Please explain how this does that.
Can you not read? Do you prefer I come
Over and dictate all the news to you?
This law allows companies to force consumer into arbitration. The results of which are generally under a gag order. So a company that makes a product can injure hundreds of consumers while quietly paying them off a small sum. Consumers then have no way of knowing the product is dangerous and continue to use it until the cost of arbitration is too much for the company or they redesign a faulty product.
They no longer will have to litigate these cases in public or say if they knew about the issue prior to sale and deem the risk worth the reward.
“It robs consumers of their most effective legal tool against corporate wrongdoing,” Cordray said. “As a result, companies like Wells Fargo and Equifax remain free to break the law without fear of legal blowback from their customers.”
George Slover, senior policy counsel for Consumers Union, said the vote “means that big financial companies can lock the courthouse doors and prevent consumers who’ve been mistreated from joining together to seek the relief they deserve under the law.”
For years, Wells Fargo used arbitration clauses to block lawsuits from customers who alleged that unauthorized accounts had been opened in their names. Ultimately, the bank estimated that as many as 3.5 million such accounts were opened.
The bank agreed to settle some class-actions suits, but not until the CFPB, the Office of the Comptroller of the Currency and the Los Angeles city attorney’s office fined the bank over those practices last year. Even in cases that the bank settled, it had argued that the plaintiffs could not sue because of arbitration clauses.”
http://www.latimes.com/topic/business/equifax-ORCRP005319-topic.html
Watch Hot Coffe. You will see the same exact thing happened with story reform years ago to the detriment of the consumer