Minnesota AG Sues National Arbitration Forum

Our friend Denise Richardson has picked up on a great story about the fight for regulatory reform.  This time, she’s blogging for the Florida Sun Sentinel about a lawsuit filed by Minnesota Attorney General Lori Swanson:

“In a suit filed on July 14, 2009, Swanson has sued the National Arbitration Forum, the nation’s largest provider of consumer debt collection arbitrations and the company responsible for the arbitration of most credit card customer disputes, alleging that the NAF is not in fact a disinterested party. The suit alleges that NAF is actually owned by one of the corporations that also owns one of the country’s major debt collection enterprises.
All I can say is, kudos AG Swanson!”

Other news outlets are also covering this lawsuit, including the Saint Paul Legal Ledger and Business Week, which last June ran a cover story on NAF’s corrupt and abusive practices.

AFFIL is proud to see people working to end forced arbitration and other predatory practices in the lending industry, and we hope that this case will get us one step closer to a fair financial system.