Chase Ends Arbitration Also
Though many months later, Chase has followed on the heels of Bank of America in ending its practice of arbitration for its customers, which now opens them up for potential lawsuits just like any other business.
In this instance, Chase is trying to solve the dilemma of the class action lawsuit against them and many other creditors over this arbitration thing, which has favored bankers over consumers at a rate of around 90%. In California, that figure was around 95%.
If the judge overseeing the lawsuit approves, Chase will be dropped from the main class action lawsuit. Chase had said that they already had stopped using arbitration in August. They also say this is a test for at least 3 years, but it seems unlikely that they would want to go through this type of thing again.