Confirmation has been received that a data breach has affected “See Tickets”, a subsidiary of Vivendi. The breach has impacted 323,498 consumers. In light of this breach, the global legal community is paying close attention to issues surrounding digital security and the protection of consumer data. “See Tickets”, officially known as Vivendi Ticketing US LLC,…
In an era of rising discontentment among legal professionals, industry-wide discussions have been ignited about the roots of anonymity and discontentment in the legal sector. Contrary to popular perception that financial aspects are present at the heart of this wave of dissatisfaction, the often overlooked factor appears to be in the innate repetitiveness and lack…
Recent developments have surfaced regarding the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB) final small business lending rule (Rule) lodged in the Kentucky federal court. The CFPB has lodged its opposition to the plaintiff’s motion for a preliminary injunction. Although the full text of the opposition is not immediately available, the CFPB’s exercise of…
As revealed in a recent JDSupra article, the Federal Communications Commission (FCC) is inviting input on its newly proposed Internet of Things (IoT) Cybersecurity Program, known as the US Cyber Trust Mark program. The FCC’s initiative aims to provide consumers with information about the relative security of an IoT device or product. This announcement follows…
On August 15, 2023, Nestle faced a reversal in its previous legal fortunes as a class action lawsuit concerning its “Premier White Morsels” Toll House product was revived by a panel of judges from the United States Court of Appeals for the Ninth Circuit. The lawsuit, titled Prescott v. Nestle USA, No. 22-15706, had faced…
The recent State Attorney General (AG) report for August 31, 2023, highlights critical areas where decisions by state and federal regulators are having a significant impact across the US. Among the crucial issues touched on in the report are the rising concern over the surge of illegal disposable E-cigarettes targeting young consumers, looming threats to…
With the passing of a new law, New Jersey has joined the ranks of 12 other states and territories in placing a limit on the amount of a credit card surcharge imposed by a seller on a purchase of goods or services. This move marks another step forward in an ongoing nationwide trend promoting consumer…
Last week marked a significant turn of events as Roomster Corp. and its owners, John Shriber and Roman Zaks, were permanently banned from buying or incentivizing consumer reviews by the Federal Trade Commission (FTC) and six states. According to the allegations, they had used fake reviews to deceive customers into paying for access to non-existent…
In a case before the California Supreme Court, PG&E Corp faces potential damages exceeding $2.5 billion for alleged negligent power shutoffs. Hailing from St. Helena, California, Anthony Gantner brought forth the negligence class action as an adversary proceeding during PG&E’s bankruptcy. This case presents the California Supreme Court with significant questions regarding the appropriateness and…
In a special three-part series of The Consumer Finance Podcast, Troutman Pepper Partners Chris Willis, Dave Gettings, Ethan Ostroff, and Kim Phan discuss the Consumer Financial Protection Bureau’s (CFPB) plans to propose new rules under the Fair Credit Reporting Act (FCRA). For legal professionals concerned about regulatory changes impacting consumer finance, this analysis provides valuable…
In a recent podcast episode on Consumer Finance Monitor, discussion concentrated on how both direct and indirect disputes involving identity theft under the Fair Credit Reporting Act (FCRA) should be handled. The episode discussed specific provisions of the FCRA that detail the distinct requirements for how a creditor or other furnisher of information ought to…
On June 29, the Federal Trade Commission (FTC) revealed its updated Guides Concerning the Use of Endorsements and Testimonials in Advertising (“Guides”), in tandem with an FAQ document titled “FTC’s Endorsement Guides: What People Are Asking” (“FAQ”). The following day, it unveiled its proposal for a new Trade Regulation Rule on the Use of Consumer…
The Consumer Financial Protection Bureau (CFPB) is taking noteworthy steps in rulemaking under the Fair Credit Reporting Act (FCRA). A recent podcast episode of FCRA Focus, created by Troutman Pepper Partners, delves into this crucial development. The episode embarks as the first of a special three-part series designed to shed light on the CFPB’s imminent…
The Monetary Authority of Singapore (MAS) had been assessing its regulatory approach towards stablecoin-related activities recently. Their finalized approach has maintained its similarity substantially to what had been originally stated in a consultation paper issued on 26th October 2022. This regulatory strategy for stablecoin activities in Singapore sets a precedent and benchmark standards for other…
In a move observed with great interest by both the corporate legal community and the wider financial sector, the U.S. Securities and Exchange Commission (SEC) recently adopted new rules governing private funds. The sweeping changes come under the Investment Advisers Act of 1940. However, interestingly, these new rules are considerably less restrictive than the version…
In a recent development, over 105,000 individuals were notified by Minneapolis Public Schools (MPS) regarding a significant data breach affecting their personal data including Social Security numbers, among other critical identifiers. JD Supra reported this event. On September 5, 2023, MPS became aware of an unauthorized intrusion into its digital systems. As a response to…
On August 23, 2023, a notable legal compliance firm, Sovos Compliance LLC (“Sovos”), discovered and filed a notice of a significant data breach. This breach happened on behalf of several companies owing to a critical vulnerability within the MOVEit file-transfer application utilized by Sovos. This legal incident led to an unauthorized party gaining access to…
As the scrutiny around the pricing of prescription drugs persists, the entire drug supply chain is under rigorous review. In an effort to find ways to reduce costs for patients and the federal government alike, discussions about reforms to Pharmacy Benefit Managers (PBMs) are gaining momentum. As pivotal components in the drug supply chain, PBMs…
International law firm, Allen & Overy, alongside banking group, Standard Chartered, have introduced a Guide to Payment Regulations, a first of its kind, for enterprises and fintech customers operating in Asia’s fast-developing payments landscape. This guide aims to provide a user-friendly, comprehensive examination of regulatory frameworks influencing payments across eight pivotal Asian markets. According to…
As 2023 nears its midpoint, it’s clear that the legal landscape of the food and consumer packaged goods (CPG) industry is in a dynamic state of evolution. Respected law-firm, Perkins Coie LLP, recently released their detailed Midyear 2023 Food and CPG Legal Trends Report that provides key insights on the sector’s unfolding legal trends and…
In this month’s legal update on privacy and cybersecurity, we focus on some significant developments in legislation and federal actions. Both the Biden administration and the National Institute of Standards and Technology (NIST) have proposed changes to various aspects of cybersecurity that could have far-reaching consequences for law firms and corporations. Meanwhile, the states of…
A wave of preliminary injunction motions in the recent Texas lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB) small business lending rule has sparked debate about whether there might be a more efficient route to nationwide relief. Last Thursday, yet another motion was filed, this time by XL Funding, LLC d/b/a Axle Funding, LLC (Axle)…
On August 11, Illinois Governor J.B. Pritzker took a significant stride in reinforcing Illinois’ antitrust prevention efforts. With his signing House Bill 2222 (Public Act 103-0526) into law, the scope of oversight for the Attorney General’s (AG) office has been broadened, particularly with regard to health care transactions. Under the provisions of the newly enacted…
As generative artificial intelligence technologies continue to develop, they carry with them legal implications that are only now starting to unfold through litigation in the United States. These new cases present the unprecedented questions raised by this constantly evolving technology. These questions include issues related to privacy, consumer safety, and intellectual property protection. A handful…
The Troutman Pepper Weekly Consumer Financial Services Newsletter for September 2023 offers invaluable information for legal professionals navigating the continuous updates in the Consumer Finance Services industry. Both federal and state level developments are covered in this comprehensive weekly rundown. The newsletter is routinely leveraged by experts in the field to stay informed of key…