Posted by Michael de Andrade.

A threat to European nations, Facebook is being seen as a social media giant who are stripping Europeans from their freedom. Facebook is being accused of “collecting digital information about people who are not its users,” by the Belgian Court’s. Many of the “Continent’s data watchdogs,” including the European Court of Justice, have been giving Facebook and other American technology companies a difficult time for the way they “gain access to, manage and use people’s digital information” because to these European “watchdogs,” Facebook is violating Europe’s strict data protection rules that preserves individual’s privacy to the same power as the “fundamental rights, such as freedom of expression.

The hearing was held in Brussels, Belgium on Monday, November 9th, where Facebook was denied the ability to “collect and store online information from people in Belgium who do not have an account with the social network” stating that Facebook did not have “individuals’ consent to gather the information.” With this decision, the Belgian Court took further action by stating that if Facebook fails to comply with the court’s decision, they’ll receive a “daily fine worth up to $270,000.” Facebook didn’t settle and in response they stated that they have used “cookies for more than five years without facing privacy complaints,” and that they are going to appeal the decision to the Belgian Court of Appeal. As the wait continues, Facebook is being further investigated by five European privacy regulators, which are from Belgium, France, Germany, the Netherlands and Spain, to see whether or not the “company’s new privacy conditions run afoul of their countries’ domestic data protection rules.”

In the end, Facebook is trying to combat these accusations by stating that only the Irish data protection authority has jurisdiction over its new privacy conditions because Facebook’s international headquarters are in Dublin. The position grew vastly in the last month after the European Court of Justice “gave national authorities greater powers over how companies like Facebook and Google store online data.” Facebook will continue to fight for what they believe are their rights, despite the judges’ ruling that the United States do not offer sufficient protection for Europeans if their data was misused by companies or by government agencies. The issue is still recently new and there are many situations yet to be settled.

Michael is a sports management major at the Stillman School of Business, Class of 2018.

Posted by Spencer Sink.

Volkswagen is currently in the process of being sued for deliberately manufacturing cars that essentially cheat the emissions test. This case is somewhat similar to the cases with Toyota and General Motors, as Volkswagen will most definitely be forced to compensate the current vehicle owners for selling faulty products. However, we will most likely see even higher punitive damages being paid in the Volkswagen case because of the fact that Volkswagen admitted to intentionally cheating on emissions. The Toyota and General Motors cases were both honest mistakes made by the companies.

Volkswagen was given a short amount of time to attempt to find a way to mechanically fix the issue in the cars, and make them environmentally acceptable. However, even if they did fix the emissions, either the fuel efficiency or the overall vehicle performance would change, forcing Volkswagen to compensate owners for the loss in value.

What Volkswagen did was completely wrong, and must be punished accordingly. Deliberately cheating the emissions tests, and creating excess pollution, is unacceptable. If it were up to me, I would force Volkswagen to pay high punitive damages to ensure that nothing like this ever happens again. Volkswagen owners should be compensated accordingly for being blindly brought into this situation.

Spencer is a business law student at the Stillman School of Business, Seton Hall University.

Posted by Brianna Montalvo.

Since 2014, General Motors has been having ignition switch issues with their vehicles which has lead to 30 million recalls. As of Tuesday, March 29 2016, a jury in New York City has yet to reach a verdict on the ignition switch controversy. This case was brought to the jury by a lawyer who is defending a man and a woman whom were in an accident on a New Orleans bridge back in 2014. The couple claim the ignition switch of their GM vehicle is to blame for the accident.

As stated, “Hundreds of claims remain against the automaker after GM revealed two years ago that it had continued to sell flawed vehicles for more than a decade after discovering an ignition switch defect in Chevy Cobalts and other small cars,” (Neumeister). It has been said that the ignition switch itself can slip out of position making it difficult to steer or stop the vehicle, which then would cause the vehicle to stall. GM has claimed they fixed their problem, which I believe is highly doubtful. The plaintiff’s attorney claimed that a key chain had pulled the weight of the keys down which would cause the switch to be pulled out of position, initiating the car to stall and cause an accident. General Motor’s attorney blamed ice as the probable cause in the accident, since there were no serious injuries or dents to the car, only a few minor scratches on the bumper.

Although a verdict has not been reached, I would not be surprised if the ignition switch in fact was the cause of the accident. In September of 2015, General Motors declared it had settled 1,385 death and injury cases for $275 million and a class-action shareholders’ lawsuit for $300 million. The company has given millions towards a numerous amount of claims. $600 million was paid to settle 399 claims to a fund GM established. 124 deaths, as well as 275 injuries were covered with those claims.

I feel that it was unethical of General Motors to continue selling their vehicles with the ignition switch defect. They claim they fixed it, but I do not believe it is something to fix that easily and quickly. There have been hundreds of deaths and injuries due to the ignition switch recall. They will always get business since vehicles will always be in demand, but I believe they should fix the ignition switch so that they wouldn’t have to deal with so many recalls, as well as have any deaths or injuries on their conscious.

Brianna is an accounting major at the Feliciano School of Business, Montclair State University, Class of 2018.

Posted by Sheyenne Hurt-Lewis.

General Motors created millions of vehicles with defective ignition switches. This defect is linked to more than 100 deaths and 200 reported injuries. Many lawsuits have arisen from these defective switches which makes General Motors likely to face a large sum of punitive damages which, “could amount to millions, if not billions of dollars,” as stated by Judge Gerber. Punitive damages are those intended to punish the wrongdoer and deter others from similar wrongdoing. “GM had sought to block plaintiffs, including those suing for personal injury or wrongful death, from making punitive damages claims.” The recent defects ignited numerous other complaints of other GM cars recalled in 2014 that were “equipped with a faulty ignition switch that can slip out of the run position and disable safety features including air bags.” The effects of these defects have resulted in numerous injuries and lost lives.

Robert Hillard is representing nearly 1,500 plaintiffs suing GM for the injuries and deaths that are tied to the defective ignition switch. Hillard is confident that his clients are capable of being awarded the punitive damages they are seeking. GM has already spent $575 million to settle Hillard’s cases but there are still a large number of cases that remain unsettled. In September, GM agreed to pay nearly $900 million to settle a case similar to this. In addition to this payment, they were also forced to pay a $35 million fine for failing to report the defect themselves when they were first made aware of it. The company created a compensation fund of $625 million for victims.

GM attempted to restructure, and split into “New GM” and “Old GM.” Old GM kept all liabilities but agreed to be held responsible for “future product-liability cases involving other vehicles.” Judge Gerber wrote, “New GM may be held responsible, on claims for both compensatory and punitive damages, for its own knowledge and conduct” on the basis that workers were aware of the defective switch and related accident claims. However, it was made clear by Judge Gerber that punitive damages can only be sought against New GM if and only if it’s solely on the basis of the conduct or knowledge of New GM.

Sheyenne is a management major at the Stillman School of Business, Seton Hall University, Class of 2018.

Posted by Kristen Czerepusko.

Recently, General Motors has been facing some lawsuits stemming from defective ignition switches in millions of their vehicles. This defect has led to over 100 deaths and 200 injuries. General Motors has decided to block those who are suing for personal injury and those making punitive damage claims. The defective car models were recalled in 2014 and were further proven to have been equipped with faulty ignition switches. With this defect, the switch can disable safety features including air bags which are vital to safety when operating a vehicle.

To make matters worse, not only did General Motors know they had a defective product, they acknowledged the fact that they mislead regulators about the defect altogether. To cope with this, General Motors invoked upon a “bankruptcy shield” to limit legal exposure on account of their defective switch. Today, there are over 1,385 individuals with death or injury claims who didn’t receive anything from General Motors. The company still faces hundreds of cases that have yet to be settled.

Punitive damages are something that should never be limited when dealing with defective products. There should never be a cap on the amount of money somebody should be allowed to receive from the careless act of a company manufacturing and selling a defective product. What makes it even worse is the fact that General Motors knew their products were defective and did not care enough to try and prevent further injuries. They acted very unethically and inhumanely with how they handled their cases by using a so-called “bankruptcy shield.” If punitive damages were ever to have a limit, companies would not care to try and make their products better but would instead continue to make harmful products. It is not yet clear how much will be awarded to the individuals who have had serious damages or to the loved ones to those who lost their lives but I hope justice is served to all who deserve it in this case.

Kristen is a marketing major at the Stillman School of Business, Seton Hall University, Class of 2018.

Posted by Shakil Rahman.

For a car to be eligible for sale, it has to pass various tests which are placed in order to make sure that the cars for safe for use by the customers. Certain improvements are made to cars to also make sure that during an accident, there are some protections for the customer inside the car. GM motors ignition switch for the some small cars in the late 1990s and early 2000s were defective and it would shut of the engine during driving and this also prevented from the airbags from deploying during a crash. While GM executives and engineers became aware of the defective ignition switch, they did not attempt to fix the problem as it was assessed to be too costly. But by 2012, it was discovered that the defective switch also prevented the air bags from deploying. GM did not disclose the safety hazard to its customers, which led to over 120 deaths and multiple injuries. In 2014, GM started recalling cars with faulty ignition switch in order to fix it, and after the recall, multiple customers filed lawsuits against GM for the injuries caused due to the defective ignition switch. Lawsuits were filed against GM for false advertising due to not disclosing the defect to customer before buying the product. GM came to a settlement with the customers and agreed to pay $575 Million as compensation and also paid $900 million pay to US.

There are various points of interest in the case that are related to corporate responsibility, advertisements and negligence. The lawsuits that were filed against General Motors were for false advertising, and for injuries caused from malfunctioning products created by General Motors. General Motors car’s ignition switch was faulty and therefore sometimes it would shut down the engine while driving and since the engine shut down, the air bags would not deploy during an accident. So the defective ignition switch would cause the car to shut down while driving and therefore causing car accidents and also the air bags would not be deployed which would lead to the injury from the crash to be amplified. Therefore, General Motors is liable for the injuries caused by the defect, because their product is directly causing the accidents and the injuries that are related to it.

The other portion of the lawsuits was about false advertisement by General Motors about their cars. General Motors did not know about their defective ignition switch before 2005 but decided to not recall the cars after a risk assessment about the expense that will needed to fix the ignition switch. Now even if they decided to stop selling cars with faulty ignition switch, they still did not make an effort to fix the ignition switch for cars that were already sold and also did not warn the customers about the product’s defect. This is not only false advertisement but also negligence because the customers were going to be harmed even after using the product as it was intended to be used. So in conclusion, General Motors was liable for the injuries that were caused by their defective products because they did not inform the customers about the hazard of using the product and also for not attempting to fix a defect that could injure the customers.

The irony of the whole situation is that General Motors decided not to recall the vehicles in 2005 to fix the defect because of the fact that they came to the conclusion that it would too expensive. And now in 2015, their insistence on not recalling the cars back for repairs back in 2005 has led to a federal fine of $900 million and settlements of $575 million for the customers who were injured due to the cars faulty switch.

In the business world, when a company is attempting to look at the direction the company is going they need to see how their actions might affect the company in the long term. While paying for the repairs in 2005 may have been expensive, right now they have paid around $2 billion dollars in fine and are predicted to pay around $2.7 billion for repairing the recalled cars. And on top of that, the break of trust between GM and the customers are surely going to affect the company’s progress and profit.

Shakil is a business student at the Stillman School of Business, Seton Hall University.

Posted by Connor Lynch. 

An article from The Wall Street Journal titled, “General Motors May Face Punitive Damages Over Ignition Switches” is a perfect example of short-run profit maximization versus long-run profit maximization. As of November 9, General Motors can face punitive damages in several lawsuits regarding defective ignition switches in millions of vehicles. Although those vehicles have all been recalled, the defective part has been linked to more than 100 deaths.

U.S. Bankruptcy Judge Robert E. Gerber has linked GM to the deaths and injuries caused by the defective part in millions of their vehicles. After the case has been discussed, “Texas lawyer Robert Hilliard, who represents people suing GM for injuries and deaths tied to the defective ignition switch, called the decision ‘a major win’ for plaintiffs, contending that punitive damages are the only way to properly compensate victims who have been harmed by the defect.” Although it seems as if it was a complete loss for the defendant, a GM spokesperson said the company disputed the statement that the ruling was an utter victory for plaintiffs.

Punitive damages are damages intended to deter the defendants and others from getting involved in conduct that is similar to the actions that formed the basis of the lawsuit. Punitive damages are also used to punish corporations for wrongdoing such as selling defective products. Those defective products usually lead to death/injury which often can lead to large awards from the jury. It is unclear to what the punitive damages of this case will amount to: “Judge Gerber at one point in his ruling suggested GM’s punitive damages exposure could amount to millions, if not billions, of dollars, though any actual exposure will depend on whether legal claims against the company are settled or ultimately successful.”

This is not the first time that General Motors has been involved with a defective product recall resulting in punitive damages. Last year GM agreed to pay $35 million for failing to alert the public about the specific defect in a timely manner. Judge Gerber’s ruling stems from separating the “Old GM” and “New GM” because of the controversial belief that GM has retained liabilities pertaining to their restructuring.

“Old GM” had so many problems at one point that they were forced to restructure and become a new and reformed company. This has resulted in product-liability, “GM, as part of the bankruptcy restructuring, agreed to assume responsibility for future product-liability cases involving older vehicles, or those under the purview of Old GM.” General Motors’ reconstruction has allowed them to avoid several lawsuits because of their “bankruptcy shield.” Judge Gerber has ruled that “New GM” may be held responsible for the recent defective ignition switch that has caused over 100 deaths. Punitive damages may be sought out to the extent of new GM’s knowledge on the subject matter involving the defective ignition switch. Because of all the injuries/deaths, there are over 1,000 plaintiffs represented by Texas attorney, Mr. Hilliard. General Motors seems as if it is doomed to pay more money in punitive damages in addition to the $575 million they have paid recently to settle cases involving defective products.

Connor is an accounting/finance major at the Stillman School of Business, Seton Hall University, Class of 2018.

Posted by Genna Salvtoriello.

General Motors has been hit with a $3 billion dollar lawsuit by the state of Arizona. The lawsuit is due to a record number of 2.6 million vehicles this spring that have been claimed to be linked to safety defects such as a faulty ignition switch. This defect has been linked to 33 deaths and more injuries according to Kenneth Feinberg, who is looking after compensation to the victims of this defect and the damage that it has caused. Arizona’s lawsuit is focusing on the loss of value GM car owners have suffered due to the now damaged reputation of the “General Motors” name. The law that Arizona is suing General Motor’s under is a consumer fraud law that has a maximum penalty of $10,000. And that’s just for each individual violation. There are about 300,000 GM vehicles that are registered in the state of Arizona. Which means a judge could fine General Motors up to $3 billion dollar, according to a report in the New York Times.

However, the ignition doesn’t seem to be the only issue with GM cars. The lawsuit that Arizona is pending shows not just one, but multiple defects with the GM vehicles. These defects include seat belts, brake lights, airbags and transmission cables. The GM vehicles have dropped significantly in value because of the safety defects, which has cost those car owners to lose thousands of dollars. “GM is committed to setting a new industry standard for safety, quality and excellence. This includes recalling vehicles proactively when we identify a safety issue,” said spokesman James Cain. GM is also under investigation by the U.S. attorney in New York, congressional committees, and the National Highway Traffic Safety Administration. The number of claimants is rising for GM who is running a compensation program. The company is allowing potential victims of this recall over faulty ignition switches an extra month to file claims seeking compensation. It will be clear in the near future to see just how many people have been put at risk, or even worse, actually hurt by this life threatening recall.

Genna is a marketing major at Montclair State University, Class of 2017.

One of the causes of action a plaintiff can bring in a product’s liability lawsuit is a defective design claim. General Motors is facing multiple lawsuits over faulty ignition switches installed in the following vehicles: Chevy Cobalt (2005-2010) and HHR (2006-2011); Pontiac G5 (2007-2010) and Solstice (2006-2010); Saturn Ion (2003-2007) and Sky (2007-2010). More than 2.6 million have been recalled.

A Georgia couple who settled a lawsuit with GM for their daughter’s death is suing again on the grounds that GM’s lead design engineer lied when he testified he had no knowledge of any design “changes” to the switches. Their daughter was killed when her 2005 Cobalt slipped into accessory mode, cutting off the engine and causing her to collide with another vehicle. Her family settled based on this information.

But in recent disclosures to the National Highway Traffic Safety Administration and Congress that testimony appears to be false. The company apparently knew about the problem for years. Now, the family has filed another lawsuit claiming they would not have settled if they had known that evidence was concealed. GM denies the accusation.Settlements are contractual, and therefore, considered final once the parties agree to the terms.  Like all contracts, there are certain situations where a settlement agreement would be deemed void.  In this case, plaintiffs would have to convince a judge that they were somehow misled or defrauded by what GM did or said in order for the settlement to be void and the case to proceed.

Posted by Justin Ihnken.

For many years, especially those who found themselves in an area of economic success, investors who succeeded because they worked with a financial advisor. The roll of the advisor is to assist individuals in asset portfolio management. Investments in both fixed market vehicles, and those driven with equity in the market, have [for the majority of advisors] been the number one and two sources of financial security investments. Both of these categories are tied together with the strategic planning and goal orientations of specific individuals. This theory comes primarily because “your advisor” would allocate dollars in a way that would ultimately secure monies for specific reasons and even more so, provide an aspect of future practical growth.

As time continues, there are still many individuals that work with advisors and insist that they do planning and individual investments on their own. Coming changes in investments will show that there is a driving need for RIA’s (Registered Investment Advisor). Unfortunatly, the traditional fixed income and equity allocations are rather lacking for specific individuals that wish to diversify their portfolios accordingly. A recent study done by Bridget Bearden, director of retirement research at fund industry consultant, Strategic Insight, went as far as to say many folks do not understand that the effects of falling short on their diversification strategy may have a serious impact in the long run.

“The fund industry generally advocates a 10 percent to 20 percent allocation to liquid alternatives for risk mitigation. But many off-the-shelf asset allocation portfolios seem to fall short of that.”

Many RIA’s are of traditional thought, however the coming realization of alternative investments is proving itself to be a more prominent tool to properly advocate clients. An example of a small and “up and coming” firm that shows its mindset is multiple footsteps ahead of the curve would be that of Circled Squared Alternative Investments. Circled Squared was founded in 2014, by Jeffrey Sica, CEO and President of Sica Wealth Management. With the changing times and ability to allocate dollars properly will prove to be a huge outlet for this small powerhouse. In an interview with a Berkshire Hathaway associated press, Sica spoke on his outlook and thoughts on the future for both Circle Square and alternative investments.

Add to this the inescapable conclusion that investors are growing increasingly dissatisfied with the stagnant performance and unacceptable volatility they’re getting from traditional investments like stocks and bonds, and you have a situation in which advisors have fewer and fewer ways to provide value to their clients.

As the stock market continues to be a murky water, few dare to try to understand the various inlets and outlets of the market. With the change of alternative investments slowly phasing themselves into our everyday planning as RIA’s, we must work above and beyond the curve and enable our’ clients and potential clients alike to take advantage of the various opportunities that alternative investments withhold.

**About Circled Square Alternative Investments

“Circle Squared Alternative Investments is a firm devoted to providing independent financial advisors with access to a range of innovative alternative investments previously available only to institutions and ultra-high net-worth investors. The suite of investment products will include real estate, private equity, private credit, natural resources, private placement offerings, entertainment and media.”

Justin is a student at the Stillman School of Business, Seton Hall University.

Sources:

1. D’Allegro, Joe. “A Retirement Riddle Placing $1 Trillion at Risk.” Cnbc.com. CNBC, 10 Nov. 2015. Web. 12 Nov. 2015.

2. Healy, Andrew. “Jeff Sica Launches New Alternative Investments Firm for RIAs; Unlocks Door to ‘Real Economy’.” Business Wire: A Berkshire Hathaway Company. Berkshire

Posted by Joseph Locorriere. 

The fundamentals of business, something that America has practiced for decades and which was proven to be the correct way of managing a business, include running an ethical business, such as taking proper care and recognition of employees and customers as well as the surrounding environment. However, as America continues to stray farther from these values, businesses continue to find themselves in situations which is tantamount to malpractice. It is no longer as common to see businesses acting ethically as it was like years in the past, mainly due to short run profit maximization. Morgan Stanley, one of the top banks in the country has once again acted unethically towards customers. Like many instances, this business was focused on volume of sales and not ethics, also considered short-run profit maximization, due to the sole fact of making as much money as possible without concern of the public good.

Similar to the 2008 occurrence of selling faulty loans such as NINA loans (No Income, No Asset) or sub-prime mortgages that intentionally fooled the buyer into thinking they would afford their mortgage, Morgan Stanley sold Security Based Loans (SBLs) to customers, allegedly breaching their fiduciary duty. Brokers were incentivized by a $5,000 bonus for meeting loan quotas, which was intended for boosting the companies’ volume of sales. By incentivizing the employees with a bonus they disregarded customers overall satisfaction; instead they focused primarily on volume. Although Morgan Stanley boosted their profits by $24 million in new loan balances, they are being taken to a court of law for business malpractice. Morgan Stanley states that, “The securities-based loan accounts were opened only after discussing the product with each client and obtaining their affirmative consent” (Zacks.com). Although this may stand true, it still violated Morgan Stanley’s fiduciary duty to customers of informing them of their investment.

It is unfortunate to see businesses continue to perform unethically towards customers, as well as employees. Longevity, reputation and long-run profit maximization are no longer commonly displayed. Morgan Stanley in this case should have stayed with giving a bonus, but should have not forgotten about the fundamental values they hold as a broker, which is to inform clients on investments, whether it be positive or negative news. Sadly enough, this is another example of America’s current business strategy that fails to be aware of the public good.

Joseph is a finance student at the Stillman School of Business, Seton Hall University, Class of 2019.

Posted by Karolina Staron.

A lawsuit was brought against Dannon Company, Inc for falsely advertising their yogurt brand. Dannon Company for years has claimed their popular product to be the healthiest on the market, ultimately pricing higher than competitors. Stating that daily consumption of the yogurt will reduce occurrences of colds and strengthen individual’s immune system. Consumers profoundly believed in the advertising, willing to pay a higher price.

One individual, however, challenged those claims. Trish Wiener suffered with digestive problems, the consumption of the yogurt that guaranteed digestive system improvements was intended to aid with the discomfort. Inspire of this, with time the yogurt failed to relieve the daily burden and Wiener began to question the accuracy of the advertisement.  “In its ads for the yogurts Dannon claims the products use exclusive strains of what are known as probiotic bacteria, [which] are live microorganisms, usually bacteria, similar to the beneficial ones found in the human digestive system. In the right amounts, they ‘confer a health benefit on the host.’” While, in fact no clinical testing has been accomplished to support the existence of probiotics in the dairy product.

Dannon Company, Inc. although denying any allegations against false advertising, has agreed to settle the Federal Trade Commission law suit. The settlement required acceptance to omit disclosing “scientific proof” benefit of their products. “Claiming that any yogurt, dairy drink, or probiotic food or drink reduces the likelihood of getting a cold or the flu, unless the claim is approved by the Food and Drug Administration.” The Company’s intention behind settling was forgo incurring additional expenses.

In the modern times, busy work schedule and daily tasks often take away time from properly planning meals and force people to rely on quickly obtainable foods. With a busy lifestyle people neglect the need to educate themselves on the quality of products they purchase. If the media states a specific food is beneficial to ingest, the statement is relied upon by the public without further questioning. This is only one case that has been brought to the public’s attention that addresses the topic of food quality and false advertisement. Many of the goods consumed on a daily bases possesses even lower value, yet are an accepted norm.  The lesson taken from this case is to inform ourselves on the supposed benefits of the purchased products, because in truth unless we grow and produce foods ourselves, we won’t know the true ingredients embedded in every product.

Karolina is an accounting major at the Feliciano School of Business, Montclair State University, Class of 2017.

Sources:

http://abcnews.go.com/Business/dannon-settles-lawsuit/story?id=9950269

https://www.ftc.gov/news-events/press-releases/2010/12/dannon-agrees-drop-exaggerated-health-claims-activia-yogurt

Posted by Stephanie Ramos.

Like no other company, Google has revolutionized the way we conduct web searches over the last ten years. However, in the years after it went public, Google’s increasing market dominance was generating both “sky-high profits and unwanted regulatory attention.” In April 2015, the European Union’s antitrust chief formally accused Google of abusing its dominance in web searches, bringing charges that could “limit the giant American tech company’s moneymaking prowess.” This is the first case that antitrust charges have been brought against Google, despite a years long faceoff between the company and regulators in the EU. Most importantly, it “will almost certainly increase pressure on Google to address complaints that the company favors its own products in search results over its rivals’ services.” In addition, a formal antitrust investigation into the company’s Android smartphone software is underway.

Regulators have focused on accusations that Google “diverts traffic from competitors rivals to favor its own comparison shopping site.” However, Google has defended its business practices, by stating that “[P]eople can now find and access information in numerous different ways—an allegations of harm, for consumers and competitors, have proved to be wide of the mark.” In today’s modern world, privacy laws and consumer protection laws have come under intense scrutiny. Big companies, such as Amazon and Facebook, have become subjects of investigations in matters such as low-tax arrangements and protecting people’s online data. In the United States, the Federal Trade Commission investigated “antitrust complaints against Google, but closed that inquiry in 2013 without reaching a formal finding of wrongdoing” in the way it arranges its Web search results. In addition, the investigation into Google can increase political tensions between the European Union and the United States.

Antitrust laws are statutes developed to protect consumers from predatory business practices by ensuring that fair competition exists in an open-market economy. In this case, the EU is accusing Google of abusing its powers by “diverting traffic from competitors rivals to favor its own comparison shopping site. This case raises the issues of corporations and ethics. In this case, Google is a big company that generates billions of dollars in revenue. However, whether these revenues are generated through ethical practices is an ongoing question that EU is trying to solve. “Google will have [ten] weeks to make a formal response to the charges.” It “can also request a formal hearing during a procedure that commonly takes a couple of years and often results in companies’ eventually making appeals at the Court of Justice of the European Union.”

Stephanie is a business administration major with a concentration in international business at Montclair State University, Class of 2016.

Posted by Abier Mustafa.

Cell phone Company, AT&T, has agreed to pay back $105 million in what is being called ”the largest cramming settlement in history.” AT&T has been adding unauthorized charges to tens of thousands of customers’ monthly bills. The charges are usually for the amount of $9.99 per month, coming from third-party services, including trivia, horoscopes, and love tips.  ”AT&T is accused of keeping at least 35% of the fees, as well as obscuring the charges on bills and preventing customers from securing full refunds.”

There have been previous lawsuits against other cell phone providers besides AT&T.  For example, the Federal Trade Commission has filed a similar lawsuit against T-Mobile in the past also due to unethical charges to customers.  “For too long, consumers have been charged on their phone bills for things they did not buy,” Wheeler, the Federal Communications Commission chairman, said- “It’s estimated that 20 million consumers this year are caught in this kind of trap, costing hundreds of millions of dollars.”

AT&T has released a statement saying that they have provided customers with “Premium Short Messaging Services” in the past. However, they have discontinued third-party billing.  To resolve all claims, $80 million of the settlement has been set aside for customer refunds, along with $25 million in penalties due to regulators.

So if you’re an AT&T customer and have been wrongfully charged, you may be eligible for a refund!

Abier is a finance major at Montclair State University, Class of 2016.

Posted by Carlos R. Rodriguez.

The article “Ex-U.S. Tax Court Judge, Husband Indicted in Tax Case” written by The Associated Press mainly discusses the topic of how a former U.S. Tax Court Judge, Diane Kroupa and her husband, Robert Fackler have been charged with conspiracy to defraud the United States, tax evasion, making and subscribing false tax returns and obstruction of an IRS audit, U.S. Attorney Andrew Luger announced. The charges were brought in Minnesota and allege that the couple conspired to evade at least 400,000 dollars in federal taxes. In a statement, U.S. Attorney Andrew Luger stated that “Tax laws apply to everyone, and those of us appointed to federal positions must hold ourselves to an even higher standard.”

Diane Kroupa was served as a tax court judge by then-president George W. Bush in 2003 and retired in 2014. The charges brought on her and her husband allege that between 2004 and 2010, the couple understated their taxable income by about $1 million and they owe at least $400,000 in taxes. Also, federal prosecutors accuse Kroupa and Fackler of fraudulently deducting at least $500,000 of personal expenses they listed as expenses at Fackler’s consulting firm, and another $450,000 in purported business costs for which clients had reimbursed Fackler, the Star Tribune reported. Kroupa also failed to report about $44,520 that she received from the sale of land in 2010 in South Dakota instead of claiming it as an unrelated inheritance which was stated in the court documents.

In my opinion, as a Tax Court judge, Diane Kroupa should be held to a higher standard of ethics. Also, any tax cases for which she was present should be investigated because Diane’s judgment is clearly out of line if she is found guilty for these charges. Given her comprehensive understanding of tax laws, it should be obvious to her that reporting personal expenses as business expenses is a way to defraud the IRS and it was done intentionally in order to evade taxes. Going forward, a solution to an issue of this nature should be that government officials should be checked for things like tax evasion more often because if their moral judgment is incorrect, their decisions can be detrimental to the country as a whole.

Carlos is a graduate accounting student with a certificate in forensic accounting at the Feliciano School of Business, Montclair State University, Class of 2017.

Posted by Shakil Rahman.

Americans pride themselves on the idea that their country is the land of the free, where people of different parts of the world could have the equal opportunity to live as they wish, pray freely, and be free to live without being persecuted for their beliefs. It is stated in the constitution and laws are created to make sure people’s rights are not infringed upon or people are discrimination for their beliefs. But there are times when the people seem to be discriminated against because of their beliefs and it spills into the national spotlight.

Abercrombie & Fitch are multimillion dollars clothing store and in one of their stores a Muslim woman named Samantha Elauf applied for a job but she was rejected. When inquired about why she was being rejected, the company replied that the company’s dress code is “classic East Coast collegiate style” and since she wore head scarf, a headwear named Hijab that Muslim women wear, which went against the dress code, she was not hired. Ms.Elauf filed a discrimination lawsuit against Abercrombie & Fitch and the case went to the Supreme Court after being going through trial court and appeals court. The defendant claimed that since the plaintiff did not specifically state that the head scarf was worn for religious reasons they did not discriminate the plaintiff. The Supreme Court justices voted 8-1 for the plaintiff stating that the company should have understood that the head scarf had a religious significance, since it is of common knowledge and therefore the plaintiff was being discriminated and that is prohibited by the Title VII of the Civil Rights Act of 1964.

The lawsuit against the company is based around the claim that the company rejected the applicant’s application for a job due to dress code violations knowing that it had religious significance. The reasoning given by the company was that the applicant did not specifically ask for religious accommodation, therefore there was no discrimination. While it is true that the applicant did not request religious accommodation, head scarves are commonly used for religious reasons in various religions and being ignorant of the fact is not valid argument. Therefore, when the company rejected Ms.Elauf’s application due to her wearing a head scarf, they were discriminating her based on her religious practices. Being ignorant of law is not sufficient excuse either, since the company is supposed to know the laws of the land it is conducting its business in.

In the modern world where globalization has brought the world, and the business world, laws are created to make sure that people are not discriminated for their personal life choices. But sometimes the laws are not interpreted in the same manner by people. For instance, for this lawsuit, the trial court granted the Plaintiff $20000 for the lawsuit, but the appeals court saw the same case and decided that there were no signs of discrimination and overturned the ruling, only for the ruling to be overturned by the Supreme Court. Interpretation of the law is an important part of the business world that must be done in a prudent manner by the courts but also by companies and individuals in order to avoid situations where a wrongdoing does not occur due to ignorance.

Shakil is a student at the Stillman School of Business, Seton Hall University.

Posted by Michael de Andrade.

A threat to European nations, Facebook is being seen as a social media giant who are stripping Europeans from their freedom. Facebook is being accused of “collecting digital information about people who are not its users,” by the Belgian Court’s. Many of the “Continent’s data watchdogs,” including the European Court of Justice, have been giving Facebook and other American technology companies a difficult time for the way they “gain access to, manage and use people’s digital information” because to these European “watchdogs,” Facebook is violating Europe’s strict data protection rules that preserves individual’s privacy to the same power as the “fundamental rights, such as freedom of expression.

The hearing was held in Brussels, Belgium on Monday, November 9th, where Facebook was denied the ability to “collect and store online information from people in Belgium who do not have an account with the social network” stating that Facebook did not have “individuals’ consent to gather the information.” With this decision, the Belgian Court took further action by stating that if Facebook fails to comply with the court’s decision, they’ll receive a “daily fine worth up to $270,000.” Facebook didn’t settle and in response they stated that they have used “cookies for more than five years without facing privacy complaints,” and that they are going to appeal the decision to the Belgian Court of Appeal. As the wait continues, Facebook is being further investigated by five European privacy regulators, which are from Belgium, France, Germany, the Netherlands and Spain, to see whether or not the “company’s new privacy conditions run afoul of their countries’ domestic data protection rules.”

In the end, Facebook is trying to combat these accusations by stating that only the Irish data protection authority has jurisdiction over its new privacy conditions because Facebook’s international headquarters are in Dublin. The position grew vastly in the last month after the European Court of Justice “gave national authorities greater powers over how companies like Facebook and Google store online data.” Facebook will continue to fight for what they believe are their rights, despite the judges’ ruling that the United States do not offer sufficient protection for Europeans if their data was misused by companies or by government agencies. The issue is still recently new and there are many situations yet to be settled.

Michael is a sports management major at the Stillman School of Business, Class of 2018.

Posted by Abdullah Almohammadi.

51-year-old Steven Croman is a landlord with more than 141 apartment buildings in Manhattan. In 2016, was arrested for the allegations of obtaining loans fraudulently and committing tax fraud. Croman pleaded guilty for giving false business records, grand larceny, and criminal tax fraud. He was sentenced to one year jail and a five million fine.

The case came from the investigation of the allegations that Mr. Croman was harassing his tenants. He was alleged that he pushed rent-regulated out of their apartments. He also withheld the state payroll taxes to earn a bonus for forcing the rent-regulated tenants.

He was taken to court on Tuesday but declined to address the court. Justice Jill made a judgment stating that he was given time in jail to think about the people he has harmed. As he left the court in handcuffs heading to prison, an elderly tenant, Carol, stated that his apartment was in bad condition since Mr. Croman had refused to clean the apartment. Another elderly tenant by the name Cynthia suggested that the public ought to be protected from such a person as Croman forever. This indicated that Mr. Croman should have life jail term. On the other hand, Mr. Croman lawyer believes that Mr. Croman will behave appropriately in jail which will make him be released after eight months instead of one year.

Abdullah is a graduate accounting student at the Feliciano School of Business, Montclair State University.

Source:

http://www.foxbusiness.com/features/2017/10/03/nyc-landlord-sentenced-to-year-in-fraud-case.html

Posted by Muhammad Azeem.

Playing the role of a forensic accountant can be a fundamental one as it will influence various individuals whether in a business valuation or in a fraudulence sense. This article talks about how forensic accountant can play an indispensable part in perceiving issues and working up new tradition proceeding, irrespective of facing issues during the trial.

When in doubt, forensic accountants will join money related and legal capacities in choosing the proximity of a wrongdoing. Also, they can use their skills and expertise in recognizing those factors that should be considered in a business valuation. The arranging of using a forensic accountant could in like manner ask for quick and excellent results that oblige relationship with existing clients.

Whether it is for the inspirations driving business valuation or diverse examination of data, an accountant can be a fundamental part in recognizing issues. Observation is one of the biggest issues that forensic accountants face. If you are estimating a business or attempting to choose something that requires examination of a huge amount of data, an expert accountant might be the individual you require at the end.

Muhammad is an undergraduate student in accounting at the Feliciano School of Business, Montclair State University.

Article Link: http://ezinearticles.com/?What-Are-the-Biggest-Issues-Facing-Forensic-Accountants&id=9240899

Posted by Abdullah Aldahmash.

As the article begins, “to survive in this age of austerity and fraud,” there is a requirement for a more quick-witted and more refined arrangement of accountants, prepared to offer experiences and answers for all methods of business. This incorporates not just representing legitimate direct of business and reinforcing inbuilt process controls, yet in addition techniques for the discovery and avoidance of extortion and unfortunate behavior. In the beginning of the financial downturn, the accounting profession had experienced radical changes because of accounting catastrophes, e.g. Enron and WorldCom. Forensic accounting is an integration of accounting, auditing, and investigative skills. There is interest for it as general society is compelled to manage financial downfalls, and an ascent in desk violations and misquotation of money related data. Financial misstatement is one of the highest constituents of fraud today. It is the “deliberate misrepresentation of the financial condition of an enterprise, accomplished through purposeful misstatement or oversight of amounts or disclosures in the financial statements to fool users.”

According to the article, corruption, asset misappropriation, and fraudulent financial statements are the main reasons for the financial misstatement. Corruption includes fraudulent situations in the nature of conflict of interest, bribery, illegal gratuities and “economic extortion.” Asset misappropriation includes “skimming and larceny of cash, fraudulent billing, payroll and reimbursements, and misuse and larceny of assets.” Finally, fraudulent financial statements includes inappropriate representation of liabilities and expenses, inappropriate disclosures in financial statements, inappropriate valuation of assets and inventory, inappropriate realisation of revenue, and “timing differences.”

To prevent fraud in the future, a forensic accountant should keep in mind many key rules that absolutely will help them to be more efficient regarding handling the fraud. These keys are:

Improper composition of the Board of Directors or Audit Committee; improper oversight or other neglectful behavior by the Board of Directors or audit committee; weak or non-existent internal controls or process controls, including an ineffective internal audit function and improper conduct of external audits; unusual  or extensively complex transactions; financial  statements requiring significant subjective judgment by the management; rapid growth or unusual profitability, especially when compared with industry peers; recurring negative cash flows or inability to generate positive cash flows; significantly high transactions with related entities not in the ordinary course of business; inappropriate disclosure of related-party transactions; uncommon changes in the relationship between fixed assets and depreciation; uncommon increase in gross margin or profitability compared with industry peers; immoral standards: recurring  attempts by the management to justify marginal or inappropriate accounting on the basis of materiality; sophisticated organisation structure involving uncommon legal entities or managerial lines of authority; central administration; significant operations in places considered tax havens, with no clear business justification.

Abdullah is a graduate accounting student at the Feliciano School of Business, Montclair State University, Class of 2017.

References:

Anand, D. Elementary, my dear retail investor. The Hindu BussinessLine. Retrieved from: –

http://www.thehindubusinessline.com/news/education/elementary-my-dear-retail-investor/article4960231.ece

Posted by Nora Shelbi.

In the article, Isaac (2017), discussed the issue of the Uber investor and claimed that Travis got involved in the material misstatement and fraudulent trading.  As per the investors, it has been declared that such fraudulent activity has been done with the intention to get the outside control of the board; and, he is involved in the breach of contract and breach of duty. Also, the investors are claiming that Mr. Kalanick’s “overarching objective is to pack Uber’s board with loyal allies in an effort to insulate his prior conduct from scrutiny and clear the path for his eventual return as C.E.O.”

The author of the article has declared that all the fraudulent activities which have been done by Mr. Kalanick is mainly due to restoring his position as the CEO and for this purpose, he is using the fraudulent ways which are not allowed at all in the corporate environment. The persons who were in favor of him have declared that he does not want to be the chief executive officer of the company, but others have said that he is doing this just to achieve the control without even having the title of the chief executive officer of the company.

There are many other claims, which are made, including an atmosphere of sexual harassment at workplace. The company is also sued by the sister company of Google for stealing the trade secrets of company, Waymo. Such issues concerning litigation against the company as well as its officials are not in favor of the company. It is deteriorating the image of the company, as well as, dissatisfying the investors to a greater extent. (ISAAC, 2017)

Nora is a graduate accounting student at the Feliciano School of Business, Montclair State University.

Reference:

ISAAC, M. (2017, Aug 10). Uber Investor Sues Travis Kalanick for Fraud. Retrieved Sep 20, 2017, from The New York Times: https://www.nytimes.com/2017/08/10/technology/travis-kalanick-uber-lawsuit-benchmark-capital.html

Posted by Kesha Patel.

In 2012, four employees of tech giant Apple filed a lawsuit against their employer in San Diego. Apple allegedly failed to give their employees proper meal and rest breaks in addition to not paying them in a timely manner. In 2013, the case became a class action lawsuit that included about 21,000 employees who had worked at Apple between 2007 and 2012.

California law states that any employee that works for five hours or more must get a thirty-minute meal break; any employee that works for four hours is required to get a 10 minute rest break.

Jeffrey Hogue, an attorney representing the class action said the $2 million verdict had came but Apple could owe more. Although Apple made scheduling changes in 2012, the aura of secrecy keeps its employees from discussing the company’s working conditions.

Kesha is an accounting student at the Feliciano School of Business, Montclair State University, Class of 2019.

Posted Layla Alzahrani.

Embezzlement is money stolen by an unethical person. According to the article, 40 percent of small businesses in the United States will be targeted for average loss of $ 140,000,00.00, but embezzlement is only reported two percent of the time. Most of the embezzlers are trusted and long-term employees or family friends, or relatives. Victims’ trust usually is shattered after embezzlement happened, especially if embezzlers are their friends or relatives. According to forensic psychologists, victims have lack of judgment to discover the perpetrators before embezzlement happens.

It is difficult to discover employees who follow no pattern and offer no outward signs. Embezzlement sometimes is committed by people who do not have previous criminal records and and may have reputations beyond reproach. There are warning signs, however, that can show as evidence of employees’ behavior before the theft is uncovered, such as: enthusiastic employees who ask questions about business processes and procedures; employees who have excessive debt because of divorce or drug abuse; and employees who refuse to take time of their job, and who want to work when no one is around. Usually embezzlers have a hostile attitude if they get questioned about financial transaction.

Moreover, there are three factors must be present before a person can commit fraud; they are need, opportunity, and rationalization. Some examples of need are addiction to drugs, alcohol, and gambling. Rationalization appears when an employee believes that his/her illegal action fits within a personal code of conduct or ethic, which means that an embezzler steals because they see that as situational fraud. However, embezzlement can be discovered if accountants find amounts of expenses that are not consistent with historical norms or budget, documents are missing or incomplete, problems of bank reconciliations, and documents are adjusted without adequate support.

Preventing embezzlement can be difficult because there is no sure-fire method that can prevent it. Some examples that make it difficult to prevent fraud are issuing fictitious checks, invoking products that a company does not need it, issuing cashing checks for return products that not actually returned, forging checks and destroying them, and charging patients more than a duplicate invoice. There are some precautions that clients can take to prevent fraud such as doing an extensive background check before hiring an employee, tracking a person’s checks and verifying them, making bank deposits nightly, reconciling the bank and credit card statements, and requiring vacations. Those handing funds must be closely and routinely monitored in a company to insure that all profit within the practice and not in someone’s pocket.

Layla is a graduate accounting student with a concentration in forensic accounting at the Feliciano School of Business, Montclair State University.

Source:

Tranyor, Robert M. (2016) Embezzlement Could it Really Happen to You?, Audiology Today, Vol. 28. No. 4.

Posted by Nick Farkas.

A McDonald’s’ franchise in California has repeatedly gotten into legal trouble throughout the past few years because they were not paying and recording the overtime of their employees correctly. The Smith family owns the franchise and have around 800 employees working for them. They initially settled the claims for $700,000 but did not learn from their mistakes.

McDonald’s is not entirely liable because it is a specific franchise involved; however, they are going to pay the $1.75 million in damages and $2 million in legal fees to protect the brand. McDonald’s has also agreed to train the Smith family on the use of corporate software designed to ensure compliance with California’s distinctively strict employment laws.

This is not the end of McDonald’s’ lawsuits and it is certainly not the beginning. Earlier this month, a union-backed group filed sexual harassment complaints on behalf of workers. McDonald’s has to decide which cases are worth fighting, and which cases they should automatically plead guilty. These decisions are based on risk and image.

Nick is an accounting major at the Feliciano School of Business, Montclair State University.

Posted by Navjoat Aulakh.

PepsiCo’s famous ‘healthy’ beverage line, Naked Juice, is being stripped down and exposed for it’s misleading marketing tactics.  The line of beverages features images of various fruits and vegetables, and claims to be ‘all natural’.  The CSPI (Center for Science in the Public Interest) has argued that “a single 15.2-ounce container (the smallest option) contains 61 grams of sugar, about 50% more sugar than a 12-ounce can of Pepsi”.  The American Heart Association’s suggested sugar intake is 37.5 grams a day, PepsiCo’s Naked Juice almost doubles this suggested amount.

Although the lawsuit is less than two months old, it is expected to make impact in due time.  CSPI is asking that the company be more transparent in the ingredients of the drink, and to compensate monetary damages to customers.  Although the compensation of damages is not likely, PepsiCo will most likely have to change it’s marketing tactics.  The CSPI has a strong history of exposing the misleading marketing of products, and has even caused changes in rival companies such as Coca-Cola.

Navjoat is an accounting major at the Feliciano School of Business, Montclair State University, Class of 2019.

Posted by Johanna Ortiz.

An ex-executive Andrew Caspersen at New York investment bank was declared guilty to securities and wire fraud. He admitted defrauding investors of more than $38 million, and the judge gave him four years in prison because the defendant’s attorney asked him for leniency for gambling addiction.

Caspersen was a good worker. He graduated from Princeton University and Harvard Law School. Unfortunately, for his addictions, he defrauded investors’ money including his family and friends. “I lost their money” he said “I abused their friendship. I destroyed my family’s name” (news.findlaw.com).

He used to go to an organization which helped him with his alcohol and gambling addictions; however, he never finished his treatment. He always quit. His attorney used this as an excuse to let the judge know that he is not under control and he is unable to think or act as a normal person. The judge declared him with a very real gambling disorder and for that reason he gave him short-term prison sentence. He said to the judge that he learned from this and he is going to retake the treatment.

His defense attorney said his client was very ill with his addictions that he did not care about money, and he just wanted to play. At the end of the day, he lost over $100 million. He had hope that no matter how many times he lost, he would win and take the money back.

In my opinion, Caspersen acted without values, morals, and respect to investors. He knew his addictions and he was irresponsible and quit the treatments. All his irresponsibility were not investors’ fault and he had to pay for his mistakes.

Johanna is an accounting major at the Feliciano School of Business, Montclair State University.

Posted by Rafaela Andrade.

Costco wholesale store is now using new Visa credit cards and no longer American Express after fifteen years.  Under a new contract, Citigroup, Inc. will now be the issuer for their credit cards along with Visa, Inc. Early this year, Costco reported that their earnings were not met and the stock price had dropped. The reason why the wholesale store left and would not renew the contract with American Express is due to economic reasons. When the news of this broke to the public, the “credit- card company’s stock fell 6.4%.”

Costco only accepted American Express for the past fifteen years. The wholesale store represented around $80 billion of their business and just on interest it was about $14 billion. This was clearly a major hit for American Express. AmEx is also limited in certain retail stores. It is said that even though AmEx offers great rewards it is costly for the merchants, costing the retailer about 3.5% where Visa and MasterCard have a cost around 2-3% or less. Costco members will have rewards and allowing them to use their new Visa cards where they are accepted.

American Express provided deals to the members such as 3% cash back on gas, 2% cash back on restaurants and even when traveling, 1% on Costco purchases and other purchases. Visa offers 4% cash back on gas, 3% cash back on restaurant and eligible travel purchases, 2% cash back on purchases from Costco, and 1% on all other purchases. This deal is great way to get extra cash and there is no annual fee for the credit card. Many Customers are happy with the results while others are not as happy. Costco had to do what is best for the company (enter a new contract) in order to keep generating business.

Rafaela is an accounting major at the Feliciano School of Business, Montclair State University, Class of 2018.

Sources:

http://www.latimes.com/business/la-fi-costco-visa-20150302-story.html

http://www.marketwatch.com/story/5-things-to-know-about-the-costco-and-amex-breakup-2016-02-11

Posted by Samantha Staudt.

One in five Americans have reported that they have skipped medicine doses or failed to fill a prescription each year because of the cost of the medicine.  This statistic is outrageous and states have to start doing something about it because the federal government will not.  Certain states, like Nevada, have passed a new law that manufactures must disclose more information about why drug prices are rapidly increasing.  In the past few year, prices in Nevada have increased as much as 325 percent, so this law will help regulate the prices of prescription drugs.  Maryland provides another example of steps that must be taken in an order to regulate drug companies.  The attorney general sued generic drug manufacturers whose prices rose more than fifty percent in a year.  States are partly responsible for the funding of the Medicaid program, spending more than 20 million dollars a year on prescription drugs for public employees and prisoners.

Drug manufacturers have recently pushed opioids while denying and misunderstanding their addictiveness.  This may be enough to cut the political power of the pharmaceutical industry.  This statistic is not settling well with anyone and more than 100 states have filed lawsuits against pharmaceutical companies related to tobacco.  This is in an effort to recover the costs of dealing with the epidemic of addiction and overdoses.  Oklahoma’s attorney general, Nolan Clay, is making strides to fixing this rising issue by refusing to accept donations from drug companies.

Of course, pharmaceutical companies fight the big changes that would affect the company.  The industry has been at the top of the lists for lobbying expenditures and campaign contributions at the same time managing to block reform proposals.  During Nevada’s fight to lower drug prices, drug companies hired more than seventy lobbyist to descend on the bill.  When state drug pricing bills pass, the drug industry challenges them in court.  There have been several lawsuits filed, but none have succeeded yet.  In order to prevent drug companies from overpricing prescription drugs, states must enforce regulation laws immediately.

Samantha is a finance major at the Stillman School of Business, Seton Hall University, Class of 2020.