JPMorgan Chase & Co.(NYSE: JPM) has reached a tentative settlement with plaintiffs in a lawsuit accusing the bank and other financial institutions of conspiring to force cardholders to resolve credit-card disagreements out of court, according to reports. JP Morgan Chase agreed to remove the arbitration clauses from credit-card contracts, Dow Jones reported, Friday. A Chase spokesman told Dow Jones on Friday that the bank stopped sending debt collection cases to arbitration in July and thus decided to remove the arbitration clauses.
“JPMorgan's decision is a win for consumers, who previously had no recourse because of rigged forced arbitration proceedings,” the American Association for Justice, a lawyer’s association said in a statement, in response to the bank’s announcement. “Unfortunately, other lenders and corporations outside the financial sector still insist on forcing their employer or customers into one-sided arbitrations to escape accountability."
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