In an important decision for investors, the U.S. Supreme Court ruled on March 20, 2018, that state courts can continue to hear certain securities class actions brought under federal law.
According to an article in the publication called The Hill, President Trump’s appointee to the SEC suggested that the SEC may consider removing a ban that has been in place for years that has prohibited securities issuers from putting class action bans in their disclosures relating to IPO’s.
Richard Cordray was appointed the lead in the newly created Consumer Financial Protection Bureau by President Obama.
The leader of the nation’s largest veterans’ service organization expressed concern over the loss of financial protections for veterans and service members in the wake of a U.S. Senate late night vote on Wednesday.
Senate Republicans narrowly passed a resolution to kill a recently adopted Consumer Financial Protection Bureau (CFPB) rule prohibiting financial firms from requiring customers to resolve any disputes with the firms through individual arbitrations.
The National Consumer Law Center issued a brief explanation as to why Congress should not bar CFPB forced arbitration ban. Here is a link to the brief.
Here is the quote from the end of an article about the Wells Fargo and Equifax scandals.
Here is a link to an article in the Washington Post about Senator Wyden’s new bill:
Congress is considering legislation that would ban class actions under the Fair Credit Reporting Act.
The Multi-State letter opposes restrictions Congress is contemplating on a new rule passed by the CFPB that would prohibit banks from requiring consumers to waive their right to seek redress in court.
On July 20, 2017, Congressional Republicans began a process to attempt to eliminate a Consumer Financial Protection Bureau rule that stops companies from putting class action bans in their arbitration clauses and makes it easier for consumers to sue banks, credit card firms, payday lenders and other service providers in court.
The Department of Justice announced on June 16, 2017 that it will switch sides in a Supreme Court case, dropping its previous support for workers to throw its weight behind management.
Public Justice has written an excellent article explaining why a proposed class action bill in the U.S. House of Representatives is bad for Americans. Click here for the article.
Paul Bland, Executive Director of Public Justice, writes, “Rep. Bob Goodlatte has introduced H.R. 1927 – the misleadingly titled Fairness in Class Action Litigation Act of 2015 – which would make it essentially impossible for Americans to join together in bringing class action lawsuits for nearly any illegal act a corporation might undertake.
On March 4, 2015, Oregon significantly changed its class action law, Oregon Rule of Civil Procedure (“ORCP”) 32.
Senator Elizabeth Warren of Massachusetts introduced the “Equal Employment for All Act” (S. 1837), on December 17, 2013 which prohibits employers from inquiring about employees’ and job applicants’ credit history.