| Volume 47 Number 11 |
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The People’s Lawyer’s Tip of the Day
If you do not have a will, the law writes one for you. The best way to make sure your property goes to whom you want after your death is to have a will. A will can also avoid time and expense when it comes to probate. Click here for more.
Health Care: The President's Proposal
On Monday, the White House introduced a "compromise" health care bill designed to bridge the gap between the House and Senate versions passed last year. The latest plan would extend coverage to an estimated 31 million Americans. The President's plan does not include a government run public option but does take steps to ensure greater coverage. Can republicans and democrats reach an agreement and pass health care reform? Click here for more.
Bank of America & SEC Reach Settlement
A federal judge has approved a $150 million settlement between Bank of American and the Securities and Exchange Commission, sparing the two from a court battle over bonuses paid to Merrill Lynch employees. After the controversial merger of Bank of American and Merrill Lynch was finalized, Bank of America filed a proxy statement telling shareholders it would not pay out bonuses to Merrill Lynch employees in the 2008 fiscal year. Despite the statement, the bank paid out $3.6 billion in bonuses. After the settlement, Bank of America still has several fires to put out. Why did the Merrill Lynch merger cause so many problems? Click here for more.
Toyota Hit With Grand Jury Subpoena
Toyota has confirmed that the company received a federal grand jury subpoena for documents relating to recent vehicle problems. With problems ranging from unintended vehicle acceleration to braking problems, Toyota has recalled over 8.5 million vehicles. The subpoena comes after Toyota allegedly knew about the defects and negotiated a less severe recall in order to save money. What does the subpoena mean for Toyota? What will happen when company executives testify in Washington this week? Click here for more.
Your Money
Can you retire now, or should you wait? This calculator will help you determine your retirement shortfall. Click here for more.
For the Lawyers
Class action waiver in arbitration clause unenforceable. The Ninth Circuit held that a Texas choice-of-law clause was unenforceable and insufficient to support a class action waiver. Here, the Agreement's choice-of-law provision is unenforceable for the same reasons identified in Oestreicher. The class action waiver is unconscionable under California law because it satisfies the Discover Bank test, and California has a materially greater interest than Texas in applying its own law. Click here for more.