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	Comments on: Financial services regulation overhaul: goodbye to arbitration?	</title>
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	<link>https://www.overlawyered.com/2009/06/financial-services-regulation-overhaul-goodbye-to-arbitration/</link>
	<description>Chronicling the high cost of our legal system</description>
	<lastBuildDate>Fri, 26 Jun 2009 07:03:37 +0000</lastBuildDate>
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		<title>
		By: Friday, June 26, 2009: Daily Handpicked Headlines :: Daily Uprising		</title>
		<link>https://www.overlawyered.com/2009/06/financial-services-regulation-overhaul-goodbye-to-arbitration/comment-page-1/#comment-52177</link>

		<dc:creator><![CDATA[Friday, June 26, 2009: Daily Handpicked Headlines :: Daily Uprising]]></dc:creator>
		<pubDate>Fri, 26 Jun 2009 07:03:37 +0000</pubDate>
		<guid isPermaLink="false">http://overlawyered.com/?p=11954#comment-52177</guid>

					<description><![CDATA[[...] Overlawyered: Financial Services Regulation Overhaul - Goodbye to Arbitration? [...]]]></description>
			<content:encoded><![CDATA[<p>[&#8230;] Overlawyered: Financial Services Regulation Overhaul &#8211; Goodbye to Arbitration? [&#8230;]</p>
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		<title>
		By: Todd Rogers		</title>
		<link>https://www.overlawyered.com/2009/06/financial-services-regulation-overhaul-goodbye-to-arbitration/comment-page-1/#comment-52132</link>

		<dc:creator><![CDATA[Todd Rogers]]></dc:creator>
		<pubDate>Fri, 26 Jun 2009 00:49:43 +0000</pubDate>
		<guid isPermaLink="false">http://overlawyered.com/?p=11954#comment-52132</guid>

					<description><![CDATA[Here we go.  Would someone please &quot;ping&quot; our old pal Justinian to get his take on this?]]></description>
			<content:encoded><![CDATA[<p>Here we go.  Would someone please &#8220;ping&#8221; our old pal Justinian to get his take on this?</p>
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		<title>
		By: Mike		</title>
		<link>https://www.overlawyered.com/2009/06/financial-services-regulation-overhaul-goodbye-to-arbitration/comment-page-1/#comment-52092</link>

		<dc:creator><![CDATA[Mike]]></dc:creator>
		<pubDate>Thu, 25 Jun 2009 20:05:58 +0000</pubDate>
		<guid isPermaLink="false">http://overlawyered.com/?p=11954#comment-52092</guid>

					<description><![CDATA[The companies have brought this upon themselves.  There is nothing inherently wrong with arbitration, or even arbitration in consumer contracts.  But there is something VERY wrong with the mandatory ones frequently made a part of these contracts. The fact is, most consumers can&#039;t and don&#039;t get a fair shake in the arbitration proceedings mandated by the contracts.  

The provisions are almost uniformly more onerous on the consumer.  They have inconvenient choice of law and forum, impose unreasonable costs (the parties share the costs of 3 arbitrators, anyone?), raise the risks by shifting fees, etc. Plus, the companies are inevitably repeat players, frequently selecting the same arbitrator(s) that then become reliant on those companies as a part of their income.

Every company I&#039;ve ever worked for would never agree to the terms used in these arbitration provisions, so why would anyone think that they would be acceptable in a consumer context?

If companies were more careful about their mandatory arbitration rules, do you really think they would be so demonized?]]></description>
			<content:encoded><![CDATA[<p>The companies have brought this upon themselves.  There is nothing inherently wrong with arbitration, or even arbitration in consumer contracts.  But there is something VERY wrong with the mandatory ones frequently made a part of these contracts. The fact is, most consumers can&#8217;t and don&#8217;t get a fair shake in the arbitration proceedings mandated by the contracts.  </p>
<p>The provisions are almost uniformly more onerous on the consumer.  They have inconvenient choice of law and forum, impose unreasonable costs (the parties share the costs of 3 arbitrators, anyone?), raise the risks by shifting fees, etc. Plus, the companies are inevitably repeat players, frequently selecting the same arbitrator(s) that then become reliant on those companies as a part of their income.</p>
<p>Every company I&#8217;ve ever worked for would never agree to the terms used in these arbitration provisions, so why would anyone think that they would be acceptable in a consumer context?</p>
<p>If companies were more careful about their mandatory arbitration rules, do you really think they would be so demonized?</p>
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