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Tuesday, July 13, 2010

No arbitration. The Second Circuit has held that an arbitration clause in a promissory note was unconscionable under California law because of class-action and class-arbitration provisions. Accordingly, the plaintiff, in Fensterstock v. Education Finance Partners, was able to continue his class action, which involved allegations of fraudulent and deceptive practices in connection with the solicitation, consolidation and servicing of student loans, in court. The Second Circuit's decision can be found here.

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