Class Actions Blog

Archive for the ‘Consumer Protection’ 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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24 Hour Fitness settles class action

Posted on: November 13th, 2017 by Steve Larson

On November 1, 2017, plaintiffs in a class action against 24 Hour Fitness moved for preliminary approval of a $1.5 million settlement over allegations that the fitness center chain carried out a fraudulent and misleading sales campaign related to its prepaid memberships. In the suit, the plaintiffs claim that 24 Hour Fitness represented that the fees under its prepaid membership contracts for lifetime members would not increase, but after April 2006, the company changed the membership contracts to provide that the annual renewal charge was only guaranteed for one year beyond the initial term. Despite this modification to the prepaid membership agreement, 24 Hour Fitness’ sales representatives continued to assure prepaid members that their dues would remain the same.

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The America Legion has asked President Trump to veto the recently passed bill undercutting the CFPB rule on forced arbitration

Posted on: November 9th, 2017 by Steve Larson

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. Fifty-one members of the Senate voted to overturn a recent Consumer Financial Protection Bureau (CFPB) rule on arbitration agreements intended to provide consumers with an opportunity to sue in court when they have been harmed by financial institutions.

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Senate Republicans kill CFPB rule banning forced arbitrations

Posted on: October 26th, 2017 by Steve Larson

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. Big banks and credit card companies routinely include so-called forced arbitration provisions in their account agreements, which prohibit class action.

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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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Bridgestone agrees to pay $29 million to settle price fixing claims

Posted on: October 17th, 2017 by Steve Larson

Bridgestone has agreed to pay $29.6 million to settle price-fixing allegations in multidistrict litigation in Michigan federal court contending that the company colluded with other companies to rig the market for certain rubber vehicle components. This is the latest settlement between a proposed class of end-payor plaintiffs who had bought vehicles with the anti-vibration rubber parts at issue or purchased them as replacement pieces. In addition to the $29.6 million payout, Bridgestone says it will provide extensive discovery efforts to help end-payor plaintiffs thoroughly prosecute companies that the plaintiffs do not reach a settlement with or companies whose settlements are not approved.

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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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