In Wednesday’s 5-9 vote, the Alaska Legislative Council voted down a motion to continue the lawsuit during a brief morning meeting held by telephone. The vote means the council will not move forward with an appeal of the Superior Court’s decision and that it will end its contracts with two private law firms, said Council chair Sen. Gary Stevens, R-Kodiak, who voted against continuing the …
Banks keep saying over and over that arbitration proceedings, as opposed to class-action lawsuits, are the best way for consumers to handle disputes. Yet faced with the prospect of no longer being able to deny consumers the right to sue them, the banking industry is expected to take the deliciously ironic step of suing the federal government. At issue is a proposed rule from the Consumer …
In a major setback for banks, credit unions, credit card companies and many other financial firms, the Consumer Financial Protection Bureau on Thursday issued a proposal that would ban the use of arbitration clauses that prevent consumers from bringing class-action lawsuits. The 377-page proposal, released to the media a day early, would still allow companies to offer arbitration as a way to …
With the Labor Department’s fiduciary rule finalized, are some advisors now a target for lawsuits? Experts suggest that the threat of litigation – which exists because the rule provides clients with the right to legal action – could push some firms to change business models and spur some advisors to exit the business. “Litigation is one area where firms are particularly…
A new report from Cornerstone Research indicates that securities class-action filings with accounting allegations rose for the third consecutive year. According to Accounting Class Action Filings and Settlements – 2015 Review and Analysis, the 71 filings last year exceeded the average over the past decade of 67 filings. There were 69 accounting-related case filings in 2014.
In the midst of Brazil’s worst recession in decades, lawyer Thiago Jabor Pinheiro switched firms to focus full-time on one of the only booming fields in the scandal-plagued country: compliance and corporate ethics. For Pinheiro, a massive corruption investigation unfolding at state-run oil firm Petrobras offers a golden opportunity. The scandal broke just as a tough new anti- …