Skip to content
July 23, 2012 / Admin

Another Win for Consumers in the Arbitration of Consumer Disputes

On August 13, 2009, Bank of America announced that it would be ending a requirement that consumer credit card disputes be settled through binding arbitration. This announcement followed the determination by two major arbitration forums, the American Arbitration Association and National Arbitration Forum that they would no longer accept consumer-debt-collection cases.

Bank of America also announced that the change would cover auto, recreational vehicle and marine loans as well as the credit-card disputes.

This decision is a major win for consumers. As detailed in my earlier post, arbitration is unfair to the consumers. Big companies prevail in a majority of arbitration cases, to the detriment of the consumer. Bank of America’s decision is a pivotal change in the way that consumer disputes are handled, and may greatly increase the consumer’s ability to challenge big business.

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Consumer Advocate Legal Update

Insight and Commentary on Consumer Legal Issues

Plaintiffs-Advocate

Insight and Commentary on Individual Rights

Fair Employment Legal Update

Insight and Commentary on Legal Employment Issues

KB News

Legal Updates and News About Khorrami Boucher, LLP

%d bloggers like this: