The financial industry does not like this proposed rule. Travis Norton, with the U.S. Chamber of Commerce, says the rule could bring a flood of frivolous class action lawsuits. "The Consumer Financial Protection Bureau in this rule is really turning into the plaintiff's lawyer protection bureau," he
Date: May 05, 2016
Category: Business
Source: Google
You should be able to file class-action suits against banks, watchdog group says
Travis Norton, executive director of the U.S. Chamber of Commerce's Center for Capital Markets Competitiveness, called the proposed rules "a backdoor ban" on arbitration clauses, which he said can provide individual consumers the chance for more financial relief than a class-action suit.