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If you were involved in a debt collection dispute handled by the National Arbitration Forum you could benefit from a class action settlement.
A Settlement has been reached in a class action lawsuit involving the National Arbitration Forum (“NAF”) and several other defendants. NAF was the largest arbitration company in the United States for consumer credit disputes. NAF was selected by companies to act as an independent and impartial party to resolve legal disputes with consumers outside of the court system.
The lawsuit claims that the NAF failed to resolve disputes fairly and impartially, and their decisions favored large creditors and debt collection law firms that regularly used NAF to resolve debt claims. In addition, the lawsuit claims NAF did not disclose financial conflicts of interests with the law firms that filed claims with NAF against consumer debtors.
The Settlement provides benefits to consumers whose debts are or were handled by NAF. The general public also receives a benefit from this Settlement because NAF will discontinue its allegedly unfair and biased business practices that the lawsuit claims violate federal and state consumer protection laws.
Under the Settlement, the Court also issued Findings of Fact regarding NAF’s alleged financial conflicts of interests with the law firms that filed claims with NAF against consumer debtors. The Findings of Fact are judicially determined facts that may be used in any consumer debt collection dispute where a creditor attempts to collect an amount awarded by NAF arbitration.
