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Arbitrations v. Class Actions

November 20th, 2017

The Consumer Financial Protection Bureau recently finalized a controversial rule that prohibits financial-service companies from including arbitration clauses in their contracts with consumers that block those consumers from joining class action lawsuits. The rule stops short of prohibiting all arbitration clauses. According to the CFPB, “the new rule will deter wrongdoing by restoring consumers’ right…


FINRA Warns Firms Not to Avoid FINRA Dispute Resolution Arbitration

March 7th, 2018

In July 2016, FINRA issued Notice to Members 16-25, warning its members against preventing their customers and employees from attempting to resolve their disputes through FINRA Dispute Resolution arbitration. It is also FINRA’s effort to deter members from relying on several federal court decisions upholding dispute forum selection clauses in forums other than FINRA DR arbitration. FINRA summarizes…

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