Bank Consumer Class Actions
Paul Hastings “continues its strong track record in litigation.” Our practice “offers in-depth expertise in class action litigation and complex commercial disputes. Sources say: ‘They are responsive, understanding of our goals and help us out with tricky and complex problems.’”
—Chambers USA 2012
The Consumer Financial Protection Bureau (CFPB) has created unprecedented regulation of consumer financial products and services, while diminishing the ability of federally chartered banks to rely upon federal preemption of state consumer financial laws. As a result, the financial services industry has experienced a sharp increase in consumer litigation—as well as significant changes in what is required to effectively defend bank consumer class actions. Our multidisciplinary team has the deep industry knowledge and broad litigation experience to guide clients through this evolving regulatory landscape and effectively defend their interests.
A Strategic Approach to Bank Consumer Class Actions
Class action suits now bring a new risk of investigation by bank regulators, the CFPB, and state attorneys general. Banks are routinely subject to federal and state investigations. Further, when banks defend consumer class action litigations, they now also face the prospect not only of regulators launching inquiries into litigation-related matters, but also class action law firms in turn seeking documents disclosed to regulators. In addition, litigation settlements may not end a dispute with regulators. In light of these developments, a coordinated, multidisciplinary approach to regulatory and litigation challenges is essential.
Our multidisciplinary team regularly reviews developments involving the CFPB, bank regulators, and state attorneys general, as well as the potential impact on bank consumer class actions. We bring together leaders from our class action, bank regulatory, and state attorney general litigation practices to advise clients on the full array of issues raised by bank consumer class actions. We work closely with our clients to develop long-term strategies to effectively navigate the complex regulatory hurdles and address core consumer class action litigation principles.