Bank of America drops credit card arbitration process

Bank of America announced a policy under which an unhappy consumer can sue the bank over disputes regarding credit card and other loans. The move makes Bank of America the first major lender in the country to forgo the arbitration process for many consumer accounts. "It is certainly significant," said Alan Kaplinsky, a partner at Ballard Spahr Andrews & Ingersoll. "Whether others follow is an open question. Other banks and companies have used arbitration for years and are happy with it."

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