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Millions of consumers may not be getting a fair resolution in disputes with their financial institutions over products and services, according to a report released Tuesday by the Consumer Financial Protection Bureau. The CFPB examined the arbitration clauses in contracts for credit cards, prepaid cards, private student loans, payday loans, cellphone service and checking accounts. These clauses generally permit companies to resolve consumer complaints using arbitration. Most bar consumers from filing class-action suits, which may provide a fairer and more …
At IBM, older workers who believe they were fired because of their age may have a harder time proving their claim under a new company policy, Bloomberg News reports. The New York-based tech company is no longer providing fired workers over age 40 with the ages and job titles of other older workers dismissed in a group layoff, the report said. That disclosure is important because it helps fired employees assess whether IBM has potentially demonstrated a pattern of age discrimination …
Anyone who has or may someday have family in a nursing home, take note: A mandatory arbitration agreement is probably not in your loved one’s best interest. Though such agreements are becoming increasingly common at nursing homes and assisted living facilities, there’s good reason for family members of residents not to sign.