| Volume 86 Number 1 |
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The People’s Lawyer’s Tip of the Day
Starting a new business can be risky, and the type of business determines your individual liability. If you run a business in your own name, or as a partnership, you are responsible for all the liabilities of the business. To protect yourself, consider operating the business as a corporation or limited liability company. An attorney can help you make the right choice.
For more general information about the law, check out my website.
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How iTunes Changed the Music Industry
Ten years ago, Apple introduced the world to iTunes. It wasn't an easy task. At the time, companies like Napster were irritating record labels and associations by offering illegal copies of music for free. Record labels really weren't interested in offering music online, and
resisted a change.
In 2003, music sales in the United States generated nearly $12 billion. Last year, music sales generated only $7.1 billion. Adjusted for inflation, music revenue has been cut in half. Industry analysts suggest the dramatic drop in revenue is, in part, a result of iTunes. Back when Apple was negotiating with record labels to sell music online, then-CEO Steve Jobs cut a deal to offer full albums for $10 and individual songs for just $0.99. As a result, consumers had the option to purchase individual songs over complete albums.
Has iTunes changed your music buying preferences?
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Unemployment Fraud Costs $3.3 Billion
As it is, social welfare programs are quite polarizing. Detractors now have more ammunition for their complaints. According to a study by the St. Louis Federal Reserve, unemployment fraud cost the government $3.3 billion in 2011 alone. Of those payments, $2.2 billion went to people still working.
Social welfare programs have a long history and play an important role in a functioning society. How can the government streamline operations and prevent fraud in the future?
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Your Money
Check out this employer stock-option tax estimator!
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For the Lawyers
Class action plaintiff cannot avoid removal to federal court by stipulating total damages would be less than the $5 million jurisdictional threshold for application of the Class Action Fairness Act. Plaintiff filed a purported class action in Arkansas state court seeking reimbursement from a homeowners’ insurance company for the cost of repairing storm damage. The plaintiff stipulated that recovery would be limited to less than $5 million, the minimum for federal court jurisdiction under the Act. The Supreme Court held that a stipulation as to damages could not overcome a judicial finding that the Act’s jurisdictional threshold had been met. “We do not agree that CAFA forbids the federal court to consider, for purposes of determining the amount in controversy, the very real possibility that a nonbinding, amount-limiting, stipulation may not survive the class certification process. This potential outcome does not result in the creation of a new case not now before the federal court. To hold otherwise would, for CAFA jurisdictional purposes, treat a nonbinding stipulation as if it were binding, exalt form over substance, and run directly counter to CAFA’s primary objective: ensuring ‘Federal court consideration of interstate cases of national importance.”
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