Administrative/Regulatory
Jul. 11, 2017
New rule: Consumers can bring class actions against financial institutions
The nation’s top consumer watchdog said the rule would give millions their day in court, while opponents said it could lead to an explosion of frivolous lawsuits.
The Consumer Financial Protection Bureau adopted a rule Monday that would restore the right to bring class actions against financial institutions, a potential sea change from many of the arbitration-only provisions in most contracts.
The nation’s top consumer watchdog said the rule would give millions of Americans their day in court instead of adhering to contractually-mandated arbitrations, which call for claims against banks or cre...
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