Class action suits in the US financial sector are all but over
Washington — Banks, credit card issuers and other financial companies will be able to block customers from banding together to sue over disputes, after the US Senate on Tuesday narrowly killed a rule banning the firms from using "forced arbitration" clauses. Republican Vice-President Mike Pence appeared on the Senate floor at 2.11am GMT to cast the tie-breaking vote as the chamber’s president and approve the most significant roll-back of Obama-era financial policy since President Donald Trump took office vowing to loosen the leash on Wall Street. The final count was 51 to 50. The Republican-dominated House of Representatives has already passed the resolution repealing the Consumer Financial Protection Bureau (CFPB) rule released in July. The resolution also bars regulators from instituting a similar ban in the future. After a signature from Trump, expected soon, the resolution will abruptly end a years-long fight that has included multiple federal regulators, consumer advocacy group...
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