The key finding: 80 of the top 100 largest companies in America, including subsidiaries or related affiliates, have used arbitration agreements in connection with workplace-related disputes since 2010. Of […]