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Class action suits may be easier, if only arbitration was opt-in-by-default or easier to opt out of.

Class action is an utter joke that has done nothing more than FURTHER commodify harming consumers for a price.

If a company sends you a $2 check ten years after they recognize a profit from defrauding you or lying to you or harming you, that's not a punishment, and is certainly not an incentive to not do those things.

I think they punish companies to a considerable degree. It's just that since legal costs on both sides are non-trivial, not much makes it to the harmed consumers.

In practice they serve to enrich lawyers and that’s about it.

That's not true. They also enrich the lawyers' preferred nonprofit organizations.

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