Read this Charlotte observer story on the suit. Here's an excerpt: A lawsuit in federal court in Colorado accuses Charlotte-based Bank of America of racketeering, in what amounts to more fallout for the bank stemming from a federal mortgage-modification program. The suit, filed Wednesday, claims violations of the federal Racketeer Influenced and Corrupt Organizations Act, […]
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Here. The article is about the problem of boilerplate more generally than the headline suggests and is definitely worth a read. Here's my favorite quote: “I’m not someone who wags his finger and says you should read [online contracts],” said Douglas G. Baird, a professor of law at the University of Chicago. “If you read […]
In an era in which privacy is under attack on many fronts, it's welcome news whenever members of Congress introduce bills to protect consumer privacy. One such effort is that of Rep. John Duncan of Tennessee, who this week proposed legislation to protect minors against misappropriation of their likenesses for advertising. (See here for further […]
Senators Warren and McCain have introduced legislation to prevent banks from engaging in certain financial speculation. Its explained in this article by Peter Eavis. Here's a brief excerpt: Senator Elizabeth Warren on Thursday introduced an aggressive piece of legislation that intends to take the financial industry back to an era when there was a strict […]
Following up on Allison's post about a tentative deal in the Senate on student-loan interest rates, this Bloomberg story spells it out. Here are the basics, including a description of what has already been passed in the House: The House-passed plan, H.R. 1911, would charge students 2.5 percentage points more than the yield of the […]
Following up on Brian's post early this morning about a failed Senate bill that would have rolled back the student-loan interest rate that doubled earlier this month: CNN is reporting that a "bipartisan groups of senators have reached a tentative deal to help students facing the doubled interest rate."
Wal-Mart has been thinking about putting at least three large stores in the District of Columbia and had spent a chunk of money in the planning phase. Meanwhile, the D.C. City Council has been considering minimum-wage legislation that would require certain large retailers, including Wal-Mart, to pay its workers at least $12.50 per hour (or […]
We reported earlier that the interest rate for new federal student loans doubled from 3.4% to 6.8% on July 1 because Congress failed to agree on new legislation. The Senate tried again yesterday, but again failed. A bill sponsored by Senate Democrats would have brought the rate back down to 3.4% for one year, retroactive […]
The Dodd-Frank financial reform legislation remains under assault in the Republican controlled House of Representatives. At a hearing yesterday before the House Financial Services Committee's subcommittee on Oversight and Investigations, law professor Thomas Merrill and lawyer C. Boyden Gray testified that certain aspects of Dodd-Frank are likely unconstitutional. Merrill's testimony is here and Gray's testimony […]
The case was brought by our own U.S. Department of Justice. Read about it here.