Legal News: For The Week Ending February 1, 2013
By: Jeffrey Lapin Legal news for the week ending February 1, 2013, from around the United States and the world that you might have missed:
AMEX Changing the Rules: Arbitration Instead of Court
By: Jeffrey Lapin At least since October 2012, American Express (“AMEX”) has changed its Cardmember Agreement to permit it to select binding arbitration for consumer disputes. Before this change, cardmembers could select either arbitration or a trial by jury. Now, unless a cardholder opts-out, AMEX can require arbitration.
American Express to Pay Millions in Refunds and Fines
By: Jeffey B. Lapin The Consumer Financial Protection Bureau (CFPB) along with other federal agencies announced on October 1, 2012, that American Express Co. (AMEX) will pay $112.5 million in refunds and fines. These agencies alleged that three AMEX subsidiaries violated a number of federal laws with regard to credit cards, credit reporting and debt
CFPB Launches Consumer Complaint Database
By: Jeffrey Lapin The Consumer Financial Protection Bureau (CFPB) launched a Consumer Complaint Database that will provide basic information about complaints made against credit card companies. This is the first time this type of data is available to the public without the filing of a Freedom of Information request. The Database is located on the