Class Actions Blog

Archive for the ‘Breaking News’ Category

Richard Cordray resigns as Director of Consumer Financial Protection Bureau

Posted on: November 16th, 2017 by Steve Larson

Richard Cordray was appointed the lead in the newly created Consumer Financial Protection Bureau by President Obama. During his tenure, the CFPB levied a $185 million fine against Wells Fargo for the bank’s infamous practice of opening phony accounts last fall. Overall, the CFPB’s enforcement actions have resulted in about $12 billion in relief for victims of these unscrupulous practices.

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Senate republicans are pushing for a vote in the evening of October 24, 2017 to abolish CFPB rule banning forced arbitration

Posted on: October 24th, 2017 by Steve Larson

Please contact your senator and ask them to vote against S.J. Resolution 47 — Equifax and Wells Fargo’s get-out-of-jail-free card.

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Consumer fury over rip-off clause reported by Forbes to cause Equifax to change policy

Posted on: September 11th, 2017 by Steve Larson

An article in Forbes magazine says that Equifax’s attempt to force consumers into mandatory arbitration after their latest data breach caused such a fury that Equifax had to change its policy.

Click here to read the article.

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Republicans move to invalidate new CFPB rule banning forced arbitration

Posted on: July 21st, 2017 by Steve Larson

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. Republican members of the Senate Banking Committee and the House Financial Services Committee filed resolutions disapproving of the CFPB’s arbitration rule, putting in motion a process under the Congressional Review Act that could see the bureau’s regulation invalidated.

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Ashley Madison settles data breach class action for $11.2 million

Posted on: July 18th, 2017 by Steve Larson

Ruby Life, Inc., the parent company of online dating website Ashley Madison, reached an $11.2 million deal to resolve a class action in which users alleged that Ashley Madison had failed to use proper care to secure their personal information after a data breach allegedly disclosed information regarding 37 million users. Ashley Madison is known as being an adultery website.

The case is In re: Ashley Madison Customer Data Security Breach Litigation, case number 4:15-md-02669 in the U.S. District Court for the Eastern District of Missouri.

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Article in The Hill explains why the new CFPB banning mandatory arbitration is a good thing

Posted on: July 13th, 2017 by Steve Larson

Paul Bland has written an excellent article in The Hill that reviews the background behind the publication of the new CFPB rule banning mandatory arbitration, and addresses the merits and criticisms of the new rule.

Here is the link.  http://thehill.com/blogs/pundits-blog/finance/341472-who-will-gop-lawmakers-stand-with-the-people-or-crooked-bankers.

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This blog is intended to provide information to the general public and to practitioners about developments that may impact Oregon class actions.

About the author

  • Steve Larson

  • Steve Larson
  • Steve Larson has been representing investors, consumers and employees in class actions in Oregon for over 20 years. He is a shareholder at the law firm of Stoll Berne in Portland, Oregon.
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