Case Law

In SEC v. Cochran, a case coming from the Fifth Circuit, the respondent (Cochran) is asking the court to determine whether a federal district court has jurisdiction to hear a suit in which the respondent in an ongoing administrative proceeding seeks to enjoin that proceeding.

The respondent also seeks to have the high court determine the constitutionality of administrative law judges (ALJ) as executive officers and in-house adjudicators.

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Wells Fargo has agreed to pay $94 million to settle a class-action lawsuit brought by mortgage borrowers who said they were automatically placed in forbearance by the bank without their consent.

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The Federal Trade Commission and the Consumer Financial Protection Bureau submitted an amicus brief calling for the reversal of a lower court decision in Ingram v. Experian. The decision, according to the two agencies, would allow credit furnishers to decline to investigate when consumers dispute information as inaccurate.

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In a case from the Fifth Circuit Court of Appeals, the three-judge panel held that Article III standing cannot be established for a claim brought under the Fair Debt Collection Practices Act (FDCPA) merely because the defendant violated the FDCPA. The court relied heavily on a 2021 Supreme Court decision which denied standing based on the risk of future harm.

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Following an enforcement action from the Federal Trade Commission (FTC), Walmart has filed a motion to dismiss the action. The motion challenges the constitutionality of the FTC and its authority to bring the suit.

The U.S. Chamber of Commerce has also filed an amicus brief along with the Retail Litigation Center, supporting Walmart’s claims against the FTC.

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Nate Chastain, a former executive for non-fungible tokens (NFTs) marketplace OpenSea, was charged with insider trading by federal authorities in June. Now Chastain is calling for the charges to be dropped, arguing NFTs are not subject to the securities and commodities laws on which the charges are based.

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A Coinbase shareholder has brought a shareholder derivative suit against the company for allegedly misleading shareholders and the public.

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The Tenth Circuit Court of Appeals recently held that violations of the Fair Debt Collection Practices Act are to be evaluated through the perspective of a “reasonable consumer.” This is a deviation from the “least sophisticated consumer” standard used by many other circuits.

The court rejected the “least sophisticated consumer” standard as nebulous and vague.

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The Consumer Financial Protection Bureau issued a fine against fintech company Hello Digit, LLC for using a “faulty algorithm” which allegedly caused overdrafts and overdraft penalties for customers. Read on for more details. Read on »

MoneyGram has accused the Consumer Financial Protection Bureau of “naked forum shopping” in a motion to transfer jurisdiction of the case to a Texas federal court. The criticism is derived from the CFPB’s recent interpretive rule allowing for greater ties between the bureau  and states’ consumer financial protection law enforcement actions.

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