SAN FRANCISCO — New regulations proposed Wednesday by the Consumer Financial Protection Bureau would be a major win for plaintiffs lawyers in their on-going fight against arbitration.
During a Denver hearing, the CFPB announced its intention to prohibit financial institutions, including banks, credit card companies and lenders, from forcing class actions into arbitration. Implementation is a long way off—the proposal is preliminary and the CFPB is soliciting recommendations from the business community before drafting a final version. But the news has heartened consumer plaintiffs attorneys who have seen their business dwindle as more companies use arbitration clauses to pre-empt class actions.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
