Seventh Circuit Bars Rescission Class Actions In TILA Cases
25 September 2008
Mayer Brown Article
25 September 2008 - On September 24, 2008, the Seventh Circuit held that rescission of a mortgage – one of the remedies available under the Truth in Lending Act (TILA) – may not be awarded to an entire class of borrowers. In Andrews v. Chevy Chase Bank, No. 07‐1326 (7th Cir. Sept. 24, 2008), the court vacated the district court's certification of such a class, holding "as a matter of law that a class action for the rescission remedy under TILA may not be maintained." Mayer Brown represented the lender on this appeal.