The Consumer Financial Protection Bureau (CFPB) [official website] announced [press release] a new rule Monday, banning mandatory arbitration clauses in consumer agreements. The CFPB explained that mandatory arbitration agreements can prevent class action lawsuits and perpetuate harmful practices. The new rule will enforce the consumer’s right to take part in group lawsuits.
Even before the Labor Department has finished its review of its fiduciary rule, the Trump administration has made clear that it is targeting a part of the measure that would make it easier for investors to pursue class-action lawsuits against financial advisers. The latest evidence is a DOL Field Assistance Bulletin released on Wednesday, that said that the agency would not bring enforcement …
Employees of Fyre Festival creators Ja Rule and Billy McFarland have accused the pair of ‘not caring’ about the event being doomed to fail. The unnamed former workers told Variety on Thursday that the pair refused to extend the launch date to give enough time to prepare, and were more concerned with ‘being legends’ than making a good event. That came a day after the two were slapped with a …
It’s official. Billy McFarland and Jeffrey “Ja Rule” Atkins have been slapped with a $100 million federal class action lawsuit after their luxury destination music and culture event, the Fyre Festival, was abruptly canceled early Friday morning, leaving hundreds—possibly thousands—of people stranded at airpots in Miami and the Bahamas. What’s worse is that festival passes didn’t come cheap.
The fallout from the disastrous Fyre Festival continued on Sunday (May 1) when attorney Mark Geragos (Chris Brown, Michael Jackson) filed a proposed $100 million class-action lawsuit against organizers on behalf of client Daniel Jung. The suit accuses organizers of fraud, citing the fest’s “lack of adequate food, water, shelter, and medical care created a dangerous and panicked situation among …
A Texas court has granted a request for a 60-day delay in litigation over the U.S. Occupational Safety and Health Administration’s electronic record-keeping rule. U.S. District Judge Sam A. Lindsay, who is overseeing litigation filed by industry groups against the OSHA rule, granted a motion by the Trump administration last week and stayed the case until June 5. The deadline to submit a …
This article was co-authored by Allyson B. Baker and Joseph Leonard Robbins. It originally appeared on Venable.com and is republished here with permission. In a putative nationwide consumer class action against an online marketplace lender and its bank partner, Bethune v. LendingClub Corp., et al., a federal judge in the Southern District of New York recently granted defendants’ motion to …
Senate Republicans plan to deliver a final blow Monday to the Labor Department’s so-called blacklisting rule. The Senate will vote on whether to overturn the controversial Obama-era regulation through the Congressional Review Act, which empowers Republicans to roll back recently published rules without Democratic support. The House has already voted to strike down the rule.
President Donald Trump’s Department of Labor moved one step closer to putting the brakes on the agency’s fiduciary rule for retirement investment advisers late Feb. 9. The agency sent to the White House’sOffice of Management and Budget a proposal to delay the rule’s applicability date, one week after Trump ordered the agency to review the Obama-era rule that aims to protect retirement investors …
On January 26, the U.S. District Court for the Northern District of California became the first court to mandate disclosure of litigation funding that parties in class actions receive from outside sources, under a revision to the court’s standing order applicable to all cases. The rule provides that “in any proposed class, collective or representative action, the required disclosure includes …