Wells Fargo's CEO told Congress that he wouldn't enforce binding arbitration, so Wells is getting sued in Utah

A class action suit by some of the 3,500,000+ Wells Fargo customers defrauded in the company's fake account scam was foundering in Utah, thanks to the company's insistence that its binding arbitration clauses also applied to the accounts it fraudulently opened (that is, by agreeing not to sue the company for defrauding you over the accounts you opened, you were also agreeing not to sue them if it opened a bunch more accounts and forged your signature on the papers). Read the rest

Wall Street and Trump are about to kill the CFPB, the only government agency that effectively polices bank scams, crimes and frauds

The Consumer Financial Protection Bureau (previously) is practically the only US regulator we can be proud of -- founded by Elizabeth Warren before she ran for the Senate, the CFRB is a consumer protection agency that has been at the forefront of reining in criminal activities like Wells Fargo's nationwide frauds and Equifax's dox attack on the USA, as well as being the best defense Americans have against predatory loan-sharks masquerading as "payday lenders," abusive debt-collectors, racial discrimination in lending, and the student loan racket. Read the rest

Woman blames 15 identity thefts on Equifax breach

Katie Van Fleet has suffered 15 identity thefts since the Equifax breach and she believes the criminals who've targeted her are using information from the breach to open credit cards in her name; she's started a class-action suit against Equifax. Read the rest

Those "heroic rogue GOP senators" just helped Trump shield Equifax and Wells Fargo from lawsuits

Senators Bob Corker, Jeff Flake and John McCain talk a big game about not letting the GOP be the handmaiden of trumpist corruption, but when the chips were down last night, they voted with their party and a tie-breaking vote from Vice President Handmaid's Tale to pass legislation that lets financial institutions take away your right to sue them when they defraud you. Read the rest

Corporations form coalition to ask a court to ban coalitions (of people the corporations have screwed over)

One of the major triumphs of Elizabeth Warren's Consumer Financial Protection Bureau was a rule that banned the finance industry from using binding arbitration clauses to prevent defrauded customers from joining in class action suits to sue crooked banks. Read the rest

How to opt out of Equifax's rights-stripping arbitration clause

During the five weeks after hackers stole 143 million Americans' data from Equifax, and while its execs were selling off their stock by the millions, the company sprang into action, producing an insecure site for checking whether your own data was breached that produces the same output no matter what name and SSN you input. Read the rest

Equifax lobbied to take away breach victims' right to sue

Before Equifax doxed 143 million Americans (but after it had suffered repeated smaller breaches that should have alerted the company to deficiencies in its security), it directed its lobbying body, the Consumer Data Industry Association, to pressure the Consumer Financial Protection Bureau to exempt credit-reporting bureaux from a soon-to-begin rule banning binding arbitration clauses in user agreements. Read the rest

AT&T: it's not "forced arbitration" because no one forced you to have broadband

AT&T, which has successfully lobbied state governments and the FCC to ban any broadband competition in the markets where it operates, says that its forced arbitration "agreements" aren't really forced, because people in the markets it serves could just not use the internet. Read the rest

Trump administration allows nursing homes to force abused seniors into binding arbitration

In 2016, the Centers for Medicare and Medicaid Services barred nursing homes from forcing their residents into accepting binding arbitration agreements that would move all legal claims into business-friendly fake courts where the proceedings are often secret, and where the presiding fake judges draw their pay from the companies that are accused of malfeasance. Read the rest

A rare class-action victory over Wells Fargo's fake accounts proves binding arbitration sucks

Wells Fargo got caught ripping off millions of customers by setting up fake accounts in their names, then billing them for "services" related to those accounts, sometimes tanking their credit-ratings, costing them jobs, even their houses -- but the company says you're not allowed to sue them because their employees fraudulently signed your name to a "binding arbitration" agreement that forces you to take your case to a fake judge whose salary they pay. Read the rest

Wells Fargo: preventing the customers we ripped off from suing us is doing them a favor

Wells Fargo admits that its employees opened more than 2,000,000 fake accounts in order to run up fraudulent charges against its customers (employees who balked at committing fraud were fired and blacklisted for life from the banking industry); it also says that the customers it stole from can't sue the company because fake account paperwork bearing their forged signatures includes a promise to enter into binding arbitration rather than suing. Read the rest

Inside this Star Wars blanket's box, a card informing you that you've just waived your right to sue

When you open the box for a Storm Trooper snuggie blanket, you'll discover a card telling you that by buying the blanket, you've waived your right to sue the manufacturer and will subject yourself to binding arbitration if your blanket gives you cancer or burns you to death or any of the other bad things textiles can do. Read the rest

Wells Fargo is successfully convincing judges that forged arbitration agreements are legally binding

When you sign up for a Wells Fargo account, you're required to sign an arbitration "agreement" giving up your right to sue the company, and requiring you to have your case heard by an arbitrator paid for by -- and dependent on -- Wells Fargo instead. Read the rest

Wells Fargo says that its customers gave up right to sue by having their signatures forged

Even though disgraced Wells Fargo CEO John Stumpf has left the building, his most outrageous legal theories live on: on Wednesday, the company filed a motion in a federal court in Utah seeking dismissal of a class action suit by the customers it defrauded -- the bank argues that since customers sign a binding arbitration "agreement" when they open new accounts, that the customers whose signatures were forged on fraudulent new accounts should be subject to this agreement and denied a day in court. Read the rest

Al Franken and FCC commissioner Clyburn want limits on forced arbitration

Arbitration was conceived of as a way to allow giant corporations to avoid costly court battles by meeting with a mediator and talking things out: but since the Supreme Court ruled (in a series of mid-1980s cases) that companies could force their customers and employees into arbitration by adding "binding arbitration" clauses to the fine print in take-it-or-leave contracts, the US justice system has gone dark, which an ever-larger proportion of legal action disappearing into the opaque bowels of the arbitration system, where the richest participant usually wins. Read the rest

The privacy wars have been a disaster and they're about to get a LOT worse

In my latest Locus column, The Privacy Wars Are About to Get A Whole Lot Worse, I describe the history of the privacy wars to date, and the way that the fiction of "notice and consent" has provided cover for a reckless, deadly form of viral surveillance capitalism. Read the rest

Pokemon Go players: you have 30 days from signup to opt out of binding arbitration

Like most other online services, Pokemon Go's terms of service are a reboot of the Book of Revelations, full of bizarre horrors, each more grotesque than the last. Read the rest

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