05/30/2012 // Los Angeles, CA, USA // Keller Grover LLP // Carey Been // (Blog)
This story about the CFPB seeking input on how forced arbitration clauses affect the public really grasps the issue. The CFPB has the power to intervene to protect the public from companies who have consumers sign away their rights in favor of arbitration funded by the company that harmed them. Bias aside, there is no reason to end the bad behavior when thousands of customers are cheated out of small amounts of money but can’t join forces to fight, adds Carey Been LA consumer protection lawyer.
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Finally, a spotlight will be shined on a widespread business practice that forces unhappy customers to settle disputes through binding arbitration — rather than by telling their story in court.
The Consumer Financial Protection Bureau now is seeking public input about mandatory arbitration clauses in the contracts of financial products and services. More important, the board has the power to limit or even eliminate the clauses if they hurt consumers.
New Look at Settling Consumer Disputes
More Reading:Since last year’s Concepcion ruling, at least 76 class action lawsuits have been blocked, reports Los Angeles consumer protection lawyer Carey Been.
Concepcion To Have Long Lasting Effects Predicts LA Consumer Protection Lawyer
More Reading:Since AT&T Mobility v. Concepcion, consumers have been blocked from pursuing class action lawsuits and been forced into arbitration where the odds are stacked.
Report Highlights Concepcion Disaster Notes Bay Area Consumer Protection Lawyer