Discover's Legal Win May Be Industry's

Credit card companies may benefit from an appeals court ruling that a cardholder could not arbitrate his complaint as a class action. In a decision last week, the California state court in the Second Appellate District ruled that class-action waivers included in credit card user agreements are protected by the Federal Arbitration Act and must be enforced by state courts.

This article appeared in its entirety in the January 21, 2003 issue of American Banker.