Lawmakers Prod SEC To Nix Brokerage Arbitration Clauses

Law360, New York (April 30, 2013, 4:02 PM EDT) -- A group of 37 members of Congress on Tuesday pressed the U.S. Securities and Exchange Commission to stop brokerage firms from forcing customers to enter into binding arbitration agreements and give up their right to sue.

The letter from 37 members of the U.S. Senate and the U.S. House of Representatives comes as part of a broader push to end the arbitration mandates that Wall Street and other securities brokers are increasingly including in their terms of service following an April 2011 U.S. Supreme Court decision...
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