| Volume 124 Number 8 |
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The People’s Lawyer’s Tip of the Day
Before you sign a lease, read it and consider changes or additions. A lease is a binding contract and will determine your rights against the landlord. For example, if you might have to leave early because you lose your job, are transferred or get married, be sure to include a clause permitting you to terminate the lease. Without such a provision, you will not have the right to get out of the lease. Click here for more.
Bank of America Cuts Thousands of Jobs in its Consumer Division
Digital banking has taken off and Bank of America has responded by cutting jobs in its traditional consumer section. As many as 8,000 more jobs are set to go at Bank of America because of the reduction of need for back-office staff and bank tellers. The overall headcount is expected to continue as consumers visit local branches less and less. Bank of America, the biggest US retail bank by deposits has already slashed the headcount at its consumer division by almost 40,000 since 2009, bringing the total at the end of the first quarter of this year to 68,400. At the same time it has expanded its online operations. Two weeks ago the number of its mobile banking users surpassed 20 million. Click here for more.
Your Money
By now, you've probably heard about the "pink tax" -- the idea that the "female" versions of the same products and services cost more than the male versions. A recent study by the New York City Department of Consumer Affairs surveyed almost 800 products and found in 42% of cases, women paid more for the same items as men. Even if products like razors are identical in all but color, there may be other minor differences in production. Or a store might claim another reason for charging different prices -- like differences in inventory. And then there is the idea that women willingly pay more for feminized products. After all, they could theoretically just purchase a man's razor -- something less likely to happen in the case of clothing. Click here for more.
For the Lawyers
Debt collection letter violated FDCPA. The U.S. Court of Appeals for the Seventh Circuit recently held that neither extrinsic evidence of confusion, nor materiality, is required for claims under ยง 1692g(a) of the federal Fair Debt Collection Practices Act (FDCPA). The Court also held that a company that is itself a debt collector may be liable for the violations of the FDCPA by its debt collector agent. Janetos v. Fulton Friedman & Gullace, LLP (7th Cir.) Click here for more.