BUSINESS

Petition Demands Big Banks Give Consumers Back Our Right To Sue

NEW YORK, NY - OCTOBER 14:  A sign hangs on One Chase Plaza in lower Manhattan on October 14, 2014 in New York City. JPMorgan
NEW YORK, NY - OCTOBER 14: A sign hangs on One Chase Plaza in lower Manhattan on October 14, 2014 in New York City. JPMorgan Chase, the nation's largest bank, reported third-quarter net income of $5.6 billion, or $1.36 per share, returning the bank to third quarter profitability. (Photo by Spencer Platt/Getty Images)

Since 2011, when the U.S. Supreme Court affirmed that it was perfectly okay for companies to take away a consumer’s right to sue — and their ability to join other wronged consumers in a class action — by inserting a paragraph or two of text deep in lengthy, unchangeable contracts, the rush has been on for almost every major retailer, wireless provider, cable company, and financial institution to slap these mandatory binding arbitration clauses into their customer agreements. Now one petition is gathering signatures, calling on the nation’s largest banks to put an end to the practice.

Read more on The Consumerist

CONVERSATIONS