Clinton Expected To Hit Wells Fargo In Speech On ‘Bad Corporate Actors’

[DonViejo]

Source: Reuters

WHITE PLAINS, N.Y. (Reuters) – U.S. presidential candidate Hillary Clinton on Monday will unveil a plan to make it easier for consumers to take legal action against “bad corporate actors,” citing Wells Fargo & Co and Mylan Pharmaceuticals, according to a campaign official.

While campaigning in Ohio, the Democratic nominee will explain how she would, if elected on Nov. 8, curb the prevalence of contractual clauses that require consumers, employees and other individuals to resolve legal disputes in private arbitration proceedings instead of in courts, her campaign said. Mandatory arbitration clauses sometimes require that claims be pursued on an individual basis instead of on behalf of a class of similarly situated individuals. Consumer advocates say this makes it prohibitively expensive to take legal action.

Clinton will call on the U.S. Congress to give agencies such as the Federal Trade Commission, the Federal Communications Commission and the Department of Labor the authority to restrict the use of arbitration clauses in consumer, employment and antitrust agreements, according to a preliminary plan reviewed by Reuters.

Clinton will also discuss how she believes that the Consumer Financial Protection Bureau and other agencies already have the authority to curb the use of such clauses under the 2010 Dodd-Frank Act. The planning document said she would urge the Securities and Exchange Commission to exercise its authority to make related rules authorized by the financial reform law. Wells Fargo is expected to be in the crosshairs when Clinton discusses how she would curb mandatory arbitration clauses.

-snip-

Read more: http://www.nationalmemo.com/clinton-expected-hit-wells-fargo-mylan-speech-bad-corporate-actors/

[allan01]

1. gooda

private arbitration violates my right to due process. when is the goverment going to go after these bad corperate actors who tanked the enonmy.

[tonyt53]

2. Yes, it does. Sounds like it helps, but for an individual, it sucks.

[forest444]

3. That's good; but there's probably very little she or anyone could do with these banksters.

They have been allowed to get so big, that if anyone seriously tried to prosecute them they could pull the rug out from under the economy and push the country into another depression. That's why Obama never went after them.

Nevertheless, some reform is possible; it's certainly better than nothing.

[RobinA]

4. Well...

Wouldn't not allowing your customer to sue you just be "good business?" And pretty "smart?"