| Volume 64 Number 2 |
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The People’s Lawyer’s Tip of the Day
In Texas, it is unlawful for a business to charge more to someone who uses a credit card. On the other hand, it is legal to give a discount for someone who pays cash. Why? Credit card companies discount the amount they pay a merchant when you pay with a credit card. A store receives "more" when a customer pays cash. Giving a discount to cash customers is a way to treat both cash and credit card customers the same. Click here for more.
Texas AG Settles With JPMorgan Chase
Texas Attorney General Greg Abbott led an investigation against JPMorgan Chase's marketing of municipal derivatives, primarily focusing on entities that entered into municipal derivative agreements with JPMorgan between 2001 and 2005. On Thursday, July 7, the Texas-led coalition of states reached a $92 million agreement with JPMorgan Chase, including $65.5 million in restitution for eligible entities. The settlement results from a multi-year investigation into the company's practice of artificially increasing the price of municipal derivative products by unlawfully colluding with other financial institutions. Click here for more.
Amazon Wins Application Battle With Apple
When you hear the words "App Store," do you immediately think of the Apple application marketplace? Earlier this year, Apple filed a lawsuit against Amazon for using "Appstore" to describe its own Android-based application marketplace. Apple alleged that Amazon's use of "Appstore" was confusing to consumers and infringed on the "App Store" trademark. Amazon argued that the term is generic and therefore could not be protected. On Wednesday, a California district judge issued a significant blow to Apple when she sided with Amazon and allowed the company the continue the use of the "Appstore" name. Click here for more.
E15 Fuel May Void Car Warranties
In an effort to foster the distribution of more environmentally friendly fuels, the EPA finalized a label that will identify gas pumps dispensing E15 ethanol gasoline. Although the label says the fuel is for use only in vehicles from the model year 2001 and on, nine automakers have already contacted Congress to let members know that they will not honor warranties for older cars running on E15. The automakers, including Toyota, Chrysler, and General Motors, are concerned about the effects on E15 on cars not specifically designed to handle it. Is E15 safe in your car? Click here for more.
Your Money
Want to restructure your debts for accelerated payoff? Check out this calculator! Click here for more.
For the Lawyers
"Truth in Lending" requires borrower only exercise right of rescission within three years. The District Court for the Northern District of Illinois held that the TILA statute of limitations requires that the borrower exercise the right to rescind within three years, but does not require that a lawsuit be filed. The court also noted that if the borrower establishes the right to sue for violation of the TILA’s rescission provisions, the borrow may bring a claim for damages, notwithstanding the Act’s one-year limitation provision. Click here for more.