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US agency moves to allow class-action lawsuits against financial firms

This would deal a serious blow to banks and other financial firms, could cost institutions billions

Jessica Silver-Greenberg & Michael Corkery | NYT 

The nation’s consumer watchdog adopted a rule on Monday that would pry open the courtroom doors for millions of Americans, by prohibiting financial firms from forcing them into arbitration in disputes over their bank and credit card accounts. The action, by the Consumer Financial Protection Bureau, would deal a serious blow to banks and other financial firms, freeing consumers to band together in class-action lawsuits that could cost the institutions billions of dollars. “A cherished tenet of our justice system is that no one, no matter how big or how powerful, ...

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First Published: Tue, July 11 2017. 13:51 IST
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