The Catch-22.

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The Catch-22.

In your contract with the bank (or any organization) you agree to not join any class action lawsuits and to arbitration.

That's pretty cut and dry, par for course.

Company screws you over. Hell, company screws thousands of people over.

Your recourse? Nothing. Because you signed that contract preventing you from joining a class action suit and forcing you into arbitration.

The larger problem is, most competitor companies have the same clauses within their contracts. Your right to settle your grievances in a court are taken away from you if you want to do business in the USA.

Hopefully, with this playing out, things will change. This isn't a case of a 50-cent fee added to your phone bill or Comcast showing up 7 minutes late. WellsFargo has ruined the credit and reputation of thousands of people.

Maybe Congress will notice.

Originally shared by Chicago Tribune

Wells Fargo customers won't be able to sue the bank over fake accounts

One major group directly affected by the Wells Fargo scandal- the customers who had fraudulent accounts opened in their names - may have their hands tied.


http://www.chicagotribune.com/business/ct-wells-fargo-customers-fake-accounts-20160930-story.html

Comments

Jason ON said…
"Too big to fail" apparently means, too big to have to play by the rules. I mean, why not, when the government's got your back?
September 30, 2016 at 5:42 PM
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