On August 29, 2023, new provisions under the Financial Services and Markets Act (FSMA) 2023 commenced. This represents a critical chapter in the establishment of the UK’s regulatory framework for digital assets. Specifically, the FSMA 2023 brings cryptoassets within the jurisdiction of the Financial Conduct Authority (FCA) and establishes a new regime for the regulation…
A recent ruling in the U.S. District Court for the Western District of New York has given the green light for a class-action lawsuit relating to alleged violations of the Fair Debt Collections Practices Act (FDCPA). The plaintiff’s argument centers on an apparent improper debt assignment notification. The initial motion for class certification was granted…
On August 21, the U.S. Supreme Court declined a plea from West Virginia Attorney General (AG) Patrick Morrisey and 26 fellow state AGs to partake in oral arguments in the case of Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America. The request was made by a primarily Republican group of state…
Despite the lack of immediate federal legislation addressing the regulation of AI, it is apparent that US federal agencies, including the Federal Trade Commission (FTC), are underscoring the need for regulated entities to ensure that AI utilization complies with existing laws and regulations. This message is being conveyed through different measures, with the FTC ensuring…
In an era of escalating cybersecurity threats, the retail industry is also facing the consequences of data breaches. Most recently, fashion retail giant F21 OpCo LLC also known as Forever 21, reported a significant leakage of personal data, affecting more than 539,000 individuals. The breach was reported to the Attorney General of Maine on August…
In a significant move, on August 16, Judge Selna of the U.S. District Court of California declined to give his approval to a proposed $200 million settlement reached by Hyundai and Kia, involving nine million vehicles in the U.S. from model years 2011 to 2022. The development comes in the midst of the class action…
In a recent development, The Federal Reserve Board (FRB) issued two sets of regulation and supervision letters concerning their program designed to monitor and regulate novel banking activities. This move had legal professionals within the biggest corporations and law firms speculating about the future implications and application of these guidelines. Welcome to the world of…
In recent weeks, California Attorney General Rob Bonta has been particularly active, embarking on an “investigative sweep” into employer compliance with the California Consumer Privacy Act (CCPA) and issuing warnings to employers about employer-driven debt restrictions. Bruce Sarchet and Corinn Jackson of Manatt, Phelps & Phillips, LLP report the surprising developments. AG Bonta’s primary focus…
Amongst the corporate sector, data security has increasingly become a top concern. In a recently unfolded incident, Alogent Holdings Inc. recorded a substantial data breach that affected a considerable number of customers. This breach came into light on August 14, 2023, when Alogent filed a notice of the breach with the Attorney General of Maine….
On July 13, 2023, the Department of Justice’s (“DOJ”) objection to a major sugar industry acquisition met a stumbling block. The U.S. Court of Appeals for the Third Circuit declined to block the $315 million purchase of the Imperial Sugar Company (“Imperial”) by United States Sugar Corporation (“U.S. Sugar”). According to the DOJ, the merger…
The global fintech market is currently wading through tough waters with several elements influencing its trajectory. One notable factor is the notable downturn in funding, which aligns with an overall reduction in venture capital investments. According to data from S&P Global Market Intelligence, venture capital backing for fintech startups worldwide has experienced a steep 49%…
The Consumer Financial Protection Bureau (CFPB) has recently come to a settlement agreement with six credit repair companies, imposing a staggering $2.7 billion in damages along with a ten-year industry ban. The resolution comes after an initial lawsuit filed by the CFPB in May 2019 against the companies. According to the initial case, the companies…
In recent weeks, Generative AI, and more specifically, AI-powered customer service chatbots, have been at the forefront of numerous legal discussions. The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) have been closely scrutinizing this developing technology. Several concerns have been raised by both the CFPB and the FTC. These concerns primarily…
In an unprecedented move, The California Department of Financial Protection and Innovation (DFPI) has put the final touches on regulations that ban unfair, deceptive, and abusive acts and practices (UDAAP) within the scope of commercial financing or other financial products or services targeted towards small businesses and other organization. As a result of these regulations,…
Consolidation in the legal research market has recently spurred some concern among law firms of all sizes. Swiftly emerging start-ups are often eagerly acquired by a select few committed legacy corporations. This trend has led to an increasing reliance on one or two major companies within the legal fraternity. Such industry consolidation may cause fears…
The legal realm is constantly abuzz with ongoing cases, legislative reviews, controversies and the invaluable interpretations of the Supreme Court. Just as reliably, there’s the attentive diligence of organizations like the SCOTUSblog, committed to presenting daily rundowns of some of the most pressing legal matters hitting our headlines. On Wednesday, August 30th, their coverage notably…
As one of the largest consumer markets of pharmaceuticals, China has been increasingly recognized for its notable role in the layout of pharmaceutical patents. Considerable attention has been paid to inventions such as medical use, drug crystalline form and the like, which play a significant part in prolonging the patent protection of the original drug….
In recent legal news, 3M has agreed to settle hundreds of thousands of lawsuits over its combat earplugs with a $6 billion settlement. Although the company has previously pushed back against similar litigation, this latest development indicates a movement towards resolution. This is a significant order of magnitude in the arena of class action and…
In the year 2023, the ever-rising focus on “Environmental, Social, and Governance” (ESG) and sustainability topics has evidently dominated the headlines. According to a recent update from Clark Hill’s Automotive & Manufacturing Industry Outlook, the attention of various stakeholders remains firmly rooted in these areas. Considering the escalating frequency with which the term “ESG” appears…
In a move that seemingly carves out fresh terrain in the field of telecommunication law, the Eleventh Circuit, via an unpublished per curiam opinion, established the stance that a mere receipt of an unwanted text is ample ground to forward a claim under the Florida Telephone Solicitation Act (“FTSA,” Fla. Stat. § 501.059). The case…
The Troutman Pepper law firm recently released its weekly Consumer Financial Services newsletter, providing insights on national and state events to keep professionals updated in the constantly evolving Consumer Finance Services industry. This weekly publication notably covers regulated activities that impact the industry. While limited details are available from the latest newsletter, it appears to…
Following significant investigation, VNS Health has clarified the circumstances surrounding a recent data breach at third-party vendor, TMG Health. The breach, which occurred on August 14, 2023, resulted in the exposure of sensitive information pertaining to 103,775 consumers. VNS Health has already filed notice of this breach to the U.S. Department of Health and Human…
Recently, the Chevron Federal Credit Union (“CFCU”) recently filed a notice of data breach affecting more than 90,000 consumers. This report comes after CFCU discovered a critical vulnerability in its file-sharing application, MOVEit. Disclosed on August 24, 2023, the notice was submitted to the Attorney General of Maine. Details within the notice indicated that as…
In a recent case from the Massachusetts Federal District Court, City of Fort Lauderdale Police & Firefighters’ Ret. Sys. v. Pegasystems Inc, a lesson emerged for companies making public statements about pending litigation. It is essential to tread cautiously when articulating views on the merits or prospects of the litigation. The case raises red flags…
Considering engaging a trendy influencer to finally get your firm’s presence booming on platforms like TikTok and YouTube? It’s a common and potentially fruitful strategy, but a word of caution: you need to familiarize yourself with the Federal Trade Commission (FTC)’s updated social media guidelines. Ignorance isn’t bliss in this scenario – falling afoul of…