Class action lawsuits are all the rage these days, and Valve is just one of many moving to protect themselves with updated user agreements.
The new update to the Steam Subscriber Agreement effectively eliminates class action lawsuits when it involves transaction disputes. Valve designed the move to prevent "egregious use" of class action lawsuits, and we have to say it is a fairly smart move. If there can be no agreement reached over any transaction dispute, Valve instead recommends going to arbitration or small claims court. Valve will even reimburse the customer's arbitration costs "for claims under a certain amount" regardless of outcome, unless the case is deemed "frivolous or the costs unreasonable."
Valve does not believe class action lawsuits benefit anyone, so the update was made in the Subscriber Agreement. It wants to work with customers if there are any problems over Steam transactions, and the best way to do that is to keep it between two groups and not thousands.
When companies promise one thing and deliver another, there are some steps consumers can take to correct the issue. Many people tend to default to a class action lawsuit to try and cover anyone, but there are some problems with that route. Class action lawsuits always take time to resolve, as in a couple of years, and the payout can be quite small depending on how many people join.