BANKS

B of A’s Arbitration Policy Challenged: The California Trial Lawyers Assn., Consumer Action and four Bank of America customers sued in San Francisco to overturn a new policy by the state’s biggest bank imposing binding arbitration in customer disputes. Under the new policy, B of A can require customers to submit their dispute to binding arbitration in lieu of a trial. The complaint alleges that the policy violates the state’s Consumer Legal Remedies Act and the Unfair Business Practices Act. A B of A lawyer said that past legal cases support the bank’s efforts to set the new policy, adding that similar policies in the securities and health care industries have withstood legal challenges.