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Comment by reaperman | Hacker News Reader

https://news.ycombinator.com/item?id=40071539

> I went to a lawyer and was told it wasn't worth suing, because they required arbitration in NYC, which would cost more than I would save.

It sounds like arbitration does not work, according to people who had their lawyer look into it for this exact case. What are your thoughts on it given this new information available to you?

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> What are your thoughts on it given this new information available to you?

Curious who that lawyer is. Because for financial arbitration, the win rates are ridiculously skewed in favour of borrowers and retail investors.

Do you have a source for that?

I'd like to read it and add it to this list: https://arbitrationinformation.org/docs/references/

That looks like a biased source, concluding in the first sentence of its introduction that "pre-Dispute Arbitration agreements force people into a form of ‘Rustic Justice’ whose primary purpose to evade meaningful accountability for violations of contract or statutory rights" [1].

That said, I do know bank lobbying group who want to outlaw arbitration for unaccredited investors. Will pass this along.

[1] https://arbitrationinformation.org/docs/problems/

I wrote that page after reading every one of those sources. In full. Including all cited supreme court cases. I actually initially felt that mandatory arbitration was fine and somewhat pro consumer. I changed my mind as a direct result of the research.

To the extent possible id like to strongman arbitration but need to find sources.

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