Mandatory credit card arbitration under attack

“Two major arbitration firms are backing away from the business of resolving disputes between customers and their credit-card and cellphone companies, throwing into disarray a controversial system that prevents unhappy consumers from filing lawsuits…

Although arbitration long has been controversial, the current situation developed rapidly starting last week when the Minnesota attorney general’s office sued the National Arbitration Forum, based in St. Louis Park, Minn., over the way it handled disputes. Among other things, the lawsuit contended that NAF didn’t disclose that it has financial ties to the debt-collection industry, violating Minnesota laws against consumer fraud, deceptive trade practices and false advertising.”

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Tags: Credit Cards, Linkedin, mandatory arbitration