Ruling by US watchdog deals big blow to banks
Consumer agency adopts rule prohibiting financial firms from forcing customers into arbitration in disputes
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New York
The US consumer watchdog adopted a rule on Monday that would pry open the courtroom doors for millions of Americans by prohibiting financial firms from forcing them into arbitration in disputes over their bank and credit card accounts.
The action, by the Consumer Financial Protection Bureau, would deal a serious blow to banks and other financial firms, freeing consumers to band together in class-action lawsuits that could cost the institutions billions of dollars.
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