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Consumer Fraud Lawsuit Filed Against National Arbitration Forum
August 5, 2009
Consumers have filed a class action lawsuit against the National Arbitration Forum, Inc. ("NAF") and the nation's leading banks and credit card companies. As the largest consumer credit arbitration company in the nation, the NAF holds itself out to the public, courts and consumers as a neutral third party arbitration service.
The NAF claims it is independent of the debt collection agencies and creditors that use its services. In fact, as alleged in the complaint against the NAF and the other defendants, the NAF is closely tied to the credit and debt collections industries. As a result, consumers whose cases are arbitrated through the NAF are placed at a significant disadvantage.