Bloomberg Law
Oct. 26, 2015, 2:43 PM UTC

RushCard Lawsuit Puts Extra Focus on Arbitration

Bloomberg Law - Staff Reports

By Chris Bruce, Bloomberg BNA

RushCard, the prepaid payment service founded by entertainment mogul Russell Simmons, is facing more complaints about access to account funds, this time in a lawsuit that adds extra focus to a proposed regulatory plan to limit arbitration clauses.

Stephanie Fuentes and others filed a federal class-action suit on Oct. 23 in Manhattan, alleging a laundry list of claims after being unable to access funds in their RushCard accounts. The company already is facing questions from the Consumer Financial Protection Bureau. CFPB Director Richard Cordray Oct. 23 said his agency is taking “direct action to get to ...

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