| Volume 142 Number 62 |
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The People’s Lawyer’s Tip of the Day
While you’re running around getting pencils, calculators and binders, remember something else on your back-to-school list: talking with your kids about online safety. Click here for more.
New and existing homes: a tale of two housing markets
New and existing home sales went in opposite directions last month, but a closer examination reveals what they had in common. Many homes -- both new and existing -- are now simply out of reach for first-time homebuyers. On the other hand, falling mortgage interest rates could help those buyers on the margins qualify for a home purchase and spur sales. The government reports that sales of new homes plunged 13 percent in July, but the slowdown might not be as severe as it seems. June’s new home sales were revised sharply higher, so some of July’s sales might have been pushed back to the previous month. Click here for more.
Your Money
There are a lot of changes on the horizon for 401(k) plans, which is generally good news for workers saving for retirement. Some large companies are offering long-needed improvements that will give their employees more options and greater flexibility. In addition, the U.S. House of Representatives has passed legislation, the SECURE Act, which would further enhance retirement accounts for workers and potentially expand benefits to millions more people. There is optimism that the Senate will pass similar legislation and it will also have the support of the White House. Here are some 401(k) changes that could help you save more for retirement: Click here for more.
For the Lawyers
FTC’s restitution award cannot stand. The Seventh Circuit has reversed a $5.2 million restitution award the Federal Trade Commission won in a case against an allegedly deceptive credit monitoring service, overturning precedent to find that the statute the agency sued under doesn't authorize such an award. The restitution award came as part of a summary judgment order that a lower court entered in the FTC's case against Credit Bureau Center LLC and company owner Michael Brown, brought under Section 13(b) of the Federal Trade Commission Act. But the court found that "forward-facing" statute authorizes only injunctive relief for ongoing or prospective harm, and restitution remedies past conduct, so the commission cannot pursue both forms of relief under the same statute. "Beyond the conceptual tension, this requirement raises an illogical implication: It would condition the commission's ability to secure restitution for past conduct on the existence of ongoing or imminent unlawful conduct," the court said. Section 13(b) also requires the FTC to weigh equities and consider its likelihood of success when seeking relief under the statute. That is "procedurally incompatible" with a bid for restitution, "which has its own preconditions" and is authorized under separate FTCA provisions, the panel said. FTC v. Credit Bureau Center, LLC, et al., case numbers 18-2847 and 18-3310, in the U.S. Circuit Court for the Seventh Circuit. Click here for more.