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Events

Teleconference

Bank Consumer Class Actions Teleconference

Thursday, March 03, 2011 - Thursday, March 03, 2011
06:00 am London - 06:00 am London

Multi-Disciplinary Planning in an Era of Uncertainty: Limited Dodd-Frank Preemption Leads to Multi-State, Federal, and Regulatory Compliance Mandates and Litigation

In many ways, Dodd Frank creates a perfect storm for new consumer class actions. The litigation landscape is growing in complexity. This is occurring in part from the demise of rigorous preemption for nationally and federally chartered banks. In addition, it is being affected by the rise of the new Consumer Financial Protection Bureau (CFPB) and its broad and unprecedented consumer law authority. Other contributing factors include growing aggressiveness by federal and state banking and mortgage regulators, and the new authority of state attorneys general to sue under state consumer and Unfair and Deceptive Acts and Practices (UDAP) law. The financial services industry can expect savvy plaintiffs firms to find advantage in complexity and risk for banks, leading to a significant increase in consumer class action litigation, as well as significant changes in how bank consumer class actions must be defended to avoid both litigation and regulatory risk.

To address this changing landscape, Paul Hastings has created a multi-disciplinary team to analyze new developments from the CFPB, bank regulators, and state attorneys general and the potential impact on bank consumer class actions. Our team will provide fully-integrated, proactive, practical advice and answer your questions during our inaugural teleconference.

To illustrate our analysis, we will provide concrete examples of the limits to preemption in the context of payment systems as well as other consumer regulations, ways in which these issues are likely to come under state control, as well as the impact of state involvement in traditionally federal areas of banking law.

Topics of discussion in this complimentary 60-minute teleconference will include:

  • New State Involvement: What is the likelihood that banks will be subject routinely to federal and state investigations, and how can you prepare for it?

  • Simultaneous Litigation and Investigation: What is the prospect of regulators launching informal inquiries into matters that are already the subject of litigation?

  • Undermining the Finality of Settlements: Why is it unlikely that a litigation settlement will end a dispute with regulators?

  • Challenged on Multiple Fronts: How can you proactively address the increased risk that will come from class action suits, including simultaneous investigation by federal bank regulators, the CFPB, and state attorneys general?

  • Strategy: How can you best develop a long-term strategy that navigates the new complex regulatory hurdles arising from multi-jurisdiction consumer class actions?

RSVP by Friday, February 25th to Kristi Sadler at

 or 1.213.683.5857.A confirmation with dial-in instructions will be emailed prior to the teleconference.

SUBMIT QUESTIONS IN ADVANCEWe would like to tailor the discussion to best meet your needs. Please submit questions in advance to Kristi Sadler at

.

CLE QUALIFICATIONSPaul, Hastings, Janofsky & Walker LLP is a State Bar of California, a State Bar of New York, a State Bar of Georgia and a State Bar of Illinois approved CLE provider and certifies that this activity is eligible for 1.0 hour of general credit in California, Georgia and Illinois and 1.0 hour of practice credit in New York.