the plans came as a law firm that sued major card issuers reported a tentative settlement with Capital One on Thursday over clauses requiring arbitration rather Nike Uptempo Brown
than litigation in disputes including debt collections. JPMorgan Chase Co. reached a similar agreement last month in the four year old case, and Bank of America Corp. followed suit on Tuesday.
Eliminating the provision, she said, "would be the simplest way to pre empt any confusion or concern that might arise in the future."
Capital One made a similar three and a half year commitment in its tentative settlement, Berger Montague said.
Philadalphia based Berger Montague said its tentative settlements with Capital One and the two other card issuers leave four remaining defendants in the lawsuit: Citibank, Discover, HSBC and the National Arbitration Forum. The case is a class action lawsuit brought on behalf of card holders in federal court in New York City.
But she said the litigation did not drive the decision to drop the arbitration clause. Most disputes with customers are handled through customer service channels, she said, and arbitration "has not been utilized often enough by either our cardholders or Capital One to warrant having it remain in the agreement."
BOSTON (AP) Capital One Financial Corp. will Nike Vapormax Heritage Neon drop language from credit card contracts that requires customer disputes to be handled through binding arbitration rather than the courts, a spokeswoman for the bank said Thursday.
Capital One settles litigation over card disputes
New agreements without the mandatory arbitration clause will be sent to all Capital One credit card customers next month, spokeswoman Pam Girardo said.
Girardo confirmed that McLean, Va. Adidas Prophere Footasylum
Banks say arbitration is less costly for everyone than litigation as a forum for resolving disputes. They also argue that banks' increased legal costs would in turn be passed on to consumers. But consumer groups have criticized arbitration as tilted in favor of banks. Many consumers are unaware that card agreements typically include a clause that waives a card holder's right to sue.
The lawsuit alleges that major banks conspired to require their card customers to resolve disputes in arbitration.
based Capital One has reached a settlement with the firm Berger Montague, subject to court approval.
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