Uri Benoliel of the College of Law and Business – Ramat Gan Law School and Shmuel I. Becher of the Victoria University of Wellington have written The Duty to Read the Unreadable. Here's the abstract: The duty to read doctrine is a well-recognized building block of U.S. contract law. Under this doctrine, contracting parties are held […]
Our readers might be interested in Excessive Drug Pricing as an Antitrust Violation by law prof Harry First. Here is the abstract: It is nearly four years since Martin Shkreli bought an off-patent drug named Daraprim and raised its price overnight by nearly 5500%. Public outcry was intense and Shkreli became the poster-child for excessive […]
The Wall Street Journal reports today that "[l]enders are turning to borrowers with harder-to-document finances, helping growth in the kind of home loans panned for role in housing meltdown." The article is here. (Subscription may be required.)
Reporter Sarah Kliff explains that "[u]nder Trump, the number of uninsured Americans has gone up by 7 million," while Gallup has found that the "U.S. Uninsured Rate Rises to Four-Year High," at least in part because of Trump Administration policy changes.
Today, 14 state attorneys general submitted a comment to the Federal Deposit Insurance Corporation in response to the FDIC's request for comment on small-dollar lending. The attorneys general urged the FDIC to ensure consumers are protected from high-interest predatory small dollar loans. The letter is here.
Politico reports that on the effects of the government shutdown on federal workers, some of whom are turning to installment loans, car title loans, and payday cash advances, which charge exorbitantly high interest. Others are making payments late, risking long-term damage to their credit scores. The article is here.
In a consent order with California's Department of Business Oversight, a payday lender called California Check Cashing Stores agreed to refund about $800,000 to consumers, to settle allegations that it steered borrowers into high-interest loans and engaged in other illegal practices. It also agreed to pay $105,000 in penalties and other costs. The settlement involves […]
by Jeff Sovern My latest, here. The conclusion: When it comes to these varied privacy problems, Congress has somehow managed to be both comatose and angry. Given its inability to respond nimbly in the rapidly shifting privacy arena, Congress should avoid hamstringing those who can. Any federal privacy law should preserve the power of states to […]
According to a recent story from Tony Romm and Elizabeth Dwoskin at the Washington Post, “U.S. regulators have met to discuss imposing a record-setting fine against Facebook” for violating a 2011 consent decree that settled charges that Facebook deceived consumers with regard to its privacy policies and practices. In March 2018, the Federal Trade Commission […]
Jacob Hale Russell of Rutgers and Stanford’s Arthur & Toni Rembe Rock Center for Corporate Governance has written Unconscionability’s Greatly Exaggerated Death. Here is the abstract: Reports of unconscionability’s demise are greatly exaggerated. According to conventional wisdom, the common-law contracts doctrine is rarely used, except in limiting clauses that purport to waive consumers’ remedial rights. In […]