Just in time for Halloween the Senate has approved a Bill, destined to become law, which would shield banks from class action law suits.
Banks, credit card issuers and other financial companies will be able to block customers from banding together to sue over disputes, after the U.S. Senate on Tuesday narrowly killed a rule banning the firms from using “forced arbitration” clauses.
Republican Vice President Mike Pence appeared on the Senate floor at 10:11 p.m. EDT (0211 GMT) to cast the tie-breaking vote as the chamber’s president and approve the most significant roll-back of Obama-era financial policy since President Donald Trump took office vowing to loosen the leash on Wall Street. The final count was 51 to 50.
The Republican-dominated House of Representatives has already passed the resolution repealing the Consumer Financial Protection Bureau (CFPB) rule released in July, which also bars regulators from instituting a similar ban in the future.
Class actions are a mixed bag. But, in some cases, they do represent an easier way for multiple defendants to air real grievances, usually against a much more powerful plaintiff. An example:
Mega Bank X illegally created a million plus fake accounts in order to boost fees and manipulate earnings, their customers none the wiser. Said actions, already illegal, had financial ramifications for many of the unaware
marks customers. The government, caring nothing for justice, mildly slapped Mega Bank’s wrist, as the guilty executives rode into the sunset with million$ in bonuse$. Many marks customers felt robbed, as they were.
In this case, which I did not make up, a class was formed from the affected victims and proceeded to court. Such action will not be tolerated much longer. The banksters own the government and write most laws for their benefit – not yours. Your job is to suffer and pay and keep quiet.
Oh, and to vote. Please vote. Your vote counts! You must legitimize the system that robs you. It’s your civic duty. And you get a little sticker – just like second grade.
Now, speaking of Halloween: I have a special feature coming shortly. Stay tuned.