There seems to be a lot of confusion about arbitration. Judging by recent media accounts, it's a crooked business designed by thieves for the purpose of cheating the virtuous.
Richard Cordray, director of the Consumer Financial Protection Bureau, was recently quoted in this newspaper saying, "Consumers should not be asked to sign away their legal rights when they open a banking account or credit card. Companies are using the arbitration clause as a free pass to sidestep the courts and avoid accountability for wrongdoing."
Cordray is right. But arbitration is not the problem. The situation is more complicated than that.