Umpqua Bank has joined other financial services firms in barring customers from filing class-action lawsuits.
Umpqua Bank has joined other financial services firms in barring customers from filing class-action lawsuits.
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The moves come after a series of U.S. Supreme Court rulings upholding the right of companies to keep consumer disputes from going before a judge or jury. It also comes as banks battle numerous class-action lawsuits over alleged deceptive practices.Â
Umpqua, the largest Oregon-based bank and a division of Portland-based Umpqua Holdings Corp., inserted the arbitration requirement in a new deposit agreement mailed to customers last week. It takes effect Feb. 15.Â
The bank will require checking, money-market, CD and savings account holders to resolve disputes through an arbitration service in Portland. It also will waive the customer’s right to bring claims as part of a class-action lawsuit or class arbitration.
Read more at OregonLive.com.
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