After Congress Kills CFPB Arbitration Rule, What’s Next? Congress has passed – and the Trump administration has signaled that the president will sign – a bill to roll back the Consumer Financial Protection Bureau’s sweeping arbitration rule, which the White House has called “uninformed and ineffective policy.” As we explained in our previous blog post,the rule would have banned many financial service companies from using mandatory arbitration clauses in contracts with consumers, opening the door to class action lawsuits against banks, mortgage lenders and servicers, credit card companies, and others who extend credit. View Full Post
Reporting the misconduct of companies, directors and bankrupts There are various ways misconduct can be reported in respect of companies and individuals. Establishing which authority has the power to conduct investigations of wrongdoing depends to a certain extent on the status of the companies and individuals. The Insolvency Service is empowered by law as the proper authority to investigate transgressions such as serious corporate abuse and the conduct of directors of insolvent companies, disqualified directors, bankrupts and individual subject to bankruptcy or debt relief restrictions (“Transgressions”). View Full Post
Last week the Second Circuit issued its long-awaited opinion on the appeals of plan confirmation taken by the first lien, 1.5 lien and subordinated noteholders in In re MPM Silicones, LLC (“Momentive”).   With one exception, the Court determined that the plan confirmed by the bankruptcy court in September 2014 comports with Chapter 11 of the Bankruptcy Code.  View Full Post