Political Quotes

“Mr. Chairman, I yield myself the remainder of my time. In closing, I just want to ask one simple question: Under this bill, who wins and who loses? Do consumers win? No. Studies show arbitration provides consumers faster and cheaper results that are just as good as court outcomes deliver; and we know that they will have way more access to a result in small cases that are bigger than small claims and too small--those in which hiring a private lawyer at an hourly rate makes sense but are too small so class action doesn't apply. Do employees win? No. Research shows employees are three times more likely to win in arbitration than in court, and prevailing employees typically win twice as much money in arbitration in a shorter period of time. Do class action plaintiffs win? Not if you listen to the Consumer Financial Protection Bureau. The CFPB'S 2015 study of arbitration and class actions found the substantial majority of class actions were resolved with no benefits flowing to the absent class members. The weighted average rate in class actions was only 4 percent, meaning the vast majority of class members do not file claims for payment under class action settlement funds. The average settlement payment, again, was only $32.35. Does anybody win under this bill? Surprise, surprise, somebody does. It is the plaintiffs' in class action trial bar. Once again, all you have to do is look at the CFPB's study.…”