| Volume 143 Number 23 |
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The People’s Lawyer’s Tip of the Day
Scammers may try to use you to move stolen money. If you help them, you could be what law enforcement calls a money mule. Click here for more.
More Americans are raiding their retirement accounts, study finds
Americans are saving more for retirement, but a new report from the American Investment Institute shows too many are tapping those funds prematurely, costing them billions of dollars. Retirement account rules assess steep penalties if you withdraw money before age 59 ½. But many people often find they need cash before then, and the bulk or their savings are in retirement accounts. If you withdraw money from a tax-deferred retirement account before you are eligible, you not only have to pay tax on the withdrawal but are assessed an additional 10 percent penalty. A lot of savers, it appears, are paying that penalty. Click here for more.
Your Money
It can be tough for working Americans to determine when to transition into retirement. There are several financial red flags that signal when stepping away from work might not be the best option. Here are some signs you are not financially prepared to retire: Click here for more.
For the Lawyers
Nintendo can arbitrate controller dispute. A suit alleging Nientendo sold defective Switch controllers will go to arbitration, after a Washington federal judge on Monday found that the game company and console buyers had a valid arbitration agreement. Although the judge granted Nintendo's bid to compel arbitration, he also denied the company's move to dismiss the case, instead pausing the proposed class action pending the outcome of the arbitration. Nintendo moved to dismiss and compel arbitration in the proposed class action in November, arguing that the end user license agreements that buyers accepted when buying the console stipulate that any disputes coming from those agreements be sent to arbitration. Plaintiff opposed the motion, arguing that the arbitration provision is unenforceable, because California law and Ninth Circuit precedent hold that an arbitration clause that precludes injunctive relief, such as the one in the Switch's end user license agreement, is null and void. However, Judge Zilly rejected this argument, saying the language end user license agreement allows the arbitrator to "grant whatever relief would be available in a court under law or equity." As the agreement does not preclude injunctive relief, it's valid and enforceable. Click here for more.