| Volume 69 Number 8 |
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The People’s Lawyer’s Tip of the Day
As a general rule, a business is not liable for a slip and fall injury simply because it owns the property where the injury occurred. For the business to be responsible the injured person must show the business was "negligent" and that is why the injury happened. For example, if the business knew there was a slippery spot on the floor and did not take reasonable steps to clean it up, it would be liable to a customer who was injured as a result of its negligence. Click here for more.
Insurance Profits By Shorting Customers
Insurers are bound by law to act in "good faith." For years, insurers operated as a sort of "public trust," acting to protect citizens in the event of some kind of loss. After the mid-1990's, claims turned in to a money-making process. Claims managers now focus on a computer-based model, with wide latitude to serve customers. Insurers will low-ball customers. If the customer accepts the offer, he will avoid expensive litigation and the insurance company will profit. A study of numerous insurance companies, including Allstate, found that by low-balling a huge number of small claims, the insurance companies made significant savings. Allstate has doubled its earnings since the early 1990's. In 2007, Allstate made $4.6 billion in profits, in large part by paying dramatically less on claims. How are insurance companies abuse their obligations to their policyholders to pad their bottom line? How can you make sure you get what you're entitled to? Click here for more.
Senate Approves Tax-Cut Extension
The United States Senate has passed a two month extension of the payroll tax cut as part of a $1 trillion budget bill. Although the bill will only extend the Social Security payroll tax cut and jobless benefits for just two months, it does prevent the tax cuts from ending over the holidays. What does the $1 trillion budget bill look like? Will Congress reach a compromise on the payroll tax cut by February? Click here for more.
Your Money
How much will you need for retirement? Click here for more.
For the Lawyers
Truth in Lending plaintiff may have extended right to rescind. The Seventh Circuit held that a TILA plaintiff may have three years to rescind a home loan due to his lender's alleged failure provide all the required notices in a mortgage refinancing transaction. Click here for more.