clear
Saturday November 25th, 2017 12:35AM

Business groups sue to stop rule opening them up to lawsuits

By The Associated Press

WASHINGTON (AP) — The U.S. Chamber of Commerce and an array of trade groups representing banks and businesses have filed a lawsuit targeting a rule that allows people to band together to sue banks or credit card companies.

The rule from the Consumer Financial Protection Bureau would give people the chance to join forces to sue rather than go to an arbitrator.

The business groups are challenging the constitutionality and legality of a rule they say will expose their members to expensive class-action litigation while denying them the benefits of arbitration.

Congress is also considering whether to overturn the rule.

Supporters in Congress say the rule helps hold companies accountable and brings wrongdoing to the public's attention.

  • Associated Categories: Associated Press (AP), AP Online Headlines - Washington, AP Business, AP Business - Consumer News, AP Business - Corporate News, AP Business - Industries, AP Business - Financial Services
© Copyright 2017 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
AP sources: Trump says Price's travel becoming a distraction
AP sources: Trump deeply frustrated over health chief Tom Price's travel controversy
3:33PM ( 10 minutes ago )
Travel industry sticking with trips to Cuba from US
Travel industry says despite dramatic warning from US government, trips to Cuba for Americans will continue
3:22PM ( 21 minutes ago )
Puerto Rico angry at Trump official 'good-news story' remark
Trump pledges relentless effort to help Puerto Rico as his top disaster official stirs a tempest of her own
3:22PM ( 22 minutes ago )
Associated Press (AP)
The Latest: Cuba decries US move to withdraw embassy staff
Cuba says the U.S .decision to reduce staffing at its Havana embassy, to stop issuing visas and to warn Americans against Cuba travel is "precipitous" and will damage bilateral cooperation
2:54PM ( 50 minutes ago )
Stalemate over Catalan vote keeps Spain in suspense
Catalan farmers riding scores of tractors have rumbled into downtown Barcelona in a show of support for a potentially explosive vote on whether the prosperous region should break away from the rest of Spain
2:51PM ( 52 minutes ago )
EU to seek higher digital taxes on US giants
French President Emmanuel Macron says there's a groundswell of support in the European Union to make sure digital U.S. giants pay more taxes on their lucrative business on the continent
2:49PM ( 55 minutes ago )
AP Business
Dems wield Equifax, Wells Fargo in fight over arbitration
Democratic senators are highlighting scandals at Wells Fargo and Equifax in a bid to stop Republicans from overturning a federal rule that would let consumers join together to sue financial companies
2:19PM ( 2 days ago )
Equifax CEO steps down in wake of huge personal data hack
Equifax CEO steps down, becomes 3rd executive to leave in wake of data hack
6:14PM ( 2 days ago )
Public shaming likely but GOP wary of new laws after Equifax
Prospects are good for a public shaming in the Equifax data breach, but it's unlikely Congress will institute sweeping new regulations after hackers accessed the personal information of an estimated 143 million Americans
11:16AM ( 1 week ago )
AP Business - Consumer News
The Latest: Trump touts 'giant, beautiful, massive' tax cut
President Donald Trump will promote his plan for a sweeping rewrite of the tax code to an audience eager for the proposed change
12:05PM ( 3 hours ago )
Farmers say Maria wrecked bright spot of Puerto Rico economy
The agricultural sector, one of the rare bright spots in Puerto Rico's economy, has been devastated by Hurricane Maria
11:24AM ( 4 hours ago )
Senator slams Twitter over suspected accounts tied to Russia
Democratic senator criticizes Twitter over its explanation of suspected accounts tied to Russia
3:53AM ( 11 hours ago )
AP Business - Corporate News
Trump met with Kevin Warsh as part of Fed chair search
White House official says Trump met with Kevin Warsh as part of search for next Federal Reserve chair
12:24PM ( 3 hours ago )
IMF chief tells central bankers to not dismiss bitcoin
Christine Lagarde, the head of the International Monetary Fund, says it would be a mistake if the world's central bankers ignore digital currencies
10:23AM ( 5 hours ago )
Hospital official says 5 killed in Afghan suicide bombing
Hospital official says at least five people killed and 20 wounded in a suicide bombing outside a Shiite mosque in Afghan capital Kabul
8:21AM ( 7 hours ago )
AP Business - Industries
Con man steals spotlight as informant in basketball probe
Con man failed in scheme to make movies with money swiped from pro athletes, but succeeded in stealing spotlight in college basketball scandal
9:31AM ( 1 day ago )
Former UK leader Brown calls for new economic oversight body
Former British Prime Minister Gordon Brown, the man who gave the Bank of England the independence to set interest rates when he was the country's finance chief, is calling for the creation of a new joint oversight group
9:23AM ( 1 day ago )
Obscure con man steals spotlight as informant in hoops probe
Con man Louis Martin "Marty" Blazer III is obscure no more after shaking college basketball to its core working as a U.S. government undercover operative
12:27AM ( 1 day ago )
AP Business - Financial Services
AP sources: Trump says Price's travel becoming a distraction
AP sources: Trump deeply frustrated over health chief Tom Price's travel controversy
3:33PM ( 10 minutes ago )
Travel industry sticking with trips to Cuba from US
Travel industry says despite dramatic warning from US government, trips to Cuba for Americans will continue
3:22PM ( 22 minutes ago )
Puerto Rico angry at Trump official 'good-news story' remark
Trump pledges relentless effort to help Puerto Rico as his top disaster official stirs a tempest of her own
3:22PM ( 22 minutes ago )
The Latest: Brown signs California affordable housing bills
Gov. Jerry Brown has signed 15 bills to provide more money for affordable housing and streamline regulations that can stifle construction
3:15PM ( 29 minutes ago )
Moscow police keeps opposition chief Navalny away from rally
Police in Moscow have held Russian opposition leader Alexei Navalny in their custody for hours in an apparent bid to prevent him from joining a rally that he organized in another city, where several activists were also detained
3:14PM ( 29 minutes ago )