Arbitration Firms Quit Consumer Debt Biz

Subject: Arbitration Firms Quit Consumer Debt Biz Thu Jul 23, 2009 12:36 am

Credit card and cell phone companies are scrambling as two major arbitration firms back out of the business of settling consumer disputes, the Wall Street Journal reports. The National Arbitration Forum—accused in a Minnesota lawsuit of misleading consumers into thinking it was impartial—will stop taking cases this week, and the American Arbitration Association says it will follow suit until new guidelines are established.

Consumer-protection advocates have long criticized the process, arguing that it favors companies, and that many consumers often don’t realize they’re relinquishing the right to go to court when they sign contracts with arbitration clauses. Credit card and cell phone companies—which usually require customers to agree to mandatory and binding arbitration—are now expected to face major headaches as the process of collecting unpaid debts is disrupted.

http://online.wsj.com/article/SB124822374503070587.html
_________________
Anarcho-Capitalist, AnCaps Forum, Ancapolis, OZschwitz Contraband
“The state calls its own violence law, but that of the individual, crime.”-- Max Stirner
"Remember: Evil exists because good men don't kill the government officials committing it." -- Kurt Hofmann

Arbitration Firms Quit Consumer Debt Biz

Arbitration Firms Quit Consumer Debt Biz

Anarcho-Capitalist Categorical Imperatives

Via AnCaps: Law & Enforced Unnatural Order