[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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27 days ago - Wednesday 10/25/17 - 10:10:19 PM EST (GMT-5)
I wasn't sure if you were satisfied with my sources, so I kept posting. Franky, I'm surprised that anyone would have disputed my statement.

My point was in response to your 'little guy' comment- - the little guy isn't likely to be awarded any great sum of money as part of a class action lawsuit.

1) How exactly does this punish the company? Any losses will just get passed on to consumers in the form of higher prices, fees, etc., or onto the employees in the form of layoffs.

2) What makes you so certain of that, your distrust of the arbitration system?

27 days ago - Wednesday 10/25/17 - 10:22:49 PM EST (GMT-5)
OK CD.

1. There's a difference between getting .25$ and NOT WINNING at all. Arbitration is so ridiculously skewed against the plaintiff that not only will a consumer be out of pocket fees and expenses, they won't actually get a decision that validates then or pushes the company to change their behavior.

2. F*ck lawyers all day everyday, but you're talking like that's $6 million direct deposit into a lawyer 's bank account. That's money for litigation expenses, which easy go into millions of dollars.

It's actually really hard to get lawyers for a class action suit bc most of the time, the lawyer collect no fees until the end if the suit, they're expensive, convoluted, and could bankrupt a small firm.

Is it fair for a lawyer to get $500,000 and a plaintiff to get $2.50? F*ck no, but those lawyer fees are because CA suits are complicated.
27 days ago - Wednesday 10/25/17 - 10:30:47 PM EST (GMT-5)
My distrust of arbitration comes from the fact that 90%+ of arbitration cases end in favor of the company.

I worked for a company that included an arbitration clause in their standard contract. They are currently being sued by at least one state AG (on behalf of ex-clients), and that clause features prominently in the complaint.
27 days ago - Wednesday 10/25/17 - 10:59:38 PM EST (GMT-5)
On Wednesday 10/25/17 - 10:30:47 PM birdsong4j wrote:
My distrust of arbitration comes from the fact that 90%+ of arbitration cases end in favor of the company.


Shall I play the 'citation needed' card?
27 days ago - Wednesday 10/25/17 - 11:19:13 PM EST (GMT-5)
Haha, CD is such a simpleton that he doesn't realize companies carry insurance in case of legal issues.
27 days ago - Wednesday 10/25/17 - 11:21:10 PM EST (GMT-5)
My source is literally the CFPB study that led to this rule being implemented in the first place. A comparison of consumer outcomes in arbitration vs. in class action lawsuits.

700+ page PDF, the relevant summary starts on about page 11
27 days ago - Wednesday 10/25/17 - 11:24:00 PM EST (GMT-5)
Oh and by the way, to your point 1 above - the report also has a section discussing which resolution resulted in better prices, etc. for consumers. Guess what the outcome was.
27 days ago - Wednesday 10/25/17 - 11:41:33 PM EST (GMT-5)
On Wednesday 10/25/17 - 10:10:19 PM CowDung wrote:
I wasn't sure if you were satisfied with my sources, so I kept posting. Franky, I'm surprised that anyone would have disputed my statement. My point was in response to your 'little guy' comment- - the little guy isn't likely to be awarded any great sum of money as part of a class action lawsuit. <snip>

No, but it's more than he's likely to get suing on his own. And it's much more than he's likely to get in forced arbitration.

27 days ago - Thursday 10/26/17 - 1:18:19 AM EST (GMT-5)
But at least they didn’t collide with Russia in the elections like the DNC.
27 days ago - Thursday 10/26/17 - 1:19:14 AM EST (GMT-5)
On Thursday 10/26/17 - 1:18:19 AM theBSR wrote:
But at least they didn’t collide with Russia in the elections like the DNC.


Wow, that must have hurt; Russia is huge.
26 days ago - Thursday 10/26/17 - 3:50:37 AM EST (GMT-5)
ha
Fat thumbs right before bed
Look at you with a funny
26 days ago - Thursday 10/26/17 - 6:43:38 AM EST (GMT-5)
On Wednesday 10/25/17 - 7:35:00 PM CowDung wrote:
Great- - then I'll go back to ignoring you.


Hey everyone if you tell CD he's full of sh*t, he's going to shut the f*ck up.
26 days ago - Thursday 10/26/17 - 7:49:01 AM EST (GMT-5)
On Wednesday 10/25/17 - 11:19:13 PM Rag_Doll_ wrote:
Haha, CD is such a simpleton that he doesn't realize companies carry insurance in case of legal issues.


There are still costs involved, aren't there? I imagine that insurance rates will go way up after a million dollar payout...

...but if not, I guess it really doesn't punish the company at all. The lawyers are still the big winners.

26 days ago - Thursday 10/26/17 - 10:33:26 AM EST (GMT-5)
i think the best thing to do should have been to cap legal fees at a certain percentage. that way there isn't this perception of lawyers walking away with a huge payday every time something like that happens.
26 days ago - Thursday 10/26/17 - 11:13:54 AM EST (GMT-5)
On Thursday 10/26/17 - 3:50:37 AM theBSR wrote:
ha Fat thumbs right before bed Look at you with a funny


Typos that say something completely different than intended are one of my fave things.
26 days ago - Thursday 10/26/17 - 11:16:28 AM EST (GMT-5)
On Wednesday 10/25/17 - 11:19:13 PM Rag_Doll_ wrote:
Haha, CD is such a simpleton that he doesn't realize companies carry insurance in case of legal issues.
On Thursday 10/26/17 - 7:49:01 AM CowDung wrote:
There are still costs involved, aren't there? I imagine that insurance rates will go way up after a million dollar payout... ...but if not, I guess it really doesn't punish the company at all. The lawyers are still the big winners.


The small corporation I work for has had this issue and our pricing to customers didn't seem to change because of it and I see a lot of proposals because I process them before they go out, so not necessarily.

Businesses generally factor in that lawsuits can happen, especially certain industries like the one my company supports, which is construction.
26 days ago - Thursday 10/26/17 - 11:48:41 AM EST (GMT-5)
So the point remains that these lawsuits really don't punish the companies, and the lawyers are still the big winners.
26 days ago - Thursday 10/26/17 - 11:55:59 AM EST (GMT-5)
On Thursday 10/26/17 - 10:33:26 AM Inquizitor2 wrote:
i think the best thing to do should have been to cap legal fees at a certain percentage. that way there isn't this perception of lawyers walking away with a huge payday every time something like that happens.

Did you read LG's post at all? Money to cover the cost of litigation != "lawyers walking away with a huge payday."
26 days ago - Thursday 10/26/17 - 12:00:42 PM EST (GMT-5)
On Thursday 10/26/17 - 10:33:26 AM Inquizitor2 wrote:
i think the best thing to do should have been to cap legal fees at a certain percentage. that way there isn't this perception of lawyers walking away with a huge payday every time something like that happens.
On Thursday 10/26/17 - 11:55:59 AM birdsong4j wrote:
Did you read LG's post at all? Money to cover the cost of litigation != "lawyers walking away with a huge payday."


Yes, I'm sure that 100% of the millions are for their expenses rather than their compensation. They really don't profit from class action suits at all...

26 days ago - Thursday 10/26/17 - 12:01:29 PM EST (GMT-5)
Who said they don't profit at all? Not me. You're talking bullsh*t again, arguing against things no one's actually said.
26 days ago - Thursday 10/26/17 - 12:03:15 PM EST (GMT-5)
On Thursday 10/26/17 - 11:48:41 AM CowDung wrote:
So the point remains that these lawsuits really don't punish the companies, and the lawyers are still the big winners.


Excuse the f*ck out of me, but my office's reputation was irreparably damaged by the lawsuit I mentioned, so I would say we were punished pretty badly considering we couldn't maintain the department that did the work that got us sued.
26 days ago - Thursday 10/26/17 - 12:04:12 PM EST (GMT-5)
I work for a company that most people don't understand the point of, also, and our fees are expensive.

Just because you don't understand how law firms work doesn't mean they don't have expenses.
26 days ago - Thursday 10/26/17 - 12:05:16 PM EST (GMT-5)
On Thursday 10/26/17 - 11:48:41 AM CowDung wrote:
So the point remains that these lawsuits really don't punish the companies, and the lawyers are still the big winners.

If my ex employer doesn't go under because of the AG suit currently pending against them, I will be very surprised. Either from the amount of judgments they'll have to pay out to ex-clients, or from losing so much business due to the reputation hit.
26 days ago - Thursday 10/26/17 - 12:06:06 PM EST (GMT-5)
https://www.huffingtonpost.com/lawr...

"The Goldman “confession,” highlighted the fact that clients’ concerns had become secondary to the interests of the firm. Likewise, in class action litigation, what undoubtedly started out as a noble idea to protect consumers has been turned into a conspiracy against the very people it was designed to help. It has been transformed into a scheme where lawyers are using the misfortunes of consumers and shareholders to get fabulously rich with little regard for the the public good. "
26 days ago - Thursday 10/26/17 - 12:07:51 PM EST (GMT-5)
On Thursday 10/26/17 - 12:06:06 PM CowDung wrote:
[link] "The Goldman “confession,” highlighted the fact that clients’ concerns had become secondary to the interests of the firm. Likewise, in class action litigation, what undoubtedly started out as a noble idea to protect consumers has been turned into a conspiracy against the very people it was designed to help. It has been transformed into a scheme where lawyers are using the misfortunes of consumers and shareholders to get fabulously rich with little regard for the the public good. "

Nice blog post. Did you read the CFPB results summary about which gets better outcomes for consumers, arbitration or lawsuits?

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