| Volume 142 Number 82 |
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The People’s Lawyer’s Tip of the Day
The FTC just sent a report to Congress called Protecting Older Consumers 2018-2019. The report suggests steps to take to help protect older consumers from fraud. But the evidence also shows a thing or two everyone else can learn from them. Check out the sometimes surprising findings in this year’s report. Click here for more.
CFPB rolls out a new initiative to help consumers at tax time
Paying taxes is a buzzkill for any consumer. First off, you probably don’t have a good idea of what the amount due is going to be. Secondly, if you do owe taxes, you’re probably going to have to tap some financial account to pay it. For some consumers who may be short on funds, another expense -- such as rent or a car payment -- might have to wait until they’re able to recoup their money. Enter the Consumer Financial Protection Bureau (CFPB). The agency is pioneering a new program to help taxpayers build up some liquid reserves. “Start Small, Save Up” is an initiative built around tools, training, and technical assistance designed to help consumers understand how having liquid savings can not only improve their financial stability overall, but when tax time comes, soften or eliminate the blow of any check they have to write to the Internal Revenue Service (IRS). Click here for more.
Your Money
It's an awful feeling: that dread rising from the pit of your stomach and panic mounting when you notice that someone has tapped into your credit. The damage of identity theft can be severe, particularly if left unchecked. But you can take steps to protect yourself. A credit freeze can be a first line of defense. Freezing your credit may protect you against further attacks while giving you the breathing room you need to clear up problems. Thanks to a new federal law, freezing your credit is free. Here's how it works, so you can decide if a credit freeze is right for you. Click here for more.
For the Lawyers
Arbitrator must disclose conflicts of interest. The Ninth Circuit ruled that arbitrators have an obligation to disclose their financial interests in the cases before them. In a 2-1 decision, the court vacated a $3 million JAMS arbitration award, holding the award cannot stand because a purportedly neutral JAMS arbitrator failed to disclose that he has an equity stake in the arbitration service, which, in turn, benefits from repeat business from Monster. The court explained that “clear disclosures by arbitrators aid parties in making informed decisions.” In this case, the court concluded, "given the Arbitrator’s failure to disclose his ownership interest in JAMS, coupled with the fact that JAMS has administered 97 arbitrations for Monster over the past five years, that vacatur of the Award is necessary on the ground of evident partiality." Monster Energy v. City Beverages. Click here for more.