WASHINGTON, June 4 -- Sen. Richard Blumenthal issued text of the following press release:
Today, U.S. Senators Richard Blumenthal (D-CT) and Elizabeth Warren (D-MA) and U.S. Representative Hank Johnson (D-GA) wrote to Bank of America CEO Brian Moynihan, calling on the bank to immediately remove its recently added forced arbitration agreement, hamstringing consumers' legal rights and denying them the ability to hold corporations accountable.
"The new forced arbitration provision will force Bank of America's customers into a private and secretive system, rigged against their interests. During the arbitration process, corporations can write the rules and have no obligation to make proceedings public. Without access to the public court system...