Dec 15, 2021 | Antitrust, Blog
Executive Charged For Playing Key Role In Long-Running Antitrust Conspiracy That Illegally Limited Workers’ Career Prospects And Earnings
The U.S. District Court for the District of Connecticut unsealed a criminal complaint accusing a former aerospace outsourcing executive of participating in a long-running conspiracy with managers and executives of several outsource engineering suppliers (“Suppliers”) to restrict the hiring and recruiting of engineers and other skilled laborers among their respective companies.
According to the filed documents, Mahesh Patel (“Patel”), of Glastonbury, Connecticut, a former director of global engineering services at a major aerospace engineering company, enforced this agreement while serving as an intermediary between conspiring Suppliers. Patel appeared remotely before a federal court in Hartford, Connecticut after his arrest on the complaint charging him with conspiracy in restraint of trade. He was released on conditions including travel restrictions and a $100,000 appearance bond. The charge against Patel is the first in this ongoing federal antitrust investigation.
According to the affidavit filed in support of the criminal complaint, Patel upheld a conspiracy among aerospace companies not to hire or recruit one another’s employees. At times, Patel confronted and berated Suppliers who cheated on the agreement, often at the direct behest of another Supplier, and threatened to punish nonconforming Suppliers by taking away valuable access to projects. In addition, as the complaint alleges, Patel and co-conspirators recognized the mutual financial benefit of this agreement — namely, reducing the rise in labor costs that would occur when aerospace workers were free to find new employment in a competitive environment.
The maximum penalty for conspiracy to restrain trade under the Sherman Antitrust Act is 10 years of imprisonment and a fine of $1 million for individuals. The maximum fine may be increased to twice the gain derived from the crime or twice the loss suffered by the victims of the crime if either amount is greater than the statutory maximum fine.
A criminal complaint is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
Source: U.S. Department of Justice, justice.gov.
Dec 15, 2021 | Blog, Car Problems Car Complaints
Nissan Pathfinder (2013-2016) & Nissan Pathfinder Hybrid (2014-2016) Subject Of NHTSA Office Of Defects Investigation
Components: LATCHES/LOCKS/LINKAGES
Summary
The Office of Defects Investigation (“ODI”) has identified fourteen Vehicle Owner Questionnaires (“VOQ”) alleging hood latch failures, while subject vehicles were being driven, resulting in the hood opening and obstructing the vision of the driver. The office has also received Early Warning Reports (“EWR”) on this issue. Sudden and unexpected opening of the hood can startle drivers, block their visibility, and could lead to a crash into other vehicles or objects.
Nissan is currently collecting field parts to asses the alleged failure of the hood latch. A root cause has not been identified at this time.
ODI has opened a Preliminary Evaluation to evaluate the scope and risk to motor vehicle safety.
The VOQs can be found with ID numbers:11436637, 11431131, 11427702, 11423321, 11406574, 11398825, 11389741, 11387952, 11375938, 11349105, 11306735, 11302647, 11190468, 11166607.
Source: U.S. Department of Transportation, National Highway Traffic Safety Administration
Dec 14, 2021 | Blog, Consumer Protection
The FDIC Reminds Consumers To Read Bank Financial Disclosures And Statements Provided With Banking Services To Ensure Consumers Know What Is Available To Them, Along With Any Associated Fees And Benefits
Bank Financial Disclosures
Federal and state laws require banks to provide documents to consumers about account and loan offerings. These documents, called disclosures, contain important information about the terms, fees, and interest rate applicable to your accounts. While some of the disclosures are lengthy, it is important that you read and understand them. If you don’t have a copy of the disclosures discussed below, contact your financial institution.
The following are some disclosures that are important to review:
Deposit Disclosures
Your deposit account disclosure, also known as a truth in savings disclosure, was given to you when you opened your checking and/or savings account. It tells you about the annual percentage yield (“APY”), interest rates, minimum-balance requirements, account-opening information, and fees. You may receive additional disclosures about your deposit account upon request, if certain terms of the account change, or if your bank sends a periodic statement. A review of these disclosures will allow you to better understand your account terms. You can find more information about deposit accounts and disclosures by clicking Choosing and Using the Right Bank Account.
Loan Disclosures
For your loans and credit cards, you will have received a truth in lending disclosure. It will tell you about the annual percentage rate or APR (the cost of credit expressed as a yearly rate as a percentage), the finance charge (the cost of credit, including interest and certain fees, expressed as a dollar amount), the amount financed (the dollar amount of credit provided to you); and the total of payments (the sum of all the payments that you will have made at the end of the loan). The disclosures for a mortgage loan will include additional information, including whether or not you have a prepayment penalty.
Privacy Disclosures
Another disclosure you will want to review is your bank’s privacy disclosure. This document will tell you with whom your bank can share your financial information and for what purpose. It will also tell you whether or not you can opt-out of any sharing, and if you can opt-out, how to do so. For more information about your privacy disclosure, please click Your Rights to Financial Privacy: How to Stay Informed.
Additional Resources
Consumer Financial Protection Bureau (CFPB), What is a Truth in Lending Disclosure?
National Credit Union Administration (NCUA), Why Reading Account Disclosures is Important
Federal Reserve Bank of St. Louis, A Closer Look at Credit Card Disclosures
Federal Reserve Bank of St. Louis, Credit Card Statements Explained
Source: FDIC.gov
Dec 13, 2021 | Blog
Investors Should Be Aware Of Communications, Including Phone Calls, Voicemails, Emails, And Letters That May Falsely Appear To Be From The SEC
The SEC recently advised that it is aware that several individuals recently received phone calls or voicemail messages that appeared to be from an SEC phone number. The calls and messages raised purported concerns about unauthorized transactions or other suspicious activity in the recipients’ checking or cryptocurrency accounts. According to the SEC, these phone calls and voicemail messages are in no way connected to the SEC. If you receive a communication that appears to be from the SEC, do not provide any personal information unless you have verified that you are dealing with the SEC. The SEC does not seek money from any person or entity as a penalty or disgorgement for alleged wrongdoing outside of its formal Enforcement process.
SEC staff do not make unsolicited communications – including phone calls, voicemail messages, or emails – asking for payments related to enforcement actions, offering to confirm trades, or seeking detailed personal and financial information. Investors, you should be skeptical if you are contacted by someone claiming to be from the SEC and asking about your shareholdings, account numbers, PIN numbers, passwords, or other information that may be used to access your financial accounts. Again, the SEC cautions to never provide information to someone claiming to be from the SEC, until you have verified that the person actually works for the SEC.
How Can You Confirm That You Are Dealing With The SEC?
If you receive an unsolicited communication from someone claiming to be from the SEC, use the SEC’s personnel locator at (202) 551-6000 to reach the staff member directly and ask the person if the communication was from them. You can also call (800) SEC-0330 or e-mail [email protected] to check if a communication is from the SEC.
If you receive a communication that falsely appears to be from the SEC, submit a complaint at sec.gov/oig to the SEC’s Office of Inspector General (“OIG”) or call the OIG’s toll-free hotline at (833) SEC-OIG1 (732-6441).
Additional Information For Investors
Investor Alert: When Engaging With the SEC on Social Media, Use Our Verified Accounts and Be Alert for Impersonators (Sept. 2018)
Investor Alert: SEC Impersonators Pretend to Help Investors Buy Stock (Apr. 2018)
Investor Alert: Beware of Government Impersonators Targeting Fraud Victims (June 2016)
Updated Investor Alert: SEC Warns of Government Impersonators Demanding Money (Aug. 2015)
Source: Investor.gov
Dec 13, 2021 | Blog, Consumer Protection
Important Information For Consumers About Understanding Common Bank Deposit Account Fees, The Options Available, And Ways Consumers Can Minimize Or Avoid Bank Fees
Deposit Account Fees
Banks are required under federal law to disclose any fees they charge in connection with a deposit account. Ask your bank, or any bank you are considering opening an account with, for the account opening disclosure and fee schedule. All deposit-related fees that your bank can charge must be listed in these documents. Common fees might include monthly maintenance or automated teller machine (“ATM”) withdrawal fees.
Overdraft Fees
Overdraft fees occur when you don’t have enough money in your account to cover your transactions. The cost for overdraft fees varies by bank, but they may cost around $35 per transaction. These fees can add up quickly and can have ripple effects that are costly. Some banks also may charge what are known as continuous overdraft fees, or daily overdraft fees. These are charges assessed every day the account remains overdrawn.
In general, for debit card transactions at ATMs or at merchants, consumers must opt-in, or agree up front, that the bank can charge you an overdraft fee for any debit card transaction that overdraws the account. If you do not opt-in, you cannot be charged a fee; however, your bank may refuse your purchase if it will overdraw your account.
If you do opt-in for overdraft protection or coverage, then your bank may pay a debit card purchase or ATM transaction, even if the transaction overdraws your account. You will be charged any overdraft fees that are incurred as a result. The opt-in form should be provided by your bank with the other account opening disclosures. If you change your mind at any time after opting-in, you can still opt-out by contacting your bank.
If you have a separate savings account, you might think about linking your savings account to your checking account when your bank provides this option. If you overdraw your checking account, the bank can pull funds from your savings to cover the shortage, as long as you have enough funds available. Your bank may still charge you a fee for transferring the funds automatically, but it is typically less than an overdraft charge.
“NSF” Fees
While you have a choice to opt-in or opt-out of overdraft coverage for debit card transactions, you may not have a choice when it comes to using paper checks or other ways of making payments or purchases from your account. Keeping track of your account balance will help you avoid charges for overdrawing your account in those situations, and also if you choose to opt-in for debit card transactions. Banks are not required to obtain your opt-in for Non-Sufficient Fund (“NSF”) fees. If you write a check for more money than you have in your account without any overdraft coverage, the check will not be paid but you will still be charged an NSF fee.
Also, Automated Clearing House (“ACH”) transactions, such as your direct payment or bill pay services, may be declined if you do not have enough funds in your account and be subject to an NSF fee.
Banks typically charge a NSF fee for each transaction, and these fees too can be costly as they can have ripple effects similar to overdraft fees. It is your responsibility to stay current with the checks and transactions you have made from your bank account. Make sure to look at your bank statements and try to use online banking and alerts to help you keep track of your bank account transactions.
Monthly Maintenance Fees
Banks can charge a monthly fee to maintain deposit accounts. These fees may be lower or waived in certain situations, such as when you have direct deposit, maintain a minimum balance, or make a certain number of transactions each month. You might consider a bank that allows you to avoid monthly maintenance fees by direct depositing your paycheck. Ask if other fees can be waived with direct deposit. Signing up for paperless statements and getting multiple products from one bank (instead of several banks) may be a way to eliminate some monthly maintenance fees.
Minimum Balance Fees
Some accounts may have a minimum balance requirement to avoid a fee. If you are required to have a minimum balance in your account, be sure to maintain that balance to avoid fees. Ask if your bank offers low balance alerts to notify you, so that you don’t unknowingly drop below the minimum balance requirement.
ATM Fees
Some banks charge for using ATMs not in their network. To avoid charges, use only the ATMs that are in your bank’s network, or those that allow you to use your ATM or debit card for free. Also, ask if your bank reimburses you for using any ATMs outside its network. Some banks will do that for a certain number of transactions per year.
Finding The Right Bank Account
The FDIC recommends comparison shopping at a number of banks before you open an account. To help you choose an account based on what is important to you, use the FDIC’s checklist: How to Pick a Bank Account. Choose the services you need and skip those that you don’t, especially if they come with a price tag. Get a copy of the bank’s deposit account disclosure and fee schedule, and read them carefully so you know the cost of the services you require. Choose the account that has the services you need at the lowest cost.
Today, there are more transaction account options than ever before. Some banks offer customers the option of a ‘checkless’ checking account. These card-based accounts may offer consumers the ability to avoid overdraft charges completely. There are also banks that offer accounts with low-fees, and no overdraft or NSF fees, such as Bank On certified accounts. These accounts may also provide other free services such as ATM withdrawals. To obtain additional information on these low-fee bank accounts, please click #GetBanked.
The FDIC also recommends to call your bank and ask if they can waive fees you have incurred, especially if you have not had a lot of fees in the past. If your bank cannot waive specific fees, ask if the bank has a different account that does not have fees for the services you need. If not, and you find the fee to be costly, consider shopping around for an account at a different bank.
For additional information, please click the Consumer Financial Protection Bureau’s New insights on bank overdraft fees and 4 ways to avoid them.
Source: FDIC.gov
Dec 11, 2021 | Blog, Car Problems Car Complaints
Chevrolet Malibu (2016-2019), Volt (2016-2019), Traverse (2018-2019), Blazer (2019) Vehicles Subject Of Class Action Suit
Consumers should be aware that on December 2, 2021, a class action lawsuit was filed against General Motors LLC (“GM”) in United States District Court, Northern District of California, on behalf of persons or entities who purchased or leased a Chevrolet Malibu (2016-2019), Chevrolet Volt (2016-2019), Chevrolet Traverse (2018-2019), Chevrolet Blazer (2019) in California.
Allegedly, the vehicles, contain a defect which fails to detect that the driver has placed the automobile in “Park,” thereby preventing the driver from shutting off and locking the vehicle. According to the lawsuit, the subject vehicles display a “Shift to Park” error message on the instrument cluster, even though the gear shift is already in “Park.”
As a result of the “Shifter Defect,” members of the Class, allegedly, cannot turn off their vehicles and, to avoid battery discharge, are forced to resort to try to trick their vehicles to detect that the shift lever is, in fact, in “Park.” The “Shifter Defect,” according to the complaint, prevents the vehicle from shifting into gear, leaving the driver stranded. Consequently, the driver must have the vehicle towed for repair.
GM, according to the suit, had knowledge of the defect, issuing the first in a series of service bulletins on January 9, 2017. Allegedly, despite these notices, GM, through its Chevrolet dealerships, has refused to acknowledge the defect. According to the complaint, when customers press the issue, GM, through its Chevrolet dealerships, refuses to honor its contractual promises to fix the defect, forcing owners and lessees of the subject vehicles to pay for the repairs at their own expense or forgo servicing the issue.
VEHICLE OWNERS AND LESSEES AFFECTED BY AUTOMOTIVE DEFECTS OR SAFETY RECALLS ARE ENCOURAGED TO CONTACT KEHOE LAW FIRM, P.C., [email protected], FOR A FREE, NO-OBLIGATION EVALUATION OF POTENTIAL LEGAL CLAIMS.
