Pom v. Coke Will Impact Financial Services Too
Law360Benjamin K. Olson, Caroline M. Stapleton, Jeffrey P. Naimon
Legal and compliance departments, take note: the U.S. Supreme Court’s recent decision in Pom Wonderful LLC v.Coca-Cola Co. confirms that even if an institution’s conduct meets the specific requirements established by the federal agency responsible for implementing one federal consumer protection law, it may nevertheless be considered unfair or deceptive under a different federal statutory scheme. Although the Pom opinion was written in response to alleged deceptive practices in the food and drug context, the high court’s reasoning has significant implications for a broad range of entities — including financial institutions — that are subject to both specific consumer protection rules as well as more general prohibitions on unfair, deceptive or abusive conduct.
Originally published in Law360; reprinted with permission.