Political Quotes

“Madam Chair, I yield myself such time as I may consume. Madam Chair, like the First Amendment, Fourth Amendment, and when you are from a small State, you are a big fan of the 10th Amendment as well. I like the Second Amendment, but I like the other ones, too. We are talking about credit cards, and we are talking about those issues, and I think we are talking about consumer contracts. The Consumer Financial Protection Bureau did a study in 2015, and it came up with a couple of things. Particularly, you cannot talk about getting rid of forced arbitration without talking about class actions again. For example, the CFPB study found that the substantial majority of class actions are resolved with no benefits to the class members. The weighted-average claims were only 4 percent, i.e., the vast majority of class members do not file claims for payment from class action settlement funds. The average settlement payment to class members was just $32.35, while the average attorney's fees averaged $1 million per case. The average fee paid to class action plaintiffs' lawyers as a percentage of the announced settlement was 41 percent, with a median of 46 percent. Class-action lawsuits produce class-wide settlements and took an average of nearly 2 years to resolve. Obviously, there are cases that go longer; there are cases that go shorter.…”