Matthew Previn Quoted in Law360 Article, "Coming CFPB Arbitration Rules Face Multiple Legal Fights"
October 7, 2015
Matthew Previn was quoted in Evan Weinberger's Law360 article, "Coming CFPB Arbitration Rules Face Multiple Legal Fights," on October 7, 2015.
The CFPB on Wednesday unveiled a proposal on how it intends to restrict mandatory arbitration clauses on consumer financial contracts by barring class action bans that banks and other firms have routinely put into those clauses. Although the rulemaking process is in its early stages and a final regulation will not come for some time, the industry is already looking at potential challenges.
“My concern is that if arbitration clauses are eliminated, it will encourage frivolous class actions. A consumer today can always file a truly meritorious claim, and of course the government has plenty of tools in its arsenal to bring claims that legitimately impact a large number of people,” said Matthew Previn, a partner at BuckleySandler LLP.
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