Regarding arbitration clauses in financial contracts

Do you support usurping individual rights to join class action lawsuits?

  • Yes

    Votes: 1 14.3%
  • No

    Votes: 5 71.4%
  • I have no opinion

    Votes: 1 14.3%

  • Total voters
    7
Jun 2014
48,552
49,012
United States
#1
Should our banking regulations make it virtually impossible for consumers to join together to file suit and seek damages from financial institutions?
 

Rasselas

Former Staff
Feb 2010
70,588
47,093
USA
#2
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?
 

Ian Jeffrey

Council Hall
Mar 2013
75,925
44,888
Vulcan, down the street from Darth Vader
#3
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.
 
Likes: 1 person

Southern Dad

Former Staff
Feb 2015
40,606
8,539
Shady Dale, Georgia
#4
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.
 
Jun 2014
48,552
49,012
United States
#6
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?
 
Jun 2014
48,552
49,012
United States
#7
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.
 

Southern Dad

Former Staff
Feb 2015
40,606
8,539
Shady Dale, Georgia
#8
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.
 
Jun 2014
48,552
49,012
United States
#10
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?