Our experience includes these matters:
- In Massachusetts v. Greenwood Trust, we obtained the first appellate court decision treating credit card late fees as "interest" that can be exported throughout the country under federal banking law. In achieving this result, the group helped save the industry hundreds of millions, if not billions, of dollars of liability in a series of class actions brought against all the major credit card companies.
- We handled a number of class actions under the federal Fair Credit Reporting Act (FCRA) regarding prescreened "firm offers of credit" and obtained the first ruling nationwide that the "FACT Act" amendments to the FCRA had eliminated private rights of action against users of consumer reports.
- In Midwest Title v. Ripley, we obtained a federal court judgment under the Commerce Clause prohibiting the Indiana Financial Institutions Division from applying the Indiana Uniform Consumer Credit Code to loans closed in person outside the State of Indiana.
- On behalf of a number of the largest credit card issuers in the country and a host of other clients, we pioneered the use of pre-dispute consumer arbitration agreements. Over the past decade, pre-dispute arbitration has had a major impact in alleviating the onslaught of class action litigation against providers of consumer financial services.
- We obtained a groundbreaking interpretive opinion from the Office of the Comptroller of the Currency (OCC Interpretive Letter No. 822), articulating a liberal rule that generally permits banks with multistate branch networks to apply the interest charges allowed by the laws of their home states on a uniform, nationwide basis. This interpretation has been central in allowing multistate banks to make loans in their branch states with the requisite certainty as to applicable laws.
- We asserted claims against fraudulent debt management companies, obtaining a multimillion-dollar judgment on behalf of our client, a major financial institution.
- We brought suit against fraudulent debt settlement companies that were sending thousands of bogus dispute notices to our client, a major financial institution, and encouraging their customers to discontinue making payments on their legitimate credit card debt. As a result, not only did we reach a multimillion-dollar settlement on behalf of our client, but the companies were placed into receivership and the head of the companies was suspended from the practice of law.