I am just amazed that AMEX has not pulled the rug from under this law firm. I can only speculate that they are banking on getting money from me in the future somehow, as a judgement is good to collect on for 20 years ?
This is a strategy many OCs are using now.
When faced with arbitration blowing up in their faces, they have 3 possible strategies:
1. Remove arbitration from the contract. Some did this. Others are willing to put up with the hassles to prevent class action suits.
2. Fold like they used to. This saves money on the particular case, BUT, they see places like DB spreading the word about arb, so they want to discourage people from arbitration, so
3. Pay through the nose and go to the bitter end. Pay many times the debt to get a judgment, even if it cannot be enforced.
The idea is by pursuing EVERY arbitration to the bitter end, they will somehow persuade us to stop arbitrating.
Well, I have never lost an arb, but most of mine were in the days when they would just fold, and I also always had storng counterclaims.
I personally would be willing to go to the bitter end just to make them pay through the nose to collect from me.