The Consumer Financial Protection Bureau (CFPB) today took action against repeat offender Fifth Third Bank for a range of illegal activities that would result in the bank paying $20 million in penalties in addition to paying redress to approximately 35,000 harmed consumers, including about 1,000 who had their cars repossessed.
Discount retailers are closing shop as financially constrained consumers pull back their spending, with Big Lots the latest to take a hit. The discount chain is closing stores by the dozens. Per a recent filing with the Securities and Exchange Commission highlighted by the New York Post, the retailer expects to open three new stores and shutter 35 to 40 of its roughly 1,400 stores this year, following 52 closures last year.
On July 3, 2024, U.S. District Judge Ada Brown of the Northern District of Texas issued a preliminary injunction against the implementation of the Federal Trade Commission’s (FTC’s) rule adopting a ban on non-competition agreements and clauses, which prevent workers from leaving for a competitor for a certain period of time. The district court ruled, inter alia, that the FTC exceeded its statutory authority in issuing its rule banning non-competes.
A District Court judge in Pennsylvania has denied a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act class-action lawsuit, ruling the defendant needed to disclose that a partial payment could restart the statute of limitations on a time-barred debt and that a reference to contacting the defendant by phone for further assistance overshadows that disputes must be made in writing.
Health tech company HealthEquity has suffered a data breach, though unconnected to other recent attacks. The company revealed that attack in a filing with the Securities and Exchange Commission (SEC) earlier this week, saying that hackers had stolen the “protected health information” of some customers.
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