texasrocker

With 'rip-off clause' quashed consumers can now sue banks in class-action

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2 minutes ago, Harry Seaward said:

There is no way the current Congressional structure is going to let this rule stand.

I'm not sure it matters if it stands or not.   Class actions are nothing more than a payday for attorneys.   In this case, it could possibly have the unintended consequence of some banks removing arbitration from their agreements.

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55 minutes ago, BV80 said:

I'm not sure it matters if it stands or not.   Class actions are nothing more than a payday for attorneys.   In this case, it could possibly have the unintended consequence of some banks removing arbitration from their agreements.

Preventing class actions help banks keep their litigation costs predictable and manageable. If these terms of the agreement weren't useful to banks I have to assume they would have been tossed long ago. It's not like they need a nod of approval from the consumer.

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On 7/12/2017 at 11:06 PM, Harry Seaward said:

Preventing class actions help banks keep their litigation costs predictable and manageable. If these terms of the agreement weren't useful to banks I have to assume they would have been tossed long ago. It's not like they need a nod of approval from the consumer.

Not only that, but arbitration clauses are good for consumers who know how to use them.

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On 7/12/2017 at 9:08 PM, BV80 said:

In this case, it could possibly have the unintended consequence of some banks removing arbitration from their agreements.

Exactly what I thought, that is the reason I posted it.

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