Our film Lost in the Fine Print shows what happens when consumers and employees are prevented from standing up for their rights in court and instead forced to go before an arbitrator hired by the very company that wronged them. Much of the time, forced arbitration clauses mean those disputes never go anywhere at all. Now there is a new mass of additional evidence.
Markets for financial services often don't work well for consumers. The trial and error technique that consumers rely on in navigating many markets does not work well when transactions are large and infrequent. Financial firms that expect to see a customer only once may have little incentive to provide good service.