Bank of America Ends Arbitration Requirement
Now that the National Arbitration Forum has withdrawn from arbitrating disputes between banks and the public due to a legal action from the Minnesota Attorney General, Bank of America has announced that it will no longer require arbitration as a means to resolve disputes with consumers. The bank acknowledged that they will now have more disputes result in litigation, which could become costly. Consumers who were victimized by the arbitration process have won this battle by making it clear that rulings disproportionately favored the banks.
For more, see the Associated Press article.
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