Consumer Confidential: Chase says arbitration 'provides better outcomes' for consumers. Nope, say researchers

JPMorgan Chase is notifying more than 40 million credit card holders that from now on they'll have to arbitrate any disputes, forgoing the option of filing a lawsuit or joining class-action suits.

Although an opt-out is possible (but difficult), this places Chase alongside many other businesses insisting arbitration is a better alternative for consumers than litigation.

"Arbitration is often faster, less expensive and provides better outcomes for our customers," said Mary Jane Rogers, a Chase spokeswoman.

Just one problem, though.

A recent academic study confirms what consumer advocates have been saying for years: Mandatory arbitration is a rigged system - rigged, that is, in favor of businesses.

"The whole game is stacked