Class Actions Blog

Archive for the ‘Breaking News’ Category

Securities fraud class action against Facebook settled for $35 million

Posted on: March 9th, 2018 by Steve Larson

A settlement of a class action against Facebook was preliminarily approved on February 26, 2018. The deal was reached to a securities fraud suit that had been certified as a class action. The suit alleged the tech giant hid key financial forecast information from investors leading up to its initial public offering in May 2012, causing its stock to languish in its first year.

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Class action filed against Apple for slowing down older iPhones

Posted on: January 2nd, 2018 by Steve Larson

A class action lawsuit has been filed in California federal court against Apple after the company admitted it slows down old iPhones with older batteries. The suit was filed shortly after Apple justified its practice of slowing down older phones, saying it does so “to protect its electronic components” as their batteries age and become less potent.

The lawsuit is claiming damages because of “economic damages and other harm” suffered. The complaint seeks to cover anyone in the United States with an iPhone older than Apple’s new iPhone 8 model.

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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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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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