National Arbitration Forum Barred From Credit Card And Consumer Arbitrations Under Agreement With Attorney General Swanson
Swanson Also Wants Congress to Ban “Fine Print” Forced Arbitration Clauses
Minnesota Attorney General Lori Swanson and the National Arbitration Forum, the country’s largest administrator of credit card and consumer collections arbitrations, have reached an agreement that the company would get out of the business of arbitrating credit card and other consumer collection disputes.
“I am very pleased with the settlement. To consumers, the company said it was impartial, but behind the scenes, it worked alongside credit card companies to get them to put unfair arbitration clauses in the fine print of their contracts and to appoint the Forum as the arbitrator. Now the company is out of this business,” said Swanson.
Hat tip to Bob Ambrogi, who looks at the implications of this move and the connections to collections industry giant Mann-Bracken..