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Rule would allow consumers to sue banks in court – and that’s a good thing

I recently stumbled across some comments that should be of concern to the trial lawyer bar and President Barack Obama. That there is contempt on the Internet for trial lawyers and the president is hardly news. But the comments I read were spitting fire at Obama and liberal lawyers were found on, a government-run site where the public can comment on proposed federal regulations.

The proposed regulation that brought out a good number of Americans to rail against plaintiffs’ lawyers and Obama is the Consumer Financial Protection Bureau’s rule that will end the practice of certain financial institutions that use arbitration and “class waiver” clauses as a one-two punch to prevent consumers from participating in class-action lawsuits. The issue is that many banks embed these provisions within the lengthy agreements given to consumers when they open a checking account.


For a rule that seems to favor the average American over Wall Street, it seemed to me Obama was taking a lot of heat. Indeed, the word “impeach” showed up in in a dozen of the posts.

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