Reported 2 days ago
A federal appeals court ruled that Citigroup can require military personnel to arbitrate claims over high interest rates charged on credit card balances after returning to civilian life, overturning a lower court decision. The case relates to claims that Citibank charged excessive rates after servicemembers' active duty period, during which rates were capped at 6%. The court stated that the Servicemembers Civil Relief Act (SCRA) does not override the Federal Arbitration Act, leading the plaintiffs to potentially seek further legal avenues.
Source: YAHOO