National Aribitration Forum (NAF) to Cease Credit Card and Other Consumer Arbitrations
July 19, 2009
The following is partially excerpted from the BusinessWeek article “Big Arbitration Firm Pulls Out of Credit Card Business.”
In a surprising turn of events, the National Arbitration Forum (NAF) has agreed to stop accepting consumer credit card arbitration suits, Minnesota Attorney General Lori Swanson said on Sunday, July 19.
The Minnesota AG sued the firm on July 14 for consumer fraud, deceptive trade practices, and false advertising.
Under the terms of the settlement, NAF by the end of this week will stop accepting new consumer arbitrations of any kind.
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