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The CARES Act: Emerging Litigation Risks for the Financial Services Industry


Speaker(s): John J. Roddy, Julia B. Strickland, Quyen T. Truong
Recorded on: May. 6, 2020
PLI Program #: 300234

John is a partner in Bailey & Glasser’s Boston office. His practice is devoted to representing consumers in class actions, challenging unfair and deceptive business practices, and serving as relator’s counsel in qui tam “whistleblower” actions. In the last two decades the settlements in cases he has litigated have returned more than $850 million to consumers harmed by marketplace misconduct. John regularly writes and speaks on class action practice and consumer financial services law, and has published dozens of articles on these topics. He is a fellow of the American College of Consumer Financial Services Lawyers, and serves on the Consumer Financial Services Law Report Board of Advisors, the Advisory Board of the Massachusetts Appleseed Foundation, and the National Consumer Law Center Partners Council. He is a member of the National Association of Consumer Advocates and the Volunteer Lawyers Project. John has co-chaired PLI’s Annual Consumer Financial Services Institute for the past 17 years.


Widely recognized as one of the best litigators in the country, Julia Strickland leads a broad national practice that focuses on the defense of class actions and other complex actions. Ms. Strickland is regularly called by major financial services companies and others when they are confronted with complex issues that put them at substantial economic and reputational risk. She is a member of the firm’s Executive Committee, Managing Partner of the Los Angeles office, and head of the firm’s national Financial Services Litigation, Regulation and Enforcement Group.

In addition to her experience defending complex and class actions through dispositive motion practice, trial and/or appeal, Ms. Strickland has settled all types of complex and class actions. She is versatile and creative in addressing settlement considerations, both legal and business, and in developing settlement structure options unique to the particular case. She also routinely represents companies in compliance counseling, regulatory proceedings and responding to claims by federal and state regulators and enforcement authorities. Representative clients include JPMorgan Chase, HSBC, TransUnion, Discover, American Express, Citigroup, HSBC, PayPal, BMW Financial Services, Zappos and Synchrony Bank, among others.

Ms. Strickland once again received top honors in Chambers USA 2019 with a Band 1 ranking in the Financial Services Regulation: Consumer Finance Litigation–Nationwide category.  Ms. Strickland is one of only three attorneys across the country to receive this recognition.

For more than 14 years running, The Los Angeles Daily Journal has named Ms. Strickland one of California’s “Top Women Lawyers.” She was also selected by Law360 as a 2017 Banking MVP joining an elite slate of only six lawyers nationally who have distinguished themselves from their peers. The Los Angeles Business Journal honored Ms. Strickland in 2019 as both a “Top Litigator and Trial Lawyer” and as one of their “Most Influential Women Lawyers.” She was also featured in their Leader in Law awards, where she was named one of their “Lawyers of the Year” for 2016 and 2017. Ms. Strickland was recognized by leading corporate counsel as a member of the BTI Consulting Group’s “Client Services All-Stars” for her “uncanny ability to anticipate opposing counsel,” as well as being “very customer focused and practical.” She has also been repeatedly recognized by Super LawyersBenchmark LitigationThe Los Angeles Times, the Los Angeles Business Journal and The Best Lawyers in America.


Quyen Truong provides regulatory compliance counseling and defense for clients in litigation, government examinations, investigations, and enforcement actions, with emphasis on the Consumer Financial Protection Bureau (CFPB) and prudential regulators, the Federal Trade Commission (FTC), the Department of Justice (DOJ), State Attorney Generals and State financial regulators. She guides and represents clients through all phases of government supervision and enforcement activities. Ms. Truong joined Stroock in May 2016 after serving as Assistant Director and Deputy General Counsel at the CFPB, where she helped to build the new federal regulatory agency and implement the Dodd-Frank Wall Street Reform and Consumer Protection Act, including establishing its infrastructure for decision-making and for interaction with industry, other stakeholders, and governmental authorities.  

As Deputy General Counsel for Litigation, Enforcement, and Oversight at the CFPB, Ms. Truong oversaw the agency’s legal analysis and defense in all matters concerning litigation and mission risks.  Among other responsibilities, she supervised defensive, appellate and amicus litigation, and the review of all CFPB investigations and enforcement actions. The litigation team under her direction represented the CFPB on key issues – from defining the boundaries of its authorities to advancing its interpretation of federal consumer financial law in litigation. She also represented the CFPB in inter-agency fora, including serving as Deputy to the Financial Stability Oversight Council and coordinating with the DOJ, FTC and other regulators in high-stakes litigation, oversight and regulatory proceedings.
 
Ms. Truong came to the CFPB from the Federal Deposit Insurance Corporation (FDIC), where she oversaw the investigation and litigation of claims of regulatory violation, fraud, officer/director and other professional liability, following the financial crisis. Earlier in her career, she served as Associate Bureau Chief at the Federal Communications Commission (FCC), and was cited in Electronic Media’s Millennium Hot List of Industry Leaders for her work as a key driver of the agency’s Internet and competition policies, and her collaboration with the DOJ, FTC, and other authorities.

Besides her vast experience in the public sector, Ms. Truong has over 17 years of private practice experience, including service as a law firm Board member and practice group leader specializing in litigation, investigations, regulatory compliance, and crisis management. The practical and strategic solutions she provides has made her a trusted adviser to industry. For example, she coordinated a consumer services industry leader’s internal investigation and defense against simultaneous attacks by the FCC, FTC, DOJ, Congress, state regulators and prosecutors, and media concerning alleged massive data and privacy breaches.  She terminated the government investigations with zero liability for the client; transformed the company from a government target to a government ally in pursuing the wrongdoers; designed an efficient compliance program that won the International Association of Privacy Professionals 2005 Innovation Award; and attained incorporation of its principles into the agencies’ revision of privacy regulations.

Ms. Truong also has helped industry leaders prevail in other bet-the-company proceedings, including transformative rulemakings, consumer class actions, product launches, and multi-million/billion dollar outsourcing and partnering agreements, mergers and acquisitions.