dcsimg Consumer Financial Services Litigation

Consumer Financial Services Litigation

McGuireWoods’ extensive experience in consumer financial services litigation makes it a leader in this practice area. Our diverse team of lawyers regularly handles both single-plaintiff and class action litigation in state and federal courts across the country. We also defend consumer financial services clients against civil investigation and enforcement proceedings brought by the Federal Trade Commission, state attorneys general, and other regulatory authorities. Our clients include banks, insurance companies, mortgage servicers, auto finance companies, credit card issuers, credit card marketers and servicers, telecom providers, check authorization companies, consumer reporting agencies, debt buyers, collection professionals, and retailers.

Our capabilities also extend to related areas of privacy, data security breach, consumer bankruptcy, counterclaims in foreclosure actions, enforcement of arbitration agreements, and general commercial litigation. McGuireWoods’ consumer financial services lawyers work closely with transactional and regulatory lawyers to provide consumer credit compliance advice, handle regulatory and governmental relations matters, assist in the securitization of receivables, the development of secured and unsecured credit products, and all other consumer credit-related matters.

Our lawyers have defended consumer financial services industry clients in actions asserting claims for violations of both state and federal consumer credit laws, including:

  • Truth in Lending Act
  • Consumer Leasing Act
  • Real Estate Settlement Procedures Act
  • Equal Credit Opportunity Act
  • Fair Debt Collection Practices Act
  • Fair Credit Reporting Act
  • Telephone Consumer Protection Act
  • Computer Fraud and Abuse Act
  • Credit CARD Act of 2009
  • Credit Repair Organizations Act
 
  • FTC Act
  • RICO
  • State interest and usury laws
  • State consumer protection and unfair trade practices laws, including Section 17200 claims
  • FTC holder rule and FTC regulations
  • Unauthorized practice of law claims
  • Fair and Accurate Credit Transactions Act

CONTACTS

David L. Hartsell Partner T: +1 312 750 8898
Bryan A. Fratkin Partner T: +1 804 775 4352
Results 1-17 of 17

RESULTS DEPEND ON A VARIETY OF FACTORS UNIQUE TO EACH CASE. PRIOR RESULTS DO NOT GUARANTEE OR PREDICT A SIMILAR OUTCOME.

Representative Matter

Fortune 100 financial institution

Representation of a Fortune 100 financial institution including more than a dozen class actions across the country arising from the mortgage foreclosure crisis. The firm also represents the institution in related shareholder litigation and state and federal investigations.
Representative Matter

Fortune 200 bank

Defended Fortune 200 bank in putative class action alleging violations of the payment allocation provisions of the Credit CARD Act of 2009.
Representative Matter

Large credit card marketer/servicer

Obtained a writ of certiorari from the U.S. Supreme Court on behalf of a leading credit card marketer/servicer, on the issue of whether claims brought under the federal Credit Repair Organizations Act ("CROA") can be forced to arbitration pursuant to a contractual arbitration clause.
Representative Matter

Large credit card marketer/servicer

Effectively defended a leading credit card marketer/servicer against class action alleging that the company's credit card marketing programs violated the Telephone Consumer Protection Act.
Representative Matter

Florida community bank

Effectively defended bank against class action alleging that bank’s credit card solicitations did not contain a “firm offer of credit” and therefore violated the Fair Credit Reporting Act.  Case dismissed on Rule 12(b)(6) motion.
Representative Matter

Delaware state-chartered bank

Effectively defended bank against class action alleging that bank’s credit card solicitations did not contain a “firm offer of credit” and therefore violated the Fair Credit Reporting Act.  Case dismissed on Rule 12(b)(6) motion.
Representative Matter

Fortune 200 bank

Effectively defended Fortune 200 bank against class action alleging that the issuer’s denials of credit increase requests violated the Equal Credit Opportunity Act.  After a motion to stay litigation and compel arbitration of the matter on an individual basis, the plaintiff agreed to withdraw the lawsuit.
Representative Matter

Fortune 200 bank

Currently defending a Fortune 200 bank against class action lawsuit alleging that defendant’s change in terms to customers’ annual percentage rates violated the implied duty of good faith and fair dealing and other common law causes of action.
Representative Matter

Fortune 200 bank

Effectively defended a Fortune 200 bank against class action lawsuit alleging violations of the Fair Debt Collection Practices Act concerning notice of change in servicer when two national banks merged.
Representative Matter

Fortune 200 bank

Representation of a Fortune 200 bank in the defense of a class action alleging violation of state consumer finance statute and breach of contract based on same violation. Plaintiff alleges that defendant violated Maryland’s Credit Grantor Closed End Credit provisions (“CLEC”) by failing to provide borrowers with the appropriate post-repossession sale notice.
Representative Matter

Fortune 100 financial institution

Representation of Fortune 100 financial institution in a putative class action lawsuit purporting to bring claims for violation of government consent order on foreclosure process issues. Following oral argument, the judge granted a demurrer we filed on behalf of the institution, and dismissed both the third party complaint and a related counterclaim in their entirety, with prejudice.
Representative Matter

Fortune 100 financial institution

Representation of a Fortune 100 financial institution when a group of more than 40 plaintiffs sued the entities that originated their mortgages, seeking rescission of those mortgages. Plaintiffs advanced a novel claim challenging the sale or transfer of servicing rights premised on the argument that when they entered into their mortgages, they did not know that the servicing rights to those mortgages could be sold to other entities. Defendants pointed to the numerous documents that the plaintiffs signed during the mortgage process, which clearly indicated the servicing rights to their mortgages could be sold or transferred. The district court dismissed the claims with prejudice and without leave to amend. The plaintiffs appealed arguing that they plausibly stated a claim for rescission. The Tenth Circuit agreed and found that the plaintiffs had failed to state a plausible claim.
Representative Matter

Fortune 100 financial institution

Representation of a Fortune 100 financial institution in a highly complex, high stakes litigation with national consequences for all national banks and their authority to exercise fiduciary powers.
Case Study

U.S. Supreme Court rules in favor of firm client CompuCredit

In an 8–1 decision, the United States Supreme Court this week ruled in favor of firm client CompuCredit Corporation, upholding the enforceability of a contractual arbitration clause in a credit card agreement. A team of McGuireWoods attorneys served as lead counsel for CompuCredit in the district court and before the U.S. Court of Appeals for the Ninth Circuit, and associated with O’Melveny & Myers and Kirkland & Ellis in Washington, D.C., for the Supreme Court appeal.

Representative Matter

Large credit card issuer

Currently defending a leading credit card issuer/servicer against class action lawsuit alleging that defendant’s “balance transfer” credit card offers violate the Credit Repair Organizations Act.
Representative Matter

Fortune 200 bank

Representation of Fortune 200 bank in the defense of a class action alleging violation of state consumer finance statute and breach of contract based on same violation. Plaintiff alleges that defendant violated Maryland’s Credit Grantor Closed End Credit provisions (“CLEC”) by financing non-conforming GAP Agreements with the retail installment sales contract. Plaintiff alleged that the GAP Agreements did not provide, or did not in fact, waive the remaining loan balance on borrowers’ accounts who suffered a total loss. We favorably settled the matter for $3 million dollars after receiving a demand from plaintiff in excess of $30 million.
Results 1-17 of 17
Results 1-25 of 40
Show All
Amanda Abshire Amanda West Abshire
Associate
201 North Tryon Street
Suite 3000
Charlotte, NC 28202-2146

T: +1 704 343 2196
F: +1 704 444 8764
vCard
Tammy L Adkins Tammy L. Adkins
Counsel
77 West Wacker Drive
Suite 4100
Chicago, IL 60601-1818

T: +1 312 750 5727
F: +1 312 920 6193
vCard
Bradley Bodiford Bradley G. Bodiford
Attorney
Bank of America Tower
50 North Laura Street
Suite 3300
Jacksonville, FL 32202-3661

T: +1 904 798 3237
F: +1 904 360 6306
vCard
Sarah B Boehm Sarah B. Boehm
Counsel
One James Center
901 East Cary Street
Richmond, VA 23219-4030

T: +1 804 775 7487
F: +1 804 698 2255
vCard
Kathryn M Moses Kathryn M. Caimi
Attorney
1750 Tysons Boulevard
Suite 1800
Tysons Corner, VA 22102-4215

T: +1 703 712 5033
F: +1 703 712 5050
vCard
Phillip Chang Phillip C. Chang
Associate
2001 K Street N.W.
Suite 400
Washington, DC 20006-1040

T: +1 202 857 1725
F: +1 202 828 2995
vCard
Laura E Coombe Laura E. Coombe
Associate
1800 Century Park East
8th Floor
Los Angeles, CA 90067-1501

T: +1 310 315 8274
F: +1 310 315 8210
vCard
Kathleen H Dooley Kathleen H. Dooley
Partner
201 North Tryon Street
Suite 3000
Charlotte, NC 28202-2146

T: +1 704 343 2347
F: +1 704 444 8755
vCard
Marissa Dubey Marissa R. Dubey
Attorney
201 North Tryon Street
Suite 3000
Charlotte, NC 28202-2146

T: +1 704 343 2078
F: +1 704 373 8853
vCard
Jessica D Fegan Jessica D. Fegan
Associate
2001 K Street N.W.
Suite 400
Washington, DC 20006-1040

T: +1 202 857 1728
F: +1 202 828 3328
vCard
Shawn R Fox Shawn R. Fox
Senior Counsel
1345 Avenue of the Americas
7th Floor
New York, NY 10105-0106

T: +1 212 548 2165
F: +1 212 548 2150
vCard
Bryan A Fratkin Bryan A. Fratkin
Partner
One James Center
901 East Cary Street
Richmond, VA 23219-4030

T: +1 804 775 4352
F: +1 804 698 2100
vCard
Ryan D Frei Ryan D. Frei
Associate
One James Center
901 East Cary Street
Richmond, VA 23219-4030

T: +1 804 775 1134
F: +1 804 698 2168
vCard
Susan L Germaise Susan L. Germaise
Partner
1800 Century Park East
8th Floor
Los Angeles, CA 90067-1501

T: +1 310 315 8239
F: +1 310 956 3139
vCard
Susan E Groh Susan E. Groh
Associate
77 West Wacker Drive
Suite 4100
Chicago, IL 60601-1818

T: +1 312 849 8184
F: +1 312 698 4594
vCard
Suzanne R Haley Suzanne R. Haley
Attorney
201 North Tryon Street
Suite 3000
Charlotte, NC 28202-2146

T: +1 704 373 8053
F: +1 704 373 8860
vCard
David L Hartsell David L. Hartsell
Partner
77 West Wacker Drive
Suite 4100
Chicago, IL 60601-1818

T: +1 312 750 8898
F: +1 312 920 6766
vCard
Robert L Hodges Robert L. Hodges
Senior Counsel
One James Center
901 East Cary Street
Richmond, VA 23219-4030

T: +1 804 775 7513
F: +1 804 698 2082
vCard
Richard Holzheimer Richard Dean Holzheimer JR
Partner
1750 Tysons Boulevard
Suite 1800
Tysons Corner, VA 22102-4215

T: +1 703 712 5087
F: +1 703 712 5254
vCard
James D Horne Jr James D. Horne Jr.
Attorney
201 North Tryon Street
Suite 3000
Charlotte, NC 28202-2146

T: +1 704 343 2346
F: +1 704 444 8748
vCard
Clarence Houston Hal Houston
Attorney
Bank of America Tower
50 North Laura Street
Suite 3300
Jacksonville, FL 32202-3661

T: +1 904 798 3213
F: +1 904 798 3272
vCard
Veronica Jackson Veronica D. Jackson
Associate
7 Saint Paul Street
Suite 1000
Baltimore, MD 21202-1671

T: +1 410 659 4436
F: +1 410 659 4471
vCard
Brian A Kahn Brian A. Kahn
Partner
201 North Tryon Street
Suite 3000
Charlotte, NC 28202-2146

T: +1 704 343 2351
F: +1 704 444 8869
vCard
Megan Larkin Megan B. Larkin
Counsel
One James Center
901 East Cary Street
Richmond, VA 23219-4030

T: +1 804 775 1349
F: +1 804 698 2093
vCard
Ava E Lias-Booker Ava E. Lias-Booker
Partner
7 Saint Paul Street
Suite 1000
Baltimore, MD 21202-1671

T: +1 410 659 4430
F: +1 410 659 4558
vCard
Results 1-1 of 1
Results 1-1 of 1