Monday, May 2, 2011

Checking Overdraft Cases Thrown into Turmoil!

We've previously reported on the numerous orders entered by Judge King finding various banks' arbitration clauses to be unconscionable.

Those orders are now highly suspect in light of the Supreme Court's Concepcion opinion last week.

Already the 11th Circuit has vacated at least five of these orders:
After oral argument in this case, the United States Supreme Court decided AT&T Mobility LLC v. Conception, No. 09-893, 2011 WL 1561956 (April 27, 2011). The district court’s order denying the motion to compel arbitration is VACATED, and this case is remanded to the district court for reconsideration in light of the Supreme Court’s opinion.
And Wells Fargo immediately moved before Judge King to have the case against it dismissed for lack of jurisdiction.

How this will impact the $410 million BoA settlement announced back in February is anyone's guess.


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