Thursday, March 28, 2013

Arbitration: A lose/lose for consumers

One of my favorite Texans (and that’s a very small group) Jim Hightower writes a long, devastating critique of the arbitration clauses that are now a mandatory part of so many contracts we sign on a regular basis. Hidden deep in the fine print when we apply for a credit card, purchase an item or sign up for a service, very few of us even know these clauses exist until there is a problem, and then it’s too late.

Arbitration has been sold to us by companies and pro-business organizations as a fairer, faster and less cumbersome alternative to litigation, but in reality these clauses are a “Get-Out-Of-Jail-Free” card for corporations who, surprise, almost always come out on top. Hightower provides background on the slow and insidious way that corporate America rigged the system and left consumers virtually helpless when it comes to getting justice. 

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