The Final Matter of FACTA: Congress Enacts Legislation to Retroactively Insulate Many of the Companies Facing These So-called FACTA Lawsuits
By Larry Sidman, Charles A. Patrizia, Joshua Hamilton and Jason Rosenstock
On June 3, 2008, President Bush signed H.R. 4008, the Credit and Debit Card Receipt Clarification Act, into law. This event marked the culmination of a 14-month effort by the attorneys of the Paul, Hastings Government Affairs and Litigation practice groups to secure a legislative remedy that, under certain specific circumstances, retroactively immunizes hundreds of companies that currently are defendants in class action lawsuits from liability for statutory damages under the Fair and Accurate Credit Transactions Act (FACTA).