Re:Wells Fargo says customers gave up right to sue by having...
by mcherm on Saturday November 26, 2016 @08:54AM
(#13043488)
> Perhaps the scope of signing away your right to a class action will be better understood.
I don't think there is a lack of understanding, I think (although I have no evidence for this) that MOST consumers, if asked what that clause meant, would say something like "Oh, that's the weasel words that let the company get around legal rules." Which is essentially true.
The problem is lack of power, not lack of understanding. There is no way to avoid these arbitration clauses. The companys' interests are such that they will include them and make no exceptions; consumers cannot even refuse and find a competitor because ALL competitors in the market will insist on it. So long as we offer a "don't have to be subject to the law" clause, everyone will use it.
I don't think there is a lack of understanding, I think (although I have no evidence for this) that MOST consumers, if asked what that clause meant, would say something like "Oh, that's the weasel words that let the company get around legal rules." Which is essentially true.
The problem is lack of power, not lack of understanding. There is no way to avoid these arbitration clauses. The companys' interests are such that they will include them and make no exceptions; consumers cannot even refuse and find a competitor because ALL competitors in the market will insist on it. So long as we offer a "don't have to be subject to the law" clause, everyone will use it.