Wednesday, May 5, 2010

Arbitration Clause In Credit Card Agreements Illegal

A recent judgment in a class action lawsuit deems that major credit card companies - including the loathsome Citibank, who has refused the settlement in the belief they did nothing wrong (yeah, right) - "violated federal law by conspiring, with each other and certain non-defendants, to require that their cardholders (a) take all legal disputes to arbitration rather than court and (b) give up any right to participate in class actions against these credit card companies." You would think with the number of lawsuits filed just in the past few years, these institutions would learn that cardholders are fed up with their unscrupulous tactics. Then again, they obviously just don't care about their cardholders or the law.

©2010 Steve Sagarra

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