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Proposal Would Give US Consumers' Right to Sue Financial Companies

The top U.S. consumer financial regulator proposed a rule Thursday that would make it easier for ordinary consumers to file class-action lawsuits against their banks, rather than seek a resolution through mandatory arbitration. Most U.S. bank customers relinquished their right to sue when they signed credit card agreements, bank accounts and insurance policies without reading the fine print. The Consumer Financial Protection Bureau, wanting to to put a stop to that, proposed a rule...

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