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1. I'm sure the corporations would rather pay out $360k v $1B
2. Would you rather be in a group of 34 million people received $29, or the 33,999,922 who received $0.
The number of arbitration cases will seriously climb, if you think it'll stay at 39 per year you're kidding yourself.
its far easier to file an arbitration case than a lawsuit anyways, and its far cheaper.
this makes it easier for the consumer to seek recourse, especially poor consumers
I dont agree with taking away a right to sue, but to pretend this means banks can do what or this destroys consumers ability to recover damages, is just idiotic.
The number of arbitration cases will seriously climb, if you think it'll stay at 39 per year you're kidding yourself.
its far easier to file an arbitration case than a lawsuit anyways, and its far cheaper.
this makes it easier for the consumer to seek recourse, especially poor consumers
I dont agree with taking away a right to sue, but to pretend this means banks can do what or this destroys consumers ability to recover damages, is just idiotic.
Consumers could still agree to arbitration if they thought it was in their best interest. The law didn't outlaw arbitration, it was intended to give consumers more options, rather than handcuffing them to forced arbitration.
Is this how we "drain the swamp?" By letting billionaires who run the banks tank our economy with their subprime bubbles and open up accounts in our names without consent?
At any rate, this is not surprising because GOP is a party that serves only the rich. All their policies are designed to help the rich getting richer and to screw everyone else, especially the poor, sick, and elderly. So expect to see more **** like this.
Consumers could still agree to arbitration if they thought it was in their best interest. The law didn't outlaw arbitration, it was intended to give consumers more options, rather than handcuffing them to boilerplate agreements.
Many class action lawsuits are filed on behalf of individuals who dont even know they are clients. Ever get that dam post card in the mail which says, congratulations we sued "x".. heres your store credit for $1.99 to use towards your brand new car.. while the lawyers receive $84 million
You cant file arbitration on behalf of millions of people who dont know they are a plaintiff.
This hurts the huge class action lawyers more than anyone.. the rich and powerful ones..
Nice to see the left cry because class action lawyers will be struggling..
Many class action lawsuits are filed on behalf of individuals who dont even know they are clients. Ever get that dam post card in the mail which says, congratulations we sued "x".. heres your store credit for $1.99 to use towards your brand new car.. while the lawyers receive $84 million
You cant file arbitration on behalf of millions of people who dont know they are a plaintiff.
This hurts the huge class action lawyers more than anyone.. the rich and powerful ones..
Nice to see the left cry because class action lawyers will be struggling..
The class action lawyers still need to find a party that has standing. They can't just file a lawsuit without a victim.
I guess for the GOP, consumers already have too much protection.
or, banks currently have far more power than the little guy, can drown out the consumer with legal actions thus making it far tougher for a consumer to seek recourse. Theres two sides to this, some positive, some negative to both.
I already said I disagree with taking away the ability to sue, but how you guys are acting like this is a free for all for banks is just dumb.
They will surely see a huge increase in number of arbitration cases, and given their settlements were in the thousands rather than $20 ballpark on average, the banks might actually end up far worse in the event large groups of people decide to seek recourse.
I didnt state otherwise, but the stats posted clearly shows arbitration awards are far higher than class action ones on behalf of the consumers..
not even close to one another..
To whine that $20 payments are fair for people the left proclaims is being ripped off, is just idiotic..
It might not have been clear when I initially posted, but my main motivation for allowing class action lawsuits is that it serves as a bigger deterrent against bad behavior by corporations, due to larger overall payouts as well as bad publicity. That benefits all consumers.
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By letting billionaires who run the banks tank our economy with their subprime bubbles and open up accounts in our names without consent?
