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Remember when Wells Fargo employees opened some 2 million fraudulent bank accounts? Well, they were all tied to accounts of existing customers. When said existing customers sought to sue Wells Fargo, on the reasonable claim that they did not give permission for these accounts (with the associated fees) to be opened, Wells Fargo pointed to the mandatory arbitration clause in said customers agreement.
Yes, Wells Fargo said, even though you did not authorize these accounts, because your contract with us on your legitimate accounts has the arbitration clause, then the clause applies likewise to the non-existing accounts!
Indeed, Wells Fargo succeeded in getting several courts to dismiss class action lawsuits against them, pointing to the arbitration clauses found in the 'real' contracts with the consumers.
Wells Fargo ended up paying some fines, due to political and public opinion pressure.
Of course, Wells Fargo is one of the companies that argued that said arbitration clauses actually benefits consumers. Congress has now agreed, rolling back a regulation that was about to go into play.
When the "consumer" is an economic pre-schooler who believes that "big companies" are nothing but a huge pile of money for he and his fellow point-and-grunts to loot -- I view this action as a positive for the rest of us who still go to work every day.
When the "consumer" is an economic pre-schooler who believes that "big companies" are nothing but a huge pile of money for he and his fellow point-and-grunts to loot -- I view this action as a positive for the rest of us who still go to work every day.
Speaking as someone who goes to work every day, would you mind explaining to me how protecting Equifax from lawsuits is beneficial for people like us?
Well, How convenient for Equifax and Wells Fargo...and the other Banks and Corporations.
Our Politicians are so bought and paid for any more...we aren't the Government of the People, for the People, By the People...We are the Government of the Corporations, for the Corporations, by the Corporations.
And we all know how much they care for the people.
Remember when Wells Fargo employees opened some 2 million fraudulent bank accounts? Well, they were all tied to accounts of existing customers. When said existing customers sought to sue Wells Fargo, on the reasonable claim that they did not give permission for these accounts (with the associated fees) to be opened, Wells Fargo pointed to the mandatory arbitration clause in said customers agreement.
Yes, Wells Fargo said, even though you did not authorize these accounts, because your contract with us on your legitimate accounts has the arbitration clause, then the clause applies likewise to the non-existing accounts!
Indeed, Wells Fargo succeeded in getting several courts to dismiss class action lawsuits against them, pointing to the arbitration clauses found in the 'real' contracts with the consumers.
Wells Fargo ended up paying some fines, due to political and public opinion pressure.
Of course, Wells Fargo is one of the companies that argued that said arbitration clauses actually benefits consumers. Congress has now agreed, rolling back a regulation that was about to go into play.
Such is life.
Awesome post, thanks for better informing me about this.
If trump signs it will Trumpers still think he loves them?
my guess they will excuse it and pretend they never wanted the right to sue and that they love forced arbitration, and a deck stacked against them and a gag.....
yep trumpers will lie through their teeth and say they support this once Trump signs it..... otherwise they have to admit to themselves Trump is just another swamp creature protecting the banking/finance/wall street industries....
Trump is all for giving more power to banks against consumers. Because Obama was against it.
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