09/14/2022
AAJ Research today published a new analysis of how consumers fare in forced arbitration when they try to hold banks and financial services accountable. Forced Arbitration and Big Banks: When Consumers Pay to Be Ripped Off found that only 237 consumers out of 13,179 won monetary awards against banks and other financial services companies in forced arbitration at the American Arbitration Association (AAA)-the largest arbitration provider in the country-during the five years from 2017 to 2021, making for a win rate of just 1.8%. In more than 100 cases, consumers brought a forced arbitration case against a bank, only to be ordered to pay the bank.
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