Death of Anti-Arbitration Rule Hurts Consumers
Burg Simpson founding shareholder Michael S. Burg argues that a Congressional vote to eliminate one of the last consumer protections left – a rule banning forced arbitration – is nothing less than a travesty of justice.
In an op-ed published on Huffington Post this week, Michael points to the Equifax breach when suggesting that there a few deterrents left to prevent large corporations from taking advantage of the average consumer.
“In Equifax’s case, the outcry that followed the attempt to force consumers into arbitration resulted in the company backing down,” Michael says. “But in thousands of other cases—involving everything from banks to cell phone service providers—consumers will now again be forced into arbitration just for the privilege of paying corporations for their services.”
Both houses of Congress have now voted to get rid of the rule put in place, in part, as a result of banking behavior that led to the housing crash that began in 2007. President Trump has indicated he would sign the bill into law.