The President signed into law a bill passed by Congress banning U.S. imports of “fish caught by slaves in Southeast Asia, gold mined by children in Africa, and garments sewn by abused women in Bangladesh.” The law closes a loophole in an 85-year-old tariff law which allowed these products to be sold. Due to high demand …
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Posted by Katie Kim. On Thursday, Martin Shkreli, a 32 year-old pharmaceutical executive, was arrested by the federal authorities on securities and wire-fraud charges stemming from an alleged Ponzi scheme he ran as a hedge-fund manager. What the young executive was doing was taking out loans from investors to start a new pharmaceutical company and using …
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Teachers in Michigan are testing the new Right-to Work law by deciding whether to stay in their union. Michigan has one of several Republican-controlled legislatures that passed laws making union membership and dues voluntary. Many of the 112,000 active members have until the end of August 2014 to decide whether to stay. About 1,500 left …
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The United States Supreme Court has denied certiorari leaving in place a ruling by the D.C. Circuit that a fee cap set by the Federal Reserve Bank at $.24 per transaction. Each time a customer swipes his or her debit card, a retailer is charged the fee. Retailers complained when the Fed appeared to be …
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Posted by Chris Widuta. Did you ever stop to notice how busy life can be? Either you’re on your way to your parents, maybe going to class that meets twice a week during rush hour, or off to the gym to see your friends. Life got busy really quickly for me and I am still managing …
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Posted by Radhika Kapadia. The real cost of bribery is a question that often lacks a definitive answer. It seems that Och-Ziff Capital Management, a hedge fund headquartered in New York City, is learning a hard lesson for allegedly engaging in bribery in Africa. The firm is set to pay a hefty price of $412 million …
Posted by Chris Widuta. Did you ever stop to notice how busy life can be? Either you’re on your way to your parents, maybe going to class that meets twice a week during rush hour, or off to the gym to see your friends. Life got busy really quickly for me and I am still managing …
Continue reading “December 2014 – Blog Business Law – a resource for business law students”
Bank of America (“BofA”) recently settled with the U.S. Consumer Financial Protection Bureau and Office of the Comptroller of the Currency for deceptive credit-card practices. BofA is ordered to pay $727 million in refunds to customers and $45 million in penalties. The allegations were BofA induced customers to purchase certain add-ons, such as identity-theft protection, …
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The Second Circuit upheld Tom Brady’s suspension for the first four games of the new season and overturned the district court’s ruling. The court ruled the arbitrator’s award was valid and should not be disturbed. Judge Parker, writing for the majority, stated, “Our role is not to determine for ourselves whether Brady participated in a …
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Posted by Michael Larkin. When one checks into a hotel, one would expect to have their information stored in a company’s database, but one would not expect that database to get compromised. Wyndham Worldwide Corporation was using a property management system that stored customer’s names, addresses, and credit card number. On three separate occasions in …
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