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– Robert L. Sachs, Jr.

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Republicans Oppose Rule That Would Allow Class Action Lawsuits Against Banks

“There is no moral or economic reason to deny people who have been harmed the right to sue in court. But Republicans keep trying to do so.” This quote by our managing partner, Attorney Robert Sachs, Jr., shows our passion for protecting citizens’ rights to sue financial institutions. However, not everyone shares our convictions. The Trump administration is trying to shut down a rule that would allow people to join together to file class action lawsuits against banks and other financial institutions. If the Republicans succeed in blocking this rule, thousands of victims of fraud and financial abuse would have to settle in arbitration, which almost always benefits the banks.

Here’s What You Need to Know

The Consumer Financial Protection Bureau is trying to pass a rule that will allow citizens to file class action lawsuits against financial institutions. Without this rule, banks can force citizens to settle complaints in arbitration, which often works in the interests of the banks. Bringing individual lawsuits against financial corporations is often too costly, so the best way to hold banks responsible is through class action lawsuits.

Keith Noreika, a bank lawyer appointed by Trump, tried to stall the rule by saying more time was needed to determine if the rule threatened the stability of the nation’s banking system. The Consumer Financial Bureau refused. The facts showed that the rule would cost around $1 billion a year for the banking system, which makes more than $171 billion per year. Thus, the rule would not destabilize the nation’s financial institutions. It would only keep them more accountable.

The Situation in the Healthcare Field Is the Same

The rule regarding financial institutions is similar to an Obama-era rule concerning nursing home lawsuits. Under this rule, nursing homes cannot force residents to settle disputes in arbitration rather than lawsuits. In effect, it gives residents the right to sue nursing homes for abuse and other violations of the law.

Now, however, the Centers for Medicare and Medicaid Services want to reverse this rule. This means residents would have to settle disputes in arbitration instead of litigation, which would almost always benefit the nursing homes. At Shrager, Sachs, & Blanco, we believe this is unacceptable. Residents should have the right to sue nursing homes and hold them responsible for their healthcare and business practices.

Shrager, Sachs, & Blanco Fights for Your Rights to Sue

If the Republicans succeed in repealing the rule concerning financial institutions, millions of people will be left vulnerable to fraud and unfair banking practices. In a similar vein, if the Centers for Medicare and Medicaid Services succeeds at reversing the Obama-era nursing home rule, millions of patients will be unable to sue for mistreatment and other unlawful practices. At Shrager, Sachs, & Blanco, we are passionate about keeping large corporations and healthcare providers accountable. Our Philadelphia personal injury attorneys know the importance of seeking compensation through class action lawsuits, and we have helped hundreds of clients achieve justice. We believe people have the right to band together to keep large corporations in check.

Contact our firm today to learn how we tenaciously uphold out clients’ rights in court.

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