| Read Time: 3 minutes | Industry News

Arbitration Clauses Are Taking Away Consumers’ Rights

A report released by the Consumer Financial Protection Bureau (CFPB) on March 11, 2015, found that forced arbitration clauses are now extremely common, and are restricting consumers’ ability to seek legal relief by preventing consumers from filing their claims in court and preventing consumer participation in class actions.

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| Read Time: 2 minutes | Industry News

Financial Protection Bureau Finds Forced Arbitration is Bad for Consumers

  If you have a disagreement with a credit card company, loan company, title loan company, or other financial service provider, filing a lawsuit should be well within your rights. Unfortunately, you may have signed away the right to take your case to court without your knowledge.  Many of these companies put forced arbitration clauses in the fine print of your agreement.  This means that if you have a disagreement, you may not be able to protect yourself through the court system. The Consumer Financial Protection Bureau (CFPB), a leading governmental agency on consumers’ financial rights, released the findings of its latest study today. The study found that forced arbitration is unfair and harmful to consumers, and it prevents consumers from recovering losses in class action lawsuits. Signing an arbitration clause gives either party the right to block lawsuits from proceeding in court, and this includes class action litigation.

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