The Consumer Financial Protection Bureau Tags in on Consumers’ Fight Against Arbitration in the Financial Market Ring

By Ansley Owens, Contributing Writer and Intern for the NACTT Academy (Nashville, TN)

Consumers continue to challenge the legality and fairness of the increasing number of arbitration clauses found in their financial agreements. The majority of these complaints focus on consumers’ inability to sue businesses through class action lawsuits.

A recent decision from the Second Circuit Court of Appeals upheld a lower court’s ruling that credit card-issuing banks did not violate the Sherman Antitrust Act by forcing cardholders to settle disputes in arbitration, rather than through class action lawsuits. Ross v. Citigroup, Inc., No . . .

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