On April 12, the Eleventh Circuit Court of Appeals vacated an $8 million class-action settlement for lack of standing. While the issue was not raised by the district court or either party on appeal, the court ruled that the plaintiffs lacked standing to seek injunctive relief because they did not allege they planned to purchase
Chris Willis, co-chair of the CFS Regulatory Practice, Announces the Publication of the 2022 CFS Year in Review and a Look Ahead
Troutman Pepper’s Consumer Financial Services Practice Group consists of more than 120 attorneys and professionals nationwide, who bring extensive experience in litigation, regulatory enforcement, and compliance. Our trial attorneys have litigated thousands of individual and class-action lawsuits involving cutting-edge issues across the country, and our regulatory and compliance attorneys have handled numerous 50-state investigations and nationwide compliance analyses.
We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. Our team has prepared this organized and thorough analysis of the most important issues and trends throughout our industry. We not only examined what happened in 2022, but also what to expect — and how to prepare — for the months ahead.
2021 was a transformative year for the consumer financial services world. As we navigate an unprecedented volume of industry regulation, Troutman Pepper is uniquely positioned to help its clients find successful resolutions and stay ahead of the curve.
In this report, we share developments on auto finance, background screening, bankruptcy, consumer class actions, consumer
The Central District of California recently dismissed a data breach class action for lack of standing, notwithstanding evidence that the stolen data of 40 million consumers had allegedly been offered for sale on the dark web. The court determined that the data breach could not possibly have caused a risk of identity theft, fraud, and
On July 22, U.S. District Judge Allyne Ross awarded summary judgment to a plaintiff who brought suit under the Fair Debt Collections Practices Act (FDCPA). The victory, however, could be Pyrrhic. Over the course of 20 months of litigation, what began as a five-count purported class action was whittled down to one individual claim that
Today, the Supreme Court issued its opinion in TransUnion LLC v. Ramirez, holding that a concrete injury requires more than the existence of a risk of harm that never materializes. Accordingly, the vast majority of the absent class members who could not prove that allegedly inaccurate credit reports were disseminated to any third party
On March 22, the Consumer Financial Protection Bureau (Bureau) moved to dismiss a challenge to a final rule it promulgated last summer. But this routine filing was followed by a blog that expressed the Bureau’s intent to address the challenged rule outside of court and clarified that its “brief address[es] only the court’s jurisdiction to
The Eleventh Circuit affirmed a district court’s dismissal for lack of standing in a data incident case. The majority opinion, written by Senior Judge Gerald Bard Tjoflat and joined by Judge Adalberto Jordan and Senior Fourth Circuit Judge William Traxler sitting by designation, highlighted the disagreement among federal appellate courts about the type of harm
Last week, Judge Sue Myerscough declined to certify a class of employees whose personal information was disclosed when Driveline Retail Merchandising fell prey to a phishing scam. While nearly 16,000 employees were allegedly affected, “issues of causation and injury” were insufficiently common to satisfy the requirements for class certification.
The factual background will resonate with