Author Archives: Elizabeth Dexheimer

A monitor displays Equifax Inc. signage on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Sept. 8, 2017. The dollar fell to the weakest in more than two years, while stocks were mixed as natural disasters damped expectations for another U.S. rate increase this year. Photographer: Michael Nagle/Bloomberg

Equifax Breach Complicates Banks’ Efforts to Fend off Lawsuits

Equifax Breach Complicates Banks’ Efforts to Fend off Lawsuits

By Elizabeth Dexheimer, Bloomberg News JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. are defending their practice of requiring customers to resolve disputes through arbitration, just as Equifax Inc.’s massive data breach complicates efforts to fend off rules that would make it much easier for consumers to sue banks. Last month, U.S.

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Why Financial Firms Want to Keep You Out of Court

By Elizabeth Dexheimer, Bloomberg News  When consumers sign up for a new credit card or checking account, often buried in the fine print of the contract is an arbitration clause. Invented by corporate lawyers, it typically requires consumers to resolve disputes privately through arbitration, not the courts, and bars them from joining together in so-called

Richard Cordray, director of the U.S. Consumer Financial Protection Bureau (CFPB), swears into a House Oversight and Government Reform Subcommittee hearing in Washington, D.C., U.S., on Tuesday, Jan. 24, 2012. Photographer: Andrew Harrer/Bloomberg

CFPB Hits Back at Efforts to Kill Rule Easing Bank Lawsuits

By Elizabeth Dexheimer, Bloomberg News Just days after approving a controversial rule that will make it much easier for Americans to sue their banks, the U.S.’s top consumer watchdog is already fighting back against attempts to prevent the regulation from taking effect. Consumer Financial Protection Bureau Director Richard Cordray said there is “no basis” to

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