| Volume 138 Number 8 |
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The People’s Lawyer’s Tip of the Day
Extended warranties are usually a bad buy for a consumer; but check your credit card. Many credit cards, especially premium cards, offer free buyer's protection plans that act like an extended warranty when you pay with the card. Click here for more.
U.S. Chamber of Commerce suing to block rule allowing consumers to sue their banks
More than a dozen U.S. banks and business groups sued the Consumer Financial Protection Bureau on Friday in a last-ditch effort to block a new rule allowing consumers to band together and sue their credit card companies and other financial institutions. The industry’s complaints center on a new CFPB rule addressing the fine print in many of the agreements that consumers sign when they apply for credit cards or bank accounts. These agreements typically require them to settle any disputes they have with the company through arbitration, in which a third party rules on the matter, rather than going to court or joining a class-action lawsuit.
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Your Money
How to manage a monthly budget on a roller-coaster income Popular budgeting advice like the 50/30/20 rule — which allots a set percentage of income to necessities, wants and needs — is meaningless for people whose paychecks go up and down. Financial experts' best advice is to plan ahead as much as possible, using creativity and new tech tools designed for those with irregular incomes. Here are four tips for managing money when your paycheck fluctuates: (1) build an emergency fund; (2) budget what you spend; (3) create a steady paycheck; and (4) use apps if you need an advance. Click here for more.
For the Lawyers
Class action that basically awarded only fees to counsel is dismissed. A class action was filed against Subway, alleging its footlong sandwich is sometimes not 12” long. Subway argued its sandwiches were rarely les than 12” long, and agreed to implement measures to ensure, to the extent practicable, that all Footlong sandwiches are at least 12 inches long. The parties agreed to cap class counsel's fees at $525,000. The district court preliminarily approved the settlement. The Seventh Circuit reversed. A class action that “seeks only worthless benefits for the class” and “yields [only] fees for class counsel” is “no better than a racket” and “should be dismissed out of hand.” Buren v. Doctor's Associates Inc. (7th Cir. 2017). Click here for more.