Senate Strips Class-Action & Consumer Rights, Scoring a Win for Big Banks - Personal Injury Legal Blogs Posted by Megan Gibson - Lawyers.com

Senate Strips Class-Action & Consumer Rights, Scoring a Win for Big Banks

n the wee hours of Tuesday evening, October 24, 2017, the Senate voted to kill a regulation giving U.S. consumers flexibility to sue their banks and other financial institutions. The rule was published by the Consumer Financial Protection Bureau (CFPB) this past July to bar companies from utilizing forced arbitration clauses against consumers.

Forced arbitration has been found to simply be bad news for consumers. In a statement released by CFPB in July of 2017, they noted that by blocking group lawsuits, companies are able to:

* Deny consumers their day in court
* Avoid paying out big refunds …Keep Reading.

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Megan Gibson

Licensed since 2014

Member at firm Chaikin, Sherman, Cammarata & Siegel, P.C.

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Megan Gibson

Licensed since 2014

Member at firm Chaikin, Sherman, Cammarata & Siegel, P.C.

RECENT POSTS