California legislature approves arbitration measure

Source: James Rufus Koren, L.A.Times (Paid Registration)

The California legislature has approved a bill aimed at stopping banks from using arbitration clauses to shield themselves from lawsuits over sham accounts — a direct response to the Wells Fargo scandal.

At Wells Fargo, like at most big banks, when customers open accounts they sign contracts that contain an arbitration clause — a provision requiring disputes to be handled in private arbitration, not in court.

Read Full Article: California legislature approves arbitration measure



arbitration, court, wells fargo


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