Senate Repeals Rule Letting Americans File Class-Action Suits Against Financial Firms

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Feature Article by Stephen Lendman
Senate Repeals Rule Letting Americans File Class-Action Suits Against Financial Firms

by Stephen Lendman (stephenlendman.org – Home – Stephen Lendman)

All 48 undemocratic Dems opposed the measure. Two Republicans surprisingly voted with them – neocons Lindsey Graham and John Kennedy.

Neocon Mike Pence broke a 50-50 Senate tie, a giveaway to Wall Street crooks, price-gouging credit card companies, and other financial predators.

When swindled by these firms en masse, consumers will only be able to sue for redress individually once the measure becomes the law of the land, a virtual certainty. House members overturned the rule in July.

Banks, credit card companies, student loan issuers, auto and payday loan companies, along with other financial firms have fine print arbitration clauses in their financial contracts, preventing aggrieved consumers from filing class-action lawsuits, forcing them to arbitrate privately, heavily stacking the odds against them.
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