10100 Santa Monica Boulevard
Los Angeles, CA
Michael Thurman is a Los Angeles-based trial attorney who defends lawsuits, arbitrations and regulatory actions brought against businesses and their executives and employees. He regularly represents business clients in consumer protection class actions and government regulatory actions and investigations brought by the Federal Trade Commission (FTC) and state regulators, and counsels clients in various industries on advertising and marketing issues.
Mr. Thurman advises businesses and makes presentations regarding compliance and risk management issues, including supervisory and enforcement developments associated with the new Consumer Financial Protection Bureau (CFPB), which was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
He has represented numerous securities brokerage firms and registered representatives in litigation and arbitration actions, as well as regulatory matters brought by the Financial Industry Regulatory Authority (FINRA) - formerly the National Association of Securities Dealers (NASD) - and the U.S. Securities and Exchange Commission (SEC). He has also prosecuted and defended employment and general business litigation matters, including representing financial services clients in employee non-competition agreement and trade secret misappropriation declaratory and injunctive relief actions.
Follow Mr. Thurman on Twitter at CPD_Attorney to view updates on consumer protection issues and CFPB developments.
Prior Work Experience
Mr. Thurman previously served as the General Counsel and Senior Vice President of Wedbush Morgan Securities, managed in the Los Angeles office of Bear Stearns & Co. Inc. and was a litigation partner for the law firm of Keesal, Young & Logan. As a securities manager and attorney, Mr. Thurman held NASD licenses as a Registered Representative and a General Securities Supervisor.
Assisting clients in responding to state, FTC and CFPB civil investigative demands.
Representing former owner of a credit card processing company in successfully defeating the FTC attempt to secure a temporary restraining order, imposition of a court-appointed receiver and asset freeze that would have restricted the defendants from selling their services to businesses and prevented the company and individual defendants from having access to their assets. The FTC alleged that the defendants used deceptive advertising to convince small businesses to purchase their services, while hiding actual fees and falsely promising discounted rates. The court denied the FTC's claims, noting that the agency brought insufficient and outdated evidence that failed to demonstrate widespread injury, or the likelihood that the violations they alleged would recur if the injunction was denied.
Defended merchant processing company in a "consumer" class action filed in the United States District Court for the Southern District of New York alleging that client's marketing and sale of merchant credit card processing services violated RICO and consumer protection statutes, and various common law claims. Plaintiff voluntarily dismissed the case after his deposition was taken.
Defended merchant processing company in a “consumer” class action filed in the San Diego Superior Court alleging client's marketing and sale of merchant credit card processing services violated California's Unfair Competition Law. Case was resolved on a single plaintiff basis with favorable terms.
Defended the principal of a debt settlement company in a Georgia class action alleging violations of the state's Debt Adjustment Act.
Resolved separate putative class actions filed against a newspaper and a national auto parts distributor based on claimed violations of California Penal Code sections prohibiting the unauthorized recording of telephone conversations.
Assisted businesses in updating policies, procedures and marketing materials in preparation for supervision by the Consumer Financial Protection Bureau.
Defended a debt settlement company owner in consumer protection class action in Washington state court.
- Speaker, Insights Into the Newest Regulator: The Consumer Financial Protection Bureau (November 19, 2013)
- Speaker, Re3 – Recovery Repossession Remarketing Conference (November 11-15, 2013)
- Speaker, Pre-RE3 Conference Compliance Q&A Symposium (November 6, 2013)
- Speaker, Road Map to CFPB Compliance for the Auto Finance Industry (September 10, 2013)
- Author, 6 Steps for Responding to a Civil Investigative Demand (August 16, 2013)
- Author, Hold the Phone: Dramatic Increase in California "Illegal Recording" Class Actions (August 2013)
- Author, CFPB Will Apply FDCPA Rules to Businesses That Collect Their Own Debts (July 2013)
- Author, California Enacts Fair Debt Buying Practices Act, Imposing New Documentation Requirements in Actions to Collect on Debts (July 2013)
Compliance Challenges Mar Used-Car Financing Outlook
By Cody Lyon, AutoFinancenews.net
Battle Heats Up Among Dealers, Lenders, CFPB
By Jim Henry, Automotive News
Lenders Face Risk in Ignoring CFPB
By Jim Henry, Automotive News
FTC Loses Bid to Restrain Credit Card Processing Cos.
By Kelly Knaub, Law360
Senate Confirms Richard Cordray as Consumer Bureau Chief
By Jim Puzzanghera, Los Angeles Times
Cordray Confirmation Unleashes U.S. Consumer Bureau’s Authority
By Carter Dougherty and Cheyenne Hopkins, Bloomberg
Law Firms Find Niche Battling Consumer Bureau
By Blake Ellis, Hartford Business Journal
CFPB Springs Into Action
By Jaclyn Jaeger, Compliance Week
- Former NASD-licensed Registered Representative and General Securities Supervisor
- Highest "AV Preeminent (5 out of 5)" Professional Rating, Martindale-Hubbell Law Directory
- Member, American Bar Association Section of Antitrust Law, Consumer Protection Committee
- Director, American Corporate Counsel Association, Los Angeles Chapter (1998-2000)
- Director, Region Coach and Assistant Commissioner, American Youth Soccer Organization, Region 214 (2000-2005)
- Director and Auxiliary Director, South Pasadena Education Foundation (1997-2006)
University of Oregon School of Law, J.D., 1985
Stanford University, A.B., Sociology, 1979, With Departmental Honors
Captain, Varsity Rugby
California State and Federal Courts
Oregon State and Federal Courts