For years AT&T and companies like it have buried fine print in service contracts that says the customer can't participate in class action lawsuits but instead must use binding arbitration. This process is usually overseen by a company hired by AT&T and you guessed it...the consumer often loses. Most rulings, until now, have gone in favor of the consumer. Judges in the past have said comapnies cannot take away customers legal options.

The Supreme Court ruled 5-4 Wednesday that consumers can be bound by an arbitration clause in a cellphone contract.

Today's case will effect anyone in America who has a cell phone contract, a credit card, or an employment contract.

(Video) Outten & Golden's  Adam Klein is the chair of the firm's class action practice group.  Klein says this ruling could have far reaching implications.