| Volume 143 Number 28 |
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The People’s Lawyer’s Tip of the Day
Many of us are concerned about our finances during this difficult time. The Consumer Financial Protection Bureau has set up a dedicated page for all Covid-19 resources to help consumers protect their finances. Click here for more.
Social distancing guidelines extended to the end of April
After initially asking the American people to stay home or maintain social distance for 15 days to mitigate the spread of the coronavirus (COVID-19), President Trump is extending that request to the end of April. The previous social distancing guidelines -- calling for older people to remain in their homes and others to avoid being in groups larger than 10 people -- would have expired today. At a Sunday briefing at the White House, Trump said time is a powerful weapon against the virus, which has spread rapidly over the last week. Click here for more.
Your Money
The Coronavirus Aid, Relief, and Economic Security Act allows retirement account owners to take withdrawals for emergency costs related to the coronavirus pandemic and partially delays the tax consequences. Workers will also be able to initiate bigger 401(k) loans and get a slightly longer repayment period for existing loans. Retirees can delay taking required minimum distributions from their depleted retirement accounts in 2020. Here's how to use your 401(k) or IRA for coronavirus costs: Click here for more.
For the Lawyers
College didn’t owe students fiduciary duty. The First Circuit rules against efforts by former Mount Ida College students to hold the school and its leaders accountable for the rushed and haphazard way it closed, affirming that colleges do not owe a fiduciary duty to students. A fraud allegation against school officials for offering rosy outlooks or omitting vital information while financial conditions worsened also came up short. Students failed to show evidence of false statements or to prove the college had a duty to disclose the financial decline, according to the opinion. Click here for more.