Wednesday, December 2, 2009

Judge Barring FTC Red Flag Rules for Law Firms Issues Written Opinion

As reported by law.com, the judge who issued a ruling on October 30th which prevented Red Flag Rules from being applied to law firms just issued his written opinion. It's available online here in PDF form.

The opinion details the judgment that the FTC overstepped its bounds in classifying firms as "creditors" and thus subject to Red Flag prescriptions. It argues that Congress did not intend for these rules to apply to law firms and the rules were being misapplied by the FTC.

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