| Volume 144 Number 48 |
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The People’s Lawyer’s Tip of the Day
Have you gotten an alarming text message about your unemployment insurance benefits from what seems to be your state workforce agency? You’re not alone. Identity thieves are targeting millions of people nationwide with scam phishing texts aimed at stealing personal information, unemployment benefits, or both. Click here for more.
Job openings surged to 10.1 million in June
The Labor Department said Monday that the number of job openings in the U.S. exceeded 10 million in June. The figure topped economists’ expectations of 9.1 million openings and broke a previous record.
In May, the number of job openings was 9.5 million. The Labor Department said in its Job Openings and Labor Turnover (JOLTS) survey that the increase suggests that demand for workers is still on the rise. Officials say it also means the economy is bouncing back from last year’s COVID-19 shutdowns.
Broken down by sector, retail trade leisure and hospitality saw one of the biggest jumps in job openings, at more than 1.6 million. Health care and social assistance had 1.5 million job postings in June. Accommodation and food services added 121,000 new openings. Click here for more.
Your Money
Brokerage accounts can be taxed depending on the type of account. There are three main types of brokerage accounts: traditional retirement accounts, Roth retirement accounts and taxable nonretirement brokerage accounts. Each type of account receives a different tax treatment. Retirement accounts are tax deferred, meaning you pay no taxes on any earnings within the account. Instead, you may owe taxes when you withdraw the money from the account. Nonretirement brokerage accounts – also called taxable brokerage accounts – don't have the same tax-deferred advantage. Click here for more.
For the Lawyers
The Second Circuit affirmed the district court’s decision to deny a motion by Donald Trump, the Trump Corporation, and other Trump family members to compel arbitration of claims related to the multi-level marketing scheme CAN. Defendants argued that, because the plaintiffs had agreed to arbitrate any claims they might have against ACN, the same arbitration clause should force arbitration of any claims against the Trump defendants related to their endorsement of ACN. The Second Circuit agreed that equitable estoppel did not apply, noting: In order to establish equitable estoppel in the present context so as to bind a signatory of a contract (here, the plaintiffs) to arbitrate with one or more nonsignatories (here, the defendants), there must be a close relationship among the signatories and non-signatories such that it can reasonably be inferred that the signatories had knowledge of, and consented to, the extension of their agreement to arbitrate to the non-signatories. Here, there neither is nor was such a relationship. There was no corporate relationship between the defendants and ACN of which the plaintiffs had knowledge, the defendants do not own or control ACN, and the defendants are not named in the IBO agreements between ACN and the plaintiffs. Doe v. TrumpCorp, 2d Cir 2021 Click here for more.