AFSA, U.S. Chamber File Amicus Briefs in Arbitration Cases
This week, AFSA and the U.S. Chamber of Commerce (Joint Trades) submitted amicus briefs before the Missouri Supreme Court in two cases involving the enforceability of arbitration provisions in loan agreements, Bridgecrest Acceptance Corp. v. Donaldson and Haulcy and Bridgecrest Acceptance Corp. v. Jones.
In both cases, the Joint Trades wrote in support of the Plaintiff (Bridgecrest Acceptance), arguing that a lower circuit court’s decision to not apply an arbitration agreement was at odds with binding legal precedent set by the Missouri Supreme Court and the U.S. Supreme Court. In addition, by denying Bridgecrest’s motion to compel arbitration, the court did not abide by federal law, specifically the Federal Arbitration Act, which allows parties to define the disputes they agree to resolve through arbitration.
In their brief, the Trades cited a study from the U.S. Chamber Institute for Legal Reform, illustrating that arbitration provides a fair, efficient, and inexpensive alternative to litigation. The study’s results found the following:
- Consumers are more likely to win in arbitration than in court.
- Consumers receive higher awards in arbitration than in litigation.
- Consumer arbitration is faster than litigation.
December 7th, 2021 by Dan Bucherer