Do credit card agreements still contain mandatory arbitration provisions? here is an update from Corporate Counsel:
We’ve been deluged with news about challenges to mandatory arbitration clauses over the last few months, ever since the U.S. Supreme Court issued its AT&T Mobility v. Concepcion opinion last April. So it’s refreshing to read a decision on arbitration provisions with a twist: in this case a good old-fashioned (alleged) conspiracy.
A federal judge in Manhattan on Wednesday denied a bid by Citigroup Inc. and Discover Bank to dismiss a long-running antitrust suit accusing them of conspiring with American Express and Wells Fargo to impose mandatory arbitration clauses on credit card holders from 1999 to 2003. And as detailed in the decision, much of the alleged conspiracy unfolded alongside the banks’ in-house and outside counsel.
Continue reading the article here.
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