| Volume 133 Number 5 |
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The People’s Lawyer’s Tip of the Day
Your liability for a lost or stolen credit is capped at $50. But that rule does not apply to a debit card. If you wait more than two business days to report a lost or stolen debit card, you liability can be as high as $500. Click here for more.
Neiman Marcus To Pay $1.6M In Shopper Data Breach Suit
Neiman Marcus has agreed to pay $1.6 million to resolve a data breach class action in Illinois federal court over a December 2013 cyber intrusion that revealed the credit card data of 350,000 shoppers of the luxury retailer. Click here for more.
Your Money
5 ways to repay your student loans fast: (1) Treat the loan like a mortgage by making larger payments to cut the principal more quickly; (2) Create a 3-5 year plan, knowing when the loan will end makes stricter budgeting to enable increased payments easier; (3) Establish a college repayment fund, having money moved automatically into savings is effective because it’s forced; (4) Start early with a part-time job in college; and (5) Avoid the trap of wanting “instant gratification” and losing sight of future financial goals. Click here for more.
For the Lawyers
Defendants’ failure to pay arbitration fees constitutes a material breach of the parties’ dispute, precluding enforcement of the agreement to arbitrate. Plaintiffs filed arbitration claims pursuant to an agreement that required resolution of disputes through an arbitration in accordance with the rules of the AAA. Despite repeated requests by the AAA, Defendant did not advance the filing fees the agreement required. Plaintiffs then filed an action in court. Defendants moved to dismiss in favor of arbitration. The trial court ordered the parties to attempt to reinstate the Plaintiffs claims with the AAA. The Appellate Division affirmed. The New Jersey Supreme Court reversed, noting, “Defendants’ knowing refusal to cooperate with plaintiffs’ arbitration demands, filed in reasonable compliance with the parties’ agreement, constitutes a material breach of the DRA and bars defendants from compelling arbitration under the agreement.” Tahisha Roach v. BM Motoring, LLC (New Jersey 2017). Click here for more.