Leonard A. Bernstein

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CFPB Updates: CFPB Report Claims Arbitration “Less Beneficial To Consumers” than Individual or Class Litigation, Foreshadows Attempt to Impose Restrictions in Future

By Leonard A. Bernstein, Deepa Zavatsky and Nicholas Smyth on 12 March 2015 Posted in Securities Litigation & Enforcement

On March 10, Director Richard Cordray of the Consumer Financial Protection Bureau (“Bureau” or “CFPB”) presided over a Field Hearing on Pre-Dispute Arbitration Clauses, discussing what he described as the “key findings” of the Bureau’s long-awaited 700-page Arbitration Report to Congress published earlier that morning. Reed Smith attorney Deepa Zavatsky attended the hearing, where Cordray … Continue Reading

U.S. Government’s $619 Million Settlement With ING Bank and Increased Sanctions on Iran Present New Challenges for Non-U.S. Banks

By Leigh T. Hansson, Michael J. Lowell and Leonard A. Bernstein on 13 July 2012 Posted in International Trade & National Security

This post was also written by Matthew J. Thomas. ING Bank N.V., a Dutch financial institution, has agreed to pay $619 million in a settlement with the Treasury Department’s Office of Foreign Assets Control (OFAC), the Department of Justice (DOJ) and the Manhattan District Attorney. The settlement is the result of OFAC’s investigation into an … Continue Reading