California is already fertile ground for the class action bar, but the land is about to become even greener.
On May 5, the federal Consumer Financial Protection Bureau proposed rules that will, if adopted in their present form, provide a decisive blow to consumer arbitration provisions in nearly all contracts for consumer financial products and services. The reason is simple: Arbitration is intended to be a simplified process for consumers and providers to resolve disputes on a one-off basis. Not surprisingly, then, the arbitration provisions include class action waivers.
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