CONSUMER ARBITRATION AND MAJOR CREDIT CARDS

Recently Bank of America and Chase have decided to change their ways. Both of these major credit card issuers have chosen to drop arbitration clauses from their card holder agreements.
There is no coincidence that there have been many recent filings of lawsuits against National Arbitration Forum with regard to these agreements. It appears as though National Arbitration Forum got caught with their hand in the cookie jar by the Minnesota Attorney General.
It is also relevant that there is pending legislation where the sponsors have attempted to prohibit arbitration agreements in consumer contracts and employment agreements. This bill is sponsored by Senator Feinstein of California.