View Poll Results: Do you support usurping individual rights to join class action lawsuits?

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  • Yes

    1 14.29%
  • No

    5 71.43%
  • I have no opinion

    1 14.29%
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Thread: Regarding arbitration clauses in financial contracts

  1. #1
    Thought Provocateur NightSwimmer's Avatar
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    Regarding arbitration clauses in financial contracts

    Should our banking regulations make it virtually impossible for consumers to join together to file suit and seek damages from financial institutions?

  2. #2
    quichierbichen
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    You'll have to explain further or rephrase your poll question. I don't want "usurp" to be associated with anything I favor, but I'm not sure I understand the question.

    A link maybe?

  3. #3
    Spock of Vulcan Ian Jeffrey's Avatar
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    Quote Originally Posted by Rasselas View Post
    You'll have to explain further or rephrase your poll question. I don't want "usurp" to be associated with anything I favor, but I'm not sure I understand the question.

    A link maybe?
    Assuming NS is speaking generally, nearly all pre-printed contracts these days have an arbitration clause requiring all disputes to be handled by binding arbitration between the parties. That clause negates the individual's right to sue the other party, either individually or as part of a class. These clauses are widespread and can be nullified by a court if the court finds something wrong with it, e.g., if the clause is somehow unconscionable.
    Thanks from publius3

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    Veteran Member Southern Dad's Avatar
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    When you sign the contract you are agreeing to the terms. If you do not like the terms, negotiate or walk away. They have something that you want. If you want it bad enough, you will sign.

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    Sally Sitter Paris's Avatar
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    Quote Originally Posted by Southern Dad View Post
    When you sign the contract you are agreeing to the terms.
    Or you already know that the ones with which you're not agreeing will be considered null and void in court.

  6. #6
    Thought Provocateur NightSwimmer's Avatar
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    Quote Originally Posted by Southern Dad View Post
    When you sign the contract you are agreeing to the terms. If you do not like the terms, negotiate or walk away. They have something that you want. If you want it bad enough, you will sign.
    By signing, you waive your right to seek justice in a court of law, in the event that you are defrauded. Is this something that you support?

  7. #7
    Thought Provocateur NightSwimmer's Avatar
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    Quote Originally Posted by Rasselas View Post
    You'll have to explain further or rephrase your poll question. I don't want "usurp" to be associated with anything I favor, but I'm not sure I understand the question.

    A link maybe?
    Okay, allow me to clarify.

    Do you support federal financial business regulations that would require consumers to waive their right to enter into a class action lawsuit against a financial institution upon contracting with said financial institution?

    Yes, or No?

    A "No" answer would indicate that you support the recent rules issued by the CFPB to restrict the use of arbitration clauses in financial contracts. I do.

    For those who do support immunity from such lawsuits for financial institutions, I'd like to know why they hold this position.

  8. #8
    Veteran Member Southern Dad's Avatar
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    Quote Originally Posted by NightSwimmer View Post
    By signing, you waive your right to seek justice in a court of law, in the event that you are defrauded. Is this something that you support?
    You bet. Those are the terms offered. If you don't like them, don't sign. It's simple. They have something that you want. They included this clause. You do not have to sign the contract.

  9. #9
    No mercy for losers Addiction Solitaire Champion, Double Deuce Champion, Queen Jewels Champion, Ray Ray Shuffle Champion, Twins Champion, Blow Up: Arcade Champion, Bunch - Time Trial Champion, Znax Champion, Zoo Keeper Champion, Sobics School Champion, Swap a Smiley Champion, Makos Champion, Dino Drop Champion, Flower Frenzy Champion, Some Puzzle Champion, Funny Bubbles Champion, CubeZ Champion, Dinky Smash Champion, Fun Fun Animals Champion, Fruit Fabriek Champion, Raft Wars Champion, Rainbow Monkey RunDown Champion, Raft Wars Champion, Crime Puzzle Champion Blueneck's Avatar
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    Quote Originally Posted by Southern Dad View Post
    When you sign the contract you are agreeing to the terms. If you do not like the terms, negotiate or walk away. They have something that you want. If you want it bad enough, you will sign.
    What if your investment banker is Bernie Madoff?

  10. #10
    Thought Provocateur NightSwimmer's Avatar
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    Quote Originally Posted by Southern Dad View Post
    You bet. Those are the terms offered. If you don't like them, don't sign. It's simple. They have something that you want. They included this clause. You do not have to sign the contract.
    You could say the exact same thing were they allowed to demand my first born child. Have you no sense of morality?

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