Consumer advocates like Wendell say these legal maneuvers, often buried in fine print, spare their authors from accountability. There's no outcry because people don't know what's happening. And when we don't know what's happening, we can't take steps to stop that from happening in the future. More: El Paso's property tax rate is among the highest in the nation. Here's why. In , Wells Fargo made national headlines after it overcharged its customers by creating millions of fake bank accounts.
Wells Fargo then successfully blocked some of those harmed from suing the bank in court using forced arbitration. Waivers on class action, Wendell said, further erode accountability. Class action lawsuits are a legal tool that puts groups of individuals on more equal footing with larger and better resourced opponents.
For example, a class action suit allowed thousands of Black, Latino and Asian car buyers to sue auto loan companies with ties to Toyota, General Motors, and Honda for charging them higher interest rates on auto loans than white customers.
Since those lawsuits, major auto dealers have written mandatory arbitration and class action bans into their contracts. Studies, including one by the CFPB, show that when class action is eliminated, individuals are far less likely to pursue a case on their own. But a single account holder or customer might not find the cost and effort of fighting such a small charge worthwhile.
It also allows members to reject the provision, albeit for a limited time. After 30 days, the window closes. Box , El Paso, TX Zant recommends signing and dating the notice and sending it via certified mail. She also recommends keeping a copy of your notice in your personal records. Mortgage Frequently Asked Questions. Preferred Builders Program. TruStage Home Insurance.
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