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Sens. Kamala Harris (D-Calif) and Richard Blumenthal (D-Conn) on Friday sent a letter to JPMorgan Chase Chairman and Chief Executive Officer Jamie Dimon urging the bank to eliminate a forced arbitration clause from its credit card agreements.
Despite initially removing it in 2009, JPMorgan Chase has recently informed its customers of updated account terms that now, once again, include a forced arbitration clause. The new provision will be imposed on consumers unless they send Chase a physical letter within 60 days of receiving the notice.
“Forced arbitration is unfair and unjust to consumers,” wrote the senators. “One of the fundamental principles of our democracy is that everyone should get their day in court. Forced arbitration deprives Americans of that basic right. It limits the ability of consumers to seek justice and accountability before a judge or jury, and it prevents consumers from banding together to increase their power through class action lawsuits.”
A copy of the letter can be found here.
JP Morgan Chase is the largest bank in the United States and ranked sixth-largest in the world with recorded assets of approximately $2.6 trillion.
Harris also is one of nearly two dozen Democrats running for president.