Category: Banking News

Banking News

JPMorgan Chase Seeks to Prohibit Card Customers From Suing – The New York Times

JPMorgan Chase Seeks to Prohibit Card Customers From Suing  The New York Times

WASHINGTON — JPMorgan Chase is trying to require its credit card customers to go into private arbitration to settle disputes — even if they involve an older account — by reintroducing provisions it dropped a decade ago. “With arbitration, you cannot go to court, have a jury trial or initiate or participate in a class action for your dispute(s) with us,” the bank said in notifications sent to customers. The change, which affects about 47 million accounts, including those for Chase’s popular Sapphire cards, reflects a broader effort by Wall Street firms to prevent customers and employees from…