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it'll take a **** load of time for banks to deal with 25,000 cases through arbitration, and usually the payouts will be about the same if they harmed everyone similar.
This might be the worst things the banks ever see, dealing with 25,000 cases vs 1
People do NOT have the time to deal with arbitration.
Scale. No one takes the time to go through arbitration. So if two got $150 and 20,000 got $1 the banks win no matter what.
Exactly. Arbitration cases are not going to skyrocket.
If arbitration were going to cost Wells Fargo the same or more, then why is WF trying to enforce the arbitration clause instead of letting the class action case proceed?
And the average consumer cant afford to file lawsuits and wait years for their outcome either
I do not have to explain this to you. You fully understand that these cases cost the participants absolutely nothing up front. I was a part of the massive lawsuit against VW. I neither signed up nor spent a penny. I was a part simply by having bought a VW. I did very well.
I would not have done better under arbitration because of the huge negative publicity VW underwent.
Exactly. Arbitration cases are not going to skyrocket.
If arbitration were going to cost Wells Fargo the same or more, then why is WF trying to enforce the arbitration clause instead of letting the class action case proceed?
Because they dont want multi million dollar class action lawsuits and to be ordered to pay millions of dollars in lawyers fees.
Lets face it, banks, and no other industry wants neither arbitration or lawsuits, they are very expensive for everyone.
The numbers dont need to skyrocket they just need to climb enough to be of a hindrance. If millions of people are being harmed, as class action lawsuits claimed, then they will surely climb
I do not have to explain this to you. You fully understand that these cases cost the participants absolutely nothing up front. I was a part of the massive lawsuit against VW. I neither signed up nor spent a penny. I was a part simply by having bought a VW. I did very well.
I would not have done better under arbitration because of the huge negative publicity VW underwent.
And were you REALLY harmed having just "bought a VW", or did someone else decide you were harmed and then sued, whereas you received a benefit for something you really wasnt harmed over?
I receive lots of notices of class action lawsuits, just received a $30 postcard in the mail for "Justice" the other day, for reasons I dont even know, claiming I was a victim of fraud from Justice, where at one time I bought my daughter some jewelry.. We wasnt harmed, but some lawyer, somewhere, decided I deserved money and I dont even know why..
And were you REALLY harmed having just "bought a VW", or did someone else decide you were harmed and then sued, whereas you received a benefit for something you really wasnt harmed over?
Harmed? Yes, I could argue I was. I did buy into the "clean diesel". It seems it was not. I now own a plug in Hybrid. If the car had met EPA standards it would have had lousy performance so they cheated. I bought the car for it's performance, fuel mileage and clean technology. I did get 2 of the 3. So, was I cheated and lied to in order to get me buy the car?
By you even asking you are exposing your position.
People do NOT have the time to deal with arbitration.
Arbitration will be weighed heavily on the side of the banks in this case - you can count on that.
Quote:
Originally Posted by pghquest
And the average consumer cant afford to file lawsuits and wait years for their outcome either
I know, as posted it averages $29 per person if the figures posted are correct.
whippeee
That is why we have Class Action lawsuits.
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