Antitrust Law
Credit Card Cos. Can Be Sued for Forcing Arbitration, 2nd Circuit Says
Posted Apr 25, 2008, 11:15 am CDT
By Martha Neil
Updated: A class action by credit card holders over mandatory arbitration provisions imposed by credit card issuers can proceed to trial, a federal appeals court has ruled.
The New York City-based 2nd U.S. Circuit Court of Appeals decision today overturns a district court ruling that the cardholders did not have a viable case, Reuters reports.
By alleging that the defendant banks and co-conspirators "illegally colluded to force the cardholders to accept mandatory arbitration clauses in their cardholder agreements," the plaintiffs adequately alleged antitrust claims, the appeals court said in its opinion (PDF), a copy of which was provided by the Wall Street Journal Law Blog.
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