[link] ``The Senate has voted to get rid of a banking rule that allows consumers to bring class-action lawsuits against banks and credit card companies to resolve financial disputes. With... Who's Online | Find Members | Private Messages
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GOP votes to kill rule allowing class-action lawsuits against banks

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26 days ago - Wednesday 10/25/17 - 3:36:49 PM EST (GMT-5)
http://www.npr.org/sections/thetwo-...

"The Senate has voted to get rid of a banking rule that allows consumers to bring class-action lawsuits against banks and credit card companies to resolve financial disputes. With Vice President Pence casting the tie-breaking vote, the rollback of the Consumer Financial Protection Bureau rule banning restrictive mandatory arbitration clauses found in the fine print of credit card and checking account agreements passed 51-50, with Sens. Lindsey Graham, R-S.C., and John Kennedy, R-La., voting against repeal."
26 days ago - Wednesday 10/25/17 - 3:39:59 PM EST (GMT-5)
Another victory for the little guy...

Hey remember when Wells Fargo employees were caught opening fraudulent accounts in consumers' names? Wouldn't it be nice to be able to get together with a bunch of other WF customers and sue them for that kind of thing? The Consumer Financial Protection Bureau thought so! But the GOP disagrees.
26 days ago - Wednesday 10/25/17 - 3:56:11 PM EST (GMT-5)
But banks are people too!
26 days ago - Wednesday 10/25/17 - 4:41:15 PM EST (GMT-5)
Class action lawsuits generally serve to make the lawyers richer. The 'little guy' rarely gets much benefit from class action suits.
26 days ago - Wednesday 10/25/17 - 4:45:28 PM EST (GMT-5)
[citation needed]
As usual from you.
26 days ago - Wednesday 10/25/17 - 4:46:37 PM EST (GMT-5)
I’d rather the company still have a hit to their pocketbook


I’m surprised kennedy voted against
he’s usually terrible
26 days ago - Wednesday 10/25/17 - 4:59:24 PM EST (GMT-5)
On Wednesday 10/25/17 - 4:46:37 PM Disappears wrote:
I’d rather the company still have a hit to their pocketbook I’m surprised kennedy voted against he’s usually terrible

Exactly.

Forced arbitration (which is what consumers are left with here) is absolutely horrible for consumers and does very little to hold companies accountable. Forget a class action - you can't even sue the company as an individual. Arbitration clauses require that all disputes be settled in mediation, not in court. Decisions in arbitration are heavily, heavily weighted toward the companies, which is not true of lawsuits.

On top of that, arbitration clauses are often hidden in the fine print of contracts, AND a large % of consumers don't actually understand that they're waiving their right to sue when they sign a contract with an arbitration clause.
26 days ago - Wednesday 10/25/17 - 5:00:05 PM EST (GMT-5)
It is stacking the deck for the company in a huge, huge way, which is why Equifax and other financial companies lobbied so hard to have this rule struck.
26 days ago - Wednesday 10/25/17 - 5:39:56 PM EST (GMT-5)
On Wednesday 10/25/17 - 4:45:28 PM birdsong4j wrote:
[citation needed] As usual from you.


Really?

http://www.kiplinger.com/article/sp...

"But don’t expect a windfall. Settlements in recent years have averaged $56.5 million, according to NERA Economic Consulting. But individual class members rarely see a fat payday.For example, the proposed Target settlement is $10 million (separate lawyers’ fees total $6.75 million). If all 40 million people who had a debit or credit card compromised file a claim, each one could receive just 25 cents, assuming none of them can document their financial losses. ..."

26 days ago - Wednesday 10/25/17 - 5:55:51 PM EST (GMT-5)
"Assuming none of them can document their financial losses"

Think that caveat might be a bit important?
26 days ago - Wednesday 10/25/17 - 6:09:34 PM EST (GMT-5)
Also "if all 40 million file a claim" what do you think the chances are of that?

And if the payout truly isn't enough, that's on the courts. I certainly don't think a paltry $10M is fair compensation for 40 million credit/debit card breaches. And what's Target's quarterly earnings? A quick search tells me 2Q 2017 was $16.4 *billion.*
26 days ago - Wednesday 10/25/17 - 7:23:35 PM EST (GMT-5)
OK, so if instead of all 40 million, let's consider what it would be if 10% of that number file a claim- - is that more realistic? In that case, each claimant gets 10 times the 25 cents, or $2.50. If 1% file a claim, perhaps they could make $25 each.

The lawyers got $6.75 million.
26 days ago - Wednesday 10/25/17 - 7:28:29 PM EST (GMT-5)
and if it was 2,000 people who filed the class action, they would get $18,700 each.

What's your point.... as if you actually had one.
26 days ago - Wednesday 10/25/17 - 7:32:02 PM EST (GMT-5)
On Wednesday 10/25/17 - 4:41:15 PM CowDung wrote:
Class action lawsuits generally serve to make the lawyers richer. The 'little guy' rarely gets much benefit from class action suits.

26 days ago - Wednesday 10/25/17 - 7:33:49 PM EST (GMT-5)
We could talk for 10 pages about how you want to define much but I'd rather point out that you are totally full of sh*t.
26 days ago - Wednesday 10/25/17 - 7:35:00 PM EST (GMT-5)
Great- - then I'll go back to ignoring you.
26 days ago - Wednesday 10/25/17 - 8:05:11 PM EST (GMT-5)
i don't think CD is wrong in that the lawyers pocket the lion's share of money. are they just removing the rule and replacing it, or just removing it without the intention to replace it?
26 days ago - Wednesday 10/25/17 - 8:08:08 PM EST (GMT-5)
again I don’t give a sh-t about lawyers making money

I care about corporations getting f-cked for screwing people over
this repeal makes that harder to do
26 days ago - Wednesday 10/25/17 - 9:18:05 PM EST (GMT-5)
On Wednesday 10/25/17 - 7:23:35 PM CowDung wrote:
OK, so if instead of all 40 million, let's consider what it would be if 10% of that number file a claim- - is that more realistic? In that case, each claimant gets 10 times the 25 cents, or $2.50. If 1% file a claim, perhaps they could make $25 each. The lawyers got $6.75 million.

Again: "Assuming none of them can document their financial losses."

Also, not all class action suits are created equal. A friend of mine was involved in the GM lawsuit several years ago. She has a new car as a result of that settlement.
26 days ago - Wednesday 10/25/17 - 9:20:32 PM EST (GMT-5)
On Wednesday 10/25/17 - 8:05:11 PM Inquizitor2 wrote:
are they just removing the rule and replacing it, or just removing it without the intention to replace it?


There is no plan to replace this rule. It was announced by CFPB in June or July of this year, and financial corps (Equifax, Wells Fargo, etc.) lobbied congress to get rid of it because they would rather people be stuck with arbitration, which finds in favor of the company 90%+ of the time.
26 days ago - Wednesday 10/25/17 - 9:47:25 PM EST (GMT-5)
On Wednesday 10/25/17 - 7:23:35 PM CowDung wrote:
OK, so if instead of all 40 million, let's consider what it would be if 10% of that number file a claim- - is that more realistic? In that case, each claimant gets 10 times the 25 cents, or $2.50. If 1% file a claim, perhaps they could make $25 each. The lawyers got $6.75 million.
On Wednesday 10/25/17 - 9:18:05 PM birdsong4j wrote:
Again: "Assuming none of them can document their financial losses." Also, not all class action suits are created equal. A friend of mine was involved in the GM lawsuit several years ago. She has a new car as a result of that settlement.


Cool story about the new car- - What were the circumstances of the settlement?

26 days ago - Wednesday 10/25/17 - 9:51:42 PM EST (GMT-5)
BTW- - how much money did the average claimant get from the Wells Fargo lawsuit you mentioned above?

The lawyers got $21.3 million...
26 days ago - Wednesday 10/25/17 - 9:55:15 PM EST (GMT-5)
On Wednesday 10/25/17 - 9:51:42 PM CowDung wrote:
BTW- - how much money did the average claimant get from the Wells Fargo lawsuit you mentioned above? The lawyers got $21.3 million...

It varies widely based on what actually happened to each person and how much they were affected. But whatever they get, it's more than what they'd get now, with this rule gone. They'd be stuck with arbitration - in other words, f*cked.
26 days ago - Wednesday 10/25/17 - 9:56:23 PM EST (GMT-5)
http://www.bankrate.com/finance/per...

"Class-action suits rarely end with significant payouts to the little guys. In fact, in most cases only two sets of participants reap any real rewards: the attorneys and the named or represented plaintiffs. That notification you received means that as a plaintiff not named in the suit (known as “class members”), you’re one of thousands and possibly even millions of plaintiffs."
26 days ago - Wednesday 10/25/17 - 9:58:02 PM EST (GMT-5)
Yeah, you keep posting stuff like that, and ignoring two things:

1. What disappears said - part of the point is punishing the company for their wrongdoing

2. Even if consumers would receive a small amount of money in a class action suit, it is still more than they will be able to get now that this rule is gone.

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