BofA Settles Antitrust Suit Over Arbitration Clause

Law360, New York (December 15, 2009, 3:51 PM EST) -- Bank of America NA has become the second company to settle an antitrust lawsuit accusing several credit card companies of colluding to force consumers to arbitrate disputes.

The bank and counsel for the plaintiffs said Tuesday they had reached a tentative settlement, which still requires approval from the U.S. District Court for the Southern District of New York.

Under the proposal, BofA has agreed to drop an arbitration clause and class action ban from its consumer and small business credit card agreements for at least 3.5...
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