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 Friday, April 25, 2008 |
Federal appeals court reinstates class action against credit card arbitration
Mike Rosen-Molina at 5:35 PM ET
[JURIST] A panel of the US Court of Appeals for the Second Circuit on Friday overturned [opinion, PDF] a lower court ruling dismissing an antitrust class action lawsuit against a group of banks that require credit cardholders to use arbitration to settle disputes. The cardholders argue that the banks, which include Bank of America, Wells Fargo, and Citigroup [corporate websites], violated federal antitrust law by colluding to force cardholders to use arbitration instead of the courts.
In 2006, the US District Court for the Southern District of New York dismissed the antitrust suit for lack of standing under Article III of the United States Constitution. Reuters has more.
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