Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Agricultureread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
The president also said he "offered to personally vouch" for Rocky's bail. Sweden, however, does not have a bail system.Politicsread more
CoinShares Chief Strategy Officer Meltem Demirors discusses Facebook's Libra project and its impact on the cryptocurrency market after testifying to the House Financial...Fast Moneyread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
In a series of tweets, the president addressed an unusual controversy stemming from a speech delivered Thursday by New York Fed President John Williams.Marketsread more
JPMorgan Chase is trying to make it harder for its credit card customers to sue the bank in court by requiring them to go into private arbitration to settle disputes.
The opportunity for JPMorgan Chase credit cardholders to opt out of binding arbitration expires in a month.
The bank notified customers in May that their right to sue over grievances connected to their Chase credit cards will go away unless they take some action by the first week in August.
Unlike class action lawsuits that can be brought by a group of aggrieved consumers, arbitration cases generally can be brought only by individuals. And the private process is overseen by a third party rather than an appointed judge.
Up to 47 million customers could be impacted by the change at Chase, including holders of the Slate and Sapphire card.
"Arbitration typically benefits companies over consumers, so it can't hurt to opt out and open some alternatives," said Ted Rossman, industry analyst at CreditCards.com.
Overall, the change in unlikely to have a big impact on consumers, Rossman said. He said the average person receives just $32 in a class action lawsuit.
However, consumer advocates say the outcomes of arbitration are even grimmer. Just 9% of people who bring such claims walk away with relief, according to the left-leaning Economic Policy Institute.
And they point to the success consumers have had in previous class action lawsuits.
In 2009, Chase agreed to temporarily drop arbitration clauses from its credit card agreements after a class action lawsuit alleged the bank conspired with Capital One, Bank of America, Citigroup, Discover and HSBC to block consumers' grievances from the courts.
A few years later, in 2012, Chase agreed to pay $110 million to settle a class action lawsuit brought over its overdraft fees.
More companies are trying to keep their customers out of court. In 2016, 72% of banks included an arbitration clause in their disclosures, up from 59% in 2013, according to Pew Trusts. (The researchers looked at the largest financial institutions.)
If you wish to opt out of the new Chase agreement, you can send a letter to the bank explaining that you, "reject this agreement to arbitrate." Your notice needs to be mailed to Chase at P.O. Box 15298, Wilmington, DE 19850-5298.
You can also look for a bank that doesn't try to get you to sign away your right to sue, such as Bank of America, Capital One or TD Bank.