Consumer Finance Litigation
Innovative financial services firms turn to O’Melveny to ensure that they can continue to serve consumers by developing creative products.
Innovative financial services firms turn to O’Melveny to ensure that they can continue to serve consumers by developing creative products.
In an era of increasing scrutiny and evolving regulations, consumer financial service companies need a strong, experienced partner. O’Melveny works side-by-side with clients to let them do what they do best—serve consumers. We are litigators, first and foremost, but we also know how your business works and what it takes to keep it growing. We are your advocate, in the courtroom, with regulators, and at the negotiating table.
Every day, O’Melveny is not only responding to, but also anticipating the challenges faced by our clients—major Wall Street and Main Street financial institutions, federal- and state-chartered depository institutions, private-equity funds, consumer and small business lenders, mortgage originators, servicers and investors, credit-card issuers, insurers, innovative consumer fintech companies and others. We defend their high-stakes consumer class actions, regulatory enforcement actions, multi-district litigation, mass arbitrations, and qui tam litigation. Our goal is to skillfully avoid litigation where possible but prevail in the courtroom whenever litigation is necessary.
Many of the suits we defend address groundbreaking issues with industry-wide impact. We have been victorious on behalf of our clients in a range of matters with claims arising under nearly every state and federal consumer-protection law in force, affecting all sectors of the consumer finance industry, including:
- Fair Lending
- Mortgage Origination and Servicing
- Credit Consumer Credit Products
- Deposit Products
- Payment Systems
- Electronic Funds Transfers
- Consumer Privacy and Data Security
- Credit Reporting
- Consumer and Small Business Lending
- Government Relief Lending Programs
Obtained summary judgment in multiple class actions seeking hundreds of millions of dollars in penalties for allegedly willful violations of the Fair Credit Reporting Act.
Secured a dismissal in a False Claims Act suit involving allegations of improper loan modification practices that stemmed from the 2008 financial crisis.
Secured a highly favorable settlement in a False Claims Act suit concerning the client’s participation in the US Treasury Department’s Home Affordable Modification Program (HAMP).
Obtained appellate victory vacating a multi-million trial-court judgment relating to overdraft fees.
Secured an early summary-judgment victory in a dispute over the contents of safe-deposit boxes—shutting down an attempt to claim losses for unspecified valuables.
Prevailed in a multi-district litigation, consolidating some 70 payment processing, loss mitigation, bankruptcy, escrow, and fee-assessment cases.
Won a motion-to-dismiss victory in a case alleging improper levying of non-sufficient funds fees on checking-account customers.
Prevailed in a series of class actions—each of which was dismissed—challenging compliance with CARES Act provisions.
Primary counsel for a wide range of litigation disputes and matters involving the enforcement of risk-management programs, including some of the most significant data-security breaches in the payments industry.
O’Melveny “has a broad consumer finance litigation practice capable of representing established lenders and fintech startups in disputes involving both state and federal legislation. In addition to acting in class actions, the practice is also engaged by clients to represent them in regulatory investigations and enforcement.”
—The Legal 500 US
“What I like in particular is that they are ahead of the curve. They are not waiting to be reactive to an event; they are predicting what the next issue will be and have prepared it, and briefed it and sent it to me so I can think about my options.”
—Client Testimonial, Chambers USA
“Benefiting from the insight of Washington DC-based regulatory insiders, as well as financial services-focused litigators based out of the firm’s New York and California offices, O’Melveny & Myers LLP is well positioned to represent a wide range of financial services clients in private litigation and regulatory enforcement actions/investigations.”
—The Legal 500 US