A New York Times editorial today argues that revoking bonuses from two former Wells Fargo executives "is not enough to punish their misconduct, deter wrongdoing by others and restore trust in the bank — or in the rule of law when it comes to investigating and prosecuting bank executives." The editorial is here.
by Paul Alan Levy Last year I discussed an attorney fee application that I prepared on behalf of a small company making canvas totes that poke fun of such high-fashion royalty as Louis Vuitton by scrawling the words “My Other Bag” on one side of the totes and placing parody versions of various luxury brands […]
The New York Times reports: Wells Fargo’s board said on Monday that it would claw back an additional $75 million in compensation from the two executives on whom it pinned most of the blame for the company’s sales scandal: the bank’s former chief executive, John G. Stumpf, and its former head of community banking, Carrie […]
Here (behind paywall). Excerpt: [T]wo state lawsuits filed by the attorneys general in Illinois and Washington, [allege] that Sallie Mae engaged in predatory lending, extending billions of dollars in private loans to students . . .that never should have been made in the first place. * * * New details unsealed last month in the […]
March 23, 2017 – New York Salesman Sentenced to Prison for Fraudulently Selling Vending Machine Businesses March 22, 2017 – South Florida Man Pleads Guilty To Mail Fraud In Connection With Jamaican-Based Fraudulent Lottery Scheme March 22, 2017 – Owner of New England Compounding Center Convicted of Racketeering Leading to Nationwide Fungal Meningitis Outbreak March […]
Here. Excerpt: [T]his bill doesn’t fix what’s ailing the system. Instead, it seeks to eliminate group litigation altogether. If it becomes law, the bill could prevent consumers from litigating together the next time a company like Volkswagen masks its emissions and thwart General Motors’ victims from joining forces to recover if their car ignition turns […]
Here. The LA Times reports on the study in this story, headlined, Here's why Wells Fargo forces its customers into arbitration: It wins most of the time.
Here. Excerpt: Debt collectors will be required to comply with the Fair Debt Collection Practices Act, which is designed to curtail abusive or deceptive behavior. * * * Critics say collection agencies have been known to call delinquent debtors six or more times a week, give inaccurate information and use dubious methods to force payment. […]
In its decision issued today in McGill v. Citibank, the California Supreme Court has unanimously held that arbitration agreements can't block consumers from seeking injunctive relief that benefits the general public under California's Consumers Legal Remedies Act (CLRA) and Unfair Competition Law (UCL). The decision strikes a blow against corporate efforts to use arbitration not just to […]
Last Friday, the Consumer Financial Protection Bureau published its 2016 Consumer Response Annual Report, available here. The CFPB offered a few key takeaways: The CFPB handled 291,400 consumer complaints in 2016, a 7 percent increase over complaints handled in 2015. Debt collection, credit reporting and mortgages were the top three most-complained-about consumer financial products and […]