This Class Action Opt Out Process Should be Illegal

[CrazyOne]

Most automatic Opt-ins should be illegal. Especially the mandatory arbitration. Rivian and Disney are recent ones I came across.

If we did not opt out of arbitration during purchase, we may not be eligible to participate in a class action against Rivian. Not that I want to make these lawyers richer.

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[SoCal Rob]

Lots of factors go into investing, especially with an IPO. No argument there. If Rivian is guilty of what the class action is claiming, then they mislead investors with information that investors would have had to rely on when deciding to make that investment.

Every investment carries with it risk. Early on there was a huge surge in the stock price likely driven by FOMO and I'm sure many got swept up in that.

I invested in Rivian because I believed in the company. I was an early investor in Tesla and believed in that company up until EM turned into a complete psycho whose current positions (and the friends he keeps) are at odds with the principles he founded Tesla with. I sold last year at a time when the stock was fairly low and walked away with much less profit than I could have but I simply don't believe in the company any more.

I bought Rivian and continue to buy Rivian because I believe in the company and its mission and think RJ is a much better reflection of the type of CEO I would want to support with my investment dollars.

I'm in it for the long haul and want Rivian to succeed. If opting out wasn't so arduous I would do so on principle, but, ultimately if they were in the wrong they need to be held accountable, learn from that, and not repeat those mistakes in the future.

I agree 100%.

I was just trying to make the point that the cost of materials and components was volatile beyond any expectation because of the pandemic and so I suspect that RIVN didn't intentionally defraud investors. It was probably about the worst time to launch production on a new vehicle from a new company in the last several decades. It's amazing how quickly we can forget, but I still remember the legacy manufacturers being constrained so RIVN was at a distinct disadvantage.

 

[kylealden]

There are many reasons to opt out of a class action, not just to sue yourself.

There may be other emotional reasons beyond controlling your own legal recourse, but there really aren't other practical or legal reasons that I'm aware of.

 

[Donald Stanfield]

There may be other emotional reasons beyond controlling your own legal recourse, but there really aren't other practical or legal reasons that I'm aware of.

I see this as a more significant problem that is not limited to class actions. Spam, unsolicited phone calls, unsolicited property offers, auto-enrollment, and other similar actions are all heads of the privacy violation hydra, and it's time we started limiting what others can do on our behalf. I believe informed consent is essential, and opt-in unsolicited legal action is not done with informed consent.

I suppose you could label that as an emotional reason. I prefer to see it as an opinion that reflects a core value of mine.

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