Consumer Finance Law Blog

Consumer Finance Law Blog

Developments and Analysis of Consumer Financial Services Laws, Rules, and Regulations

Monthly Archives: February 2010

Supreme Court Clarifies Diversity Jurisdiction Standard

Posted in Class Action
In a unanimous decision Tuesday in Hertz v. Friend, — U.S. –, No. 08-1107, 2010 WL 605601 (Feb. 23, 2010), the Supreme Court clarified the test federal courts should apply to determine a corporation’s citizenship for purposes of diversity jurisdiction, holding that corporations are citizens of the state of their “nerve center” – usually their corporate… Continue Reading

REMINDER: New Credit Card Regulations Take Effect Today; Gift and Debit Card Rules to Follow

Posted in Credit Cards, Gift Cards, Legislative Developments, Regulatory Developments
Major provisions of a new law related to credit and gift cards take effect today. The Credit CARD Act, which was signed by President Obama in May 2009, marked the culmination of several legislative efforts to reform certain practices of card issuers. The law provisions related to credit cards, discussed in this Kelley Drye client advisory,… Continue Reading

Recent Decisions Find In Favor of Insurance Coverage for “Blast Faxes”

Posted in Class Action, Insurance Coverage & Recovery, Privacy
Numerous class action suits have been brought over the past several years under the Telephone Consumer Protection Act (“TCPA”) against entities that fax unsolicited advertisements (so-called “blast faxes”) to individuals and businesses.  Companies facing such suits in turn have sought insurance coverage under their comprehensive general liability (“CGL”) policies for costs incurred defending TCPA suits,… Continue Reading