| Volume 131 Number 2 |
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The People’s Lawyer’s Tip of the Day
Need to contact Yahoo customer care? There are a few ways to do so — but, Yahoo warns that the phone is not an option. That’s right: any phone number you come across in an internet search, claiming to connect you with Yahoo customer care, is fake. Click here for more.
Equifax and TransUnion Fined for Misleading Consumers
The Consumer Financial Protection Bureau said Tuesday that major credit-reporting companies Equifax and TransUnion falsely advertised how lenders use credit scores and deceptively charged consumers for subscriptions to check their own score. Both companies have agreed to pay more than $23 million over these claims. Credit reporting firms are required by law to provide one free credit report to consumers every year. However, both companies offered a free credit-score trial after which the companies would automatically enroll the consumer into a subscription once the trial ended. Consumers who didn’t cancel their subscription during the trial period were then charged a recurring fee. Click here for more.
Your Money
Saving as much as possible in your 401(k) is certainly a responsible move, but your efforts could be hindered if you fail to pay attention to fees. According to a NerdWallet study, about 92% of Americans have no idea what they're paying in 401(k) fees. Many underestimate their fees and lose thousands of dollars in potential retirement income. While you can't avoid some basic fees, you can take steps to ease the burden. You can review your plan's investment options and choose funds with the lowest expense ratios. Click here for more.
For the Lawyers
Bank did not waive its right to demand arbitration of the subsequent consumer statute claims by litigating the debt-collection claims. After credit card holders defaulted on their accounts, the issuing bank elected to litigate debt-collection actions. After courts entered default judgments against both card holders, the card holders filed new and separate suits alleging that the bank violated the Uniform Trade Practices and Consumer Protection Act (UTPA). The bank moved in each case to arbitrate the UTPA claims, and the superior court stayed the UTPA litigation and ordered arbitration. The Alaska Supreme Court held that the two claims were not sufficiently closely related, and the bank did not waive its right to demand arbitration of the separate UTPA claims. Hudson v. Citibank (South Dakota) (Ak. S. Ct. 2016). Click here for more.