Contact: Ray De Lorenzi
202-965-3500, ext. 8369
AAJ Statement on JPMorgan Removing Forced Arbitration Clauses from Credit Card Contracts
Today, JPMorgan Chase & Co., the biggest credit card lender, will remove clauses from its contracts that force consumers into arbitration. Numerous reports and studies have shown these forced arbitrations are largely stacked against consumers.
The following is a statement from American Association for Justice President Anthony Tarricone:
“JP Morgan’s decision is a win for consumers, who previously had no recourse because of rigged forced arbitration proceedings. Unfortunately, other lenders and corporations outside the financial sector still insist on forcing their employees or customers into one-sided arbitrations to escape accountability. Congress must act and pass the Arbitration Fairness Act to prohibit this abusive practice and give Americans a real opportunity to receive justice when facing corporate wrongdoers.”