Class Actions Blog

Archive for the ‘Legislation’ Category

U.S. Supreme Court says state courts may continue to hear securities class actions

Posted on: March 22nd, 2018 by Steve Larson

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. In the unanimous decision, the court said that amendments to the federal Securities Act of 1933 do not give the federal courts exclusive jurisdiction over covered class actions brought under the law.

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SEC considering allowing class action bans in IPO’s

Posted on: March 8th, 2018 by Steve Larson

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. This would no doubt lead to widespread securities fraud.

Here is a link to the article.

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Destroying the CFPB is bad for big business

Posted on: November 28th, 2017 by Steve Larson

Here is a link to a well written article by Daniel Karon, a plaintiff’s lawyer, on why destroying the CFPB is bad for big business.

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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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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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The information contained in this blog does not constitute legal advice, and does not create an attorney-client relationship. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this blog.

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About this blog

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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