Several weeks ago this blog noted that the State of Minnesota had filed suit against National Arbitration Forum ("NAF"), a major player in the field of credit card debt arbitrations. In Blawg Review #221, the NAF story was updated with breaking news that NAF was abandoning the credit card arbitration business entirely.
The second shoe has now dropped. "Two RICO antitrust class actions accuse the National Arbitration Forum of conspiring with American Express, Bank of America, Wells Fargo and other major credit card companies to make it difficult or impossible for consumers to get fair resolutions of disputes." Jessica Chapman, Arbitrator Was a Conspirator, Classes Claim (July 29, 2009) www.courthousenews.com. Having done more than the average amount of research into RICO claims, I admire anyone with the brass to bring one of the least favored civil causes of action on earth. But this one may have a shot, given that it took all of a week to chase NAF out of an incredibly lucrative line of business.