In 2016, despite contracts that mandate one-on-one arbitrations, consumers will likely gain the right to bring claims against banks, credit card issuers, and other lenders in class actions. The new rule, which the Consumer Financial Protection Bureau announced on October 7, 2015 it will probably issue next year, will partially reverse a string of recent Supreme Court decisions that made class-banning arbitration clauses broadly enforceable.
The action by the Bureau will vastly raise the stakes for disputes involving practices affecting large numbers of consumer finance customers.
Continue Reading Banning Bans on (Some) Class Cases