Economic news

Americans could band together to sue financial firms

U.S. consumer finance agency adopted a rule on Monday that makes it easier for groups of consumers to band together to sue their banks and credit card companies.

Banks inveighed against the rule, which denies financial firms an opportunity to block customers from banding together to sue them and force them into arbitration.

The rule will help to struggle against the harmful business practices such as charging illegal fees, experts say.

The new rule could take effect next year, but it is likely to face resistance from the banking system and House Republicans.

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