“Corporations don’t make decisions, people do, but for far too long, CEOs of giant corporations that break the law have been able to walk away, while consumers who are harmed are left picking up the pieces…”
I don’t think anyone will argue that senior management – more than just the CEO – needs to be held legally accountable for criminal acts, breaking the trust that consumers placed in them, and for breaching their fiduciary responsibilities, a breach of due care.
That being said, there is another area with grave consequences that exceed the in-your-face financial crimes and breach of trust … forced arbitration. This directly affects two groups of people:
What is forced arbitration?
In forced arbitration, a company requires a consumer or employee to submit any dispute that may arise to binding arbitration as a condition of employment or buying a product or service. The employee or consumer is required to waive their right to sue, to participate in a class action lawsuit, or to appeal. Forced arbitration is mandatory, the arbitrator’s decision is binding, and the results are not public.
Source | https://www.consumeradvocates.org/for-consumers/arbitration
Forced arbitration clauses are so widely used today, that a person has no actual choice but to involuntarily waive their rights under the tort legal system in the USA if that person wants to buy the product or service, or to seek professional employment. Here are just three examples:
- Purchasing a cell phone monthly subscription service
- Buying insurance (any type)
- Employment in the marketing department of any major corporation
Arbitration agreement clauses affect everyone … everyday. Not just those affected by a corporation’s criminal acts or fiduciary breaches.
Please tell me which presidential candidates are giving this issue any committed attention.