Tom Brady: CFPB poster boy

first_imgGiven the amount of media attention it has received we must now add NFL Mgmt. Council v. NFL Players Ass’n, to the annals of watershed cases like Brown v. Board of Education, Roe v. Wade, and Bush v. Gore.And, why not? Take away his $20 million annual salary, the four super bowl rings, the super model wife, the phalanx of PR pros and personal assistants with the habit of throwing away cell phones containing important evidence and Tom is an average guy entrapped by a poorly drafted arbitration clause. In fact, Tom’s travails demonstrate why the CFPB is half right but all wrong when it comes to reforming arbitration clauses.First, some background. Pre-arbitration clauses are common in many consumer contracts and an increasing number of account agreements. They bind consumers to resolving disputes through arbitration instead of with a lawsuit including class action lawsuits, a practice upheld by the Supreme Court. Arbitrator decisions are extremely difficult to overturn since a reviewing court is effectively being asked to nullify a binding contract. The reason Tom ultimately lost wasn’t because the Court of Appeals for the Second Circuit necessarily believed that he was guilty of conspiring to deflate footballs, which, fortunately for Tom, is no longer a capital offense; rather the court had to decide if the NFL abided by the terms of the arbitration provisions that had been agreed to in the NFL’s Collective Bargaining Agreement. The court was going to defer to the arbitrator’s finding so long as there was any evidence at all to support his conclusions.So what makes Tom a poster boy for the CFPB? Because, whereas Tom Brady has access to the best lawyers to argue his case, the vast majority of consumers signing account agreements and consumer contracts do not. Nevertheless, the law binds consumers to arbitration clauses to the same degree it binds Tom Brady. On some level, this doesn’t seem all that fair. The average consumer is typically in a take it or leave it position with regard to most products or services he buys. They don’t have the ability or inclination to eliminate or modify arbitration clauses.This would be OK but for the fact that, judging by examples uncovered by the CFPB and NY Times, arbitrations t can be grossly unfair. In fact, I’m sure Richard Cordray will be relieved to learn that, even though I continue to believe that arbitration is not one of the country’s major consumer issues -unless you are a plaintiff’s lawyer – he has convinced me that changes could be made to arbitration that better protect consumers.Dodd Frank gave the CFPB the obligation to study arbitration and the power to modify their use (Section 1028). The question is what should these changes be? As I write, the Bureau  is reportedly preparing to propose prohibiting arbitration clauses that bar consumers from joining class action lawsuits. That’s right.  Its solution to solving arbitration abuses is not to reform arbitrations, but to advocate for unlimited consumer access to class action lawsuits.This is where the CFPB goes off the tracks. Class actions do more harm to the economy than do arbitration clauses. There is a time and a place for this type of litigation, but all too often they are used to browbeat businesses into settlements that benefit no one but the attorneys who bring them. Do you remember receiving a threatening letter accusing you of violating federal law because you didn’t post a   transaction fee next to your ATM machines? I find it hard to believe that your members are better off for these threats but the lawyers who prosecuted these lawsuits certainly are.Or, take for instance the recent settlement of a class action lawsuit claiming that Uber violated Labor Laws by classifying drivers as independent contractors. Uber may end up paying $100 million to the whole class, but up to $25 million of that is reportedly going to the class’s law firm and we still have no clear legal guidance about the status of Uber drivers. Let the Heavens Fall so that Justice be Done!Proponents of class actions argue that there are many violations which are only worth suing over if you aggregate them.  But this simply means that the harm to individual consumers is negligible. Besides, government agencies and attorney generals aren’t shy about going after rule breakers.Instead of being fixated with class action lawsuits, the CFPB should mandate baseline requirements that would have to be satisfied for an arbitrator’s decision to be binding.  For example, all arbitrations should be either transcribed or recorded so that there is a record of the proceedings; parties should have no role in picking their arbitrators and the number of arbitrations an arbitrator can oversee involving the same client should be capped to avoid potential conflicts of interest. Finally, when a consumer is not represented by counsel, courts hearing appeals should have a lower legal standard for overturning an arbitration award.We all can’t be Tom Brady, but we all should have some of the protections his wealth affords him. The ultimate goal of arbitration reform should be a fair system for both an aggrieved customer and the institution with which he is doing business. To me, it makes perfect sense for credit unions and banks to control legal costs with arbitration. It also makes sense to make sure that arbitration is fair to all sides in a dispute. 12SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Henry Meier As General Counsel for the New York Credit Union Association, Henry is actively involved in all legislative, regulatory and legal issues impacting New York credit unions. Whether he’s joining … Web: www.nycua.org Detailslast_img read more

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East Norwich Man Charged With Stabbing Wife to Death

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York An man was arrested for stabbing his 61-year-old wife to death in their East Norwich apartment over the weekend, Nassau County police said.Warren M. Ducker was charged with second-degree murder.Homicide Squad detectives said the 67-year-old suspect killed his wife, Wendy Ginsberg-Ducker, in their Pine Hollow Road home, where officers responding to a report of a medical emergency found her dead at 1:40 p.m. Sunday.The husband was taken to a local hospital for treatment of non-life threatening injuries. He was scheduled to be arraigned Tuesday.last_img

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Bali fights virus same way it attracts tourists – with local customs

first_imgIndonesia’s most popular tourist destination, Bali, has its local customs to thank for what officials tout as success in containing the COVID-19 outbreak, as the central government mulls reopening the resort island.As of Tuesday, Bali had reported 407 cases of infection with 295 recoveries and four deaths – some of the lowest fatality figures in the entire country. Most of the cases were recorded in the capital of Denpasar, as well as in Buleleng and Bangli regencies.The province, home to some 4.2 million people, reported its first confirmed case of COVID-19 on March 11, despite still welcoming its typical crowds of tourists in the early months of the pandemic. Unlike other provinces, however, Bali does not publicly disclose the number of patients under surveillance (PDP) or people under observation (ODP), fueling doubt over the veracity of its official figures.PDP and ODP figures refer to people who are suspected of having contracted the disease but who are still awaiting test results or are about to get tested.”It’s important to know the number of ODP and PDP to see how good the government has been in detecting cases,” said I Made Ady Wirawan, the head of Udayana University’s School of Public Health.“It might show the true number [of cases].” Ady said that Bali had not been testing enough people for its methods to be deemed reliable, an issue facing many other provinces nationwide.As of May 21, Bali had only tested 8,116 samples, with more than one sample possibly taken from a single person, according to a virtual briefing by the Bali administration on Friday.And while he warned of possible undetected cases from asymptomatic carriers, Ady said there had yet to be reports of an unusual spike in deaths among patients treated for COVID-19 in Bali’s hospitals.Bali’s successful containment efforts have largely been attributed to the active role played by traditional villages, which make up the majority of the island’s settlements, as the majority of people are Hindus who comply with local religious customs.The island’s authorities have not resorted to imposing the large-scale social restrictions (PSBB) seen elsewhere in the country and have instead relied on the island’s 1,493 traditional villages to restrict people’s movements, which Bali Governor I Wayan Koster insisted had been a success.The villages have a well-defined leadership structure, complete with pecalang (traditional guards), who work voluntarily in the service of the people – known as ngayah in Balinese culture.Village leaders and the pecalang are tasked with screening visitors seeking to enter the villages, monitoring people in quarantine, preventing large gatherings and making sure people follow health protocols, such as wearing masks and washing their hands frequently.Those who violate the rules could face social sanctions that are perceived negatively by the Balinese people, said Jero Mangku Widiarta, the head of Besakih village, home to the island’s largest and most important Hindu temple, Besakih Temple.“Bali without its guests is a pandemic in itself. […] That’s why the Balinese people are compliant with the existing protocols – so the guests will return sooner,” Jero said.The Balinese are known for being very compliant with the local customs enforced by traditional villages, mainly because they are very old, said Wayan P. Windia, a customary law professor at Udayana University.The villages have been around for centuries, even before the Netherlands conquered the region in 1908. One inscription from 891 AD even acknowledges their existence and importance in Balinese culture.”People in traditional villages are bonded through sakala [reality] and through niskala [Hindu beliefs],” he said.It was only in a 2019 regional government regulation on traditional villages that these social units were recognized administratively.Meanwhile, Coordinating Maritime Affairs and Investment Minister Luhut Pandjaitan said earlier this month that the government had considered reopening the economy in Bali and four other regions, citing a plateauing of COVID-19 infections.Bali’s losses in the tourism sector are estimated to total around Rp 9.7 trillion per month, according to the administration, as global restrictions on movement pummeled the industry that contributes to around 60 percent of the province’s gross regional product.According to Indonesian Tourist Industry Association (GIPI) data, Bali recorded an 11 percent year-on-year increase in foreign tourist arrivals in January, before arrivals dropped 18 percent in February, a further 42.32 percent in March and 93.24 percent in April.Bali Deputy Governor Tjokorda Oka Sukawati said in an online discussion in April that the impact of the COVID-19 pandemic had been even worse than past disasters, including the deadly 2002 and 2005 Bali bombings, when the informal sector had helped keep the economy afloat.While confidence remains high that the province will keep infections under control, Ady of Udayana University warned against lifting restrictions too early for fear of a second, more severe, wave of infections, given that the rate of local transmission was still climbing.Local health authorities have raised concerns over the rising number of cases stemming from local transmissions, as it was previously thought that the majority of cases were imported, including by returning migrant workers.As of Monday, local transmissions accounted for 42.17 percent of total cases, with 67 out of 97 active cases still receiving treatment at seven hospitals and quarantine facilities. New clusters of local transmissions recently emerged in at least three villages.”When more tests are carried out and fewer cases are found, then confidence in the ‘new normal’ will increase. At that time, intervention will shift from community-based to case-based,” Ady said. “But for now, testing and tracing must be improved.”Topics :last_img read more

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Arsenal boss Unai Emery provides fitness updates on Aubameyang, Koscielny, Ramsey and Xhaka after Newcastle win

first_img Comment Phil HaighTuesday 2 Apr 2019 7:49 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link65Shares Advertisement Pierre-Emerick Aubameyang started on the bench for Arsenal against Newcastle (Picture: Getty Images)Arsenal moved into third in the Premier League on Monday night at the Emirates by beating Newcastle 2-0, but it wasn’t without the odd injury concern.Goals from Aaron Ramsey and Alexander Lacazette gave the Gunners the big win and moved them ahead of Manchester United and Tottenham in the table.Rio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starHowever, Ramsey was substituted in the second half after receiving treatment for an injury, while top scorer Pierre-Emerick Aubameyang started on the bench.Manager Unai Emery has played down the severity of both problems, and that of defender Laurent Koscielny, who missed the match.ADVERTISEMENT Aaron Ramsey came off in the second half at the Emirates (Picture: Getty Images)‘Aubameyang has had a temperature for two days and was doubtful to play today,’ said Emery after the win. ‘But also, he is coming for us to start on the bench and after he was good and he felt good in his 30 minutes.AdvertisementAdvertisement‘[Aaron Ramsey came off but] it’s only cramp. I don’t think it’s more and I hope he will be ready for Sunday at Everton.‘We started Friday with not good news with Xhaka, because he has a small injury and he could not play today.‘Koscielny was coming with us in the group, but with some pain, and he said to us he is not ready to play the match.’center_img Advertisement Arsenal boss Unai Emery provides fitness updates on Aubameyang, Koscielny, Ramsey and Xhaka after Newcastle win Alexandre Lacazette and Pierre-Emerick Aubameyang linked up for Arsenal’s second (Picture: Getty Images)Arsenal have an extremely busy April, with seven more fixtures to play, starting with a trip to Everton on Sunday.The month is so hectic due to their Europa League quarter-final which sees them host Napoli next Thursday before traveling to Italy for the second leg on 16 April.‘I think we are going to play a lot of matches,’ continued Emery. ‘Next Sunday and Napoli are two very hard matches and we need some players to give them some chances, some different minutes with some different systems and some different tactical ideas in each match. We will need everybody.’MORE: Cesar Azpilicueta sends message to Chelsea fans who turned on Maurizio Sarri during Cardiff City winMORE: Rio Ferdinand names Manchester United’s three most improved players under Ole Gunnar Solskjaerlast_img read more

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Dutch firm replaces ‘unsustainable’ scheme with APG’s PPI

first_imgRandstad, a Dutch temporary employment agency, is to close its €989m pension fund for permanent staff in favour of a defined contribution (DC) PPI vehicle run by APG and ABN Amro.The company said it opted for the PPI due to low interest rates and its own “unsustainable” DC arrangements.It also cited the “increasingly individual” matter of pensions accrual.Randstad said accrual would continue in the PPI from 1 July, adding that active participants would be allowed to transfer pension rights to the vehicle. Raimond Schikhof, the pension fund’s director, said participants might also have the option of transferring 50% of their existing pension rights to the PPI.“For some participants, a value transfer could be attractive to achieve a tailor-made investment policy,” he said.The PPI offers not only standard lifecycle investment but also an individual investment mix and the purchase of a fully guaranteed pension.However, Schikhof said he expected most of the scheme’s 16,000 participants would opt for leaving their rights with the old pension fund, despite its modest chances for indexation.At June-end, the scheme’s funding stood at 105.7%.However, this is expected to fall by 5 percentage points, following the recent reduction of the ultimate forward rate, which is used as part of the discount rate for liabilities.Randstad said it expected its contribution, under the new pension arrangements, would fall from €27m to €22m.It said €4m of the difference would benefit workers, as their premium would be reduced from 7.5% to 5%. Schikhof said the remaining €1m would be used for pension provision at the closed scheme for the time being.In its annual report, the pension fund said it would remain a predominantly young scheme, with sufficient scale.It said it expected to maintain its portfolio mix of 55% fixed income holdings and 45% return-seeking investments.The closed pension fund also said it would continue to explore options for a value transfer, including joining the new general pension fund APF.last_img read more

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Containerships’ second LNG-fueled vessel called at Malta on its maiden voyage

first_imgContainerships Polar; Image courtesy of Malta Freeport TerminalContainerships’ LNG-powered container vessel, the Containerships Polar, has made a call at the Malta Freeport Terminal during its maiden voyage from Asia to Rotterdam.The Containerships Polar is the second in a series of four LNG-fuelled vessels put into service by Containerships, a CMA CGM unit. The company took delivery of its first LNG-powered container vessel, Containerships Nord, in December 2018.The 1,400 TEU vessels are being built at Wenchong Shipyard in China.Malta Freeport Terminals CEO Alex Montebello said: “Malta Freeport […] supports CMA CGM’s initiatives to reduce the carbon footprint of its vessels.”“CMA CGM, one of Malta Freeport’s shareholders, […] has implemented numerous initiatives to make its fleet more eco-responsible. By 2022, the group will have taken delivery of 20 vessels powered by LNG.”This is in line with the company’s commitment to reduce its carbon footprint. CMA CGM has already achieved a 50 percent reduction in CO2 emissions per container transported per kilometer between 2005 and 2015.It has achieved a further 17 percent reduction between 2015 and 2018, in line with its 2025 objective of -30 percent.In 2019, CMA CGM also became the first shipping company in the world to test a biofuel oil on board one of its container ships.It is worth reminding that the company made a decision towards the end of 2017 to equip nine of its 22,000 TEU containerships with engines running on liquefied natural gas. CMA CGM chose Winterthur Gas & Diesel’s 12-cylinder X92DF dual-fuel low-speed engine to power the nine newbuilds. LNG World News Stafflast_img read more

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Rediscovering Africa: Railways strengthen China-Africa ties

first_imgThe Tanzania Zambia Railway, a Chinese aided project completed nearly half a century ago, will inevitably come up in any discussion of China-Africa ties.But now, that railway is not the only Chinese-built route in Africa.Our reporter Xu Zhaoqun visited one of the modern railways being built in East Africa, and filed the following story.last_img

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Man City star splits from model lover just months after she moves in

first_img Stunning Fernanda Queiroz had been living with the striker at his mansion in Cheshire since October. The pair began dating in the summer and she flew to the UK from her home in Brazil to be with the 22-year-old. But after she jetted home to see her family after Christmas, the City ace called time on their relationship, unfollowed her on Instagram and deleted snaps of them together. A City source said: “She is in pieces. He’d told her that he loved her and that she was the one. Then after she arrived back in Brazil he called to say it was over.Advertisement Manchester City star, Gabriel Jesus, has given his model lover the boot just months after the pair moved in together. “He says he doesn’t want to be tied down and wants to concentrate on his career.” The playing days of City legend Sergio Aguero are numbered and Jesus wants to make the step up to be the club’s number one striker – but Fernanda has been left heartbroken. In October, she shared a snap of the lovebirds cuddling up and wrote online: “Your fingers entwined slowly with mine, and suddenly, life made sense. Te amo.” But the star has made no secret of the fact that whoever he’s dating, his mum is the main woman in his life. Read Also:Fortuna Dusseldorf sending Zak Steffen back to Man City The City striker is known for his devotion to his ex-cleaner mum Vera, who made sure he stayed on the straight and narrow with a strict upbringing in South America. FacebookTwitterWhatsAppEmail分享 center_img Loading…last_img read more

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Genoa appoints Thiago Motta new coach

first_imgRelatedPosts Live stream Premier League, La Liga, Serie A on Showmax Pro this weekend Juve’s Pirlo gamble makes new Serie A season the most open for years Pirlo bags UEFA coaching badge Thiago Motta has been announced as Genoa’s new manager after the Italian side sacked Aurelio Andreazzoli on Tuesday.The 37-year-old, who played for Barcelona, Atletico Madrid, Inter Milan, Paris Saint-Germain and Genoa, will be officially presented on Wednesday afternoon after taking charge. The club made Andreazzoli’s departure official on Tuesday on the back of a difficult run of form that left them in 19th in Serie A, dismissing a manager who only arrived in June in favour of Motta. Genoa are currently one point off the foot of Serie A after winning just one of their opening eight games.It is Motta’s first senior management role, although he has been in charge of PSG’s Under 19s since hanging up his boots in 2018.Motta will be in the dugout on Saturday night when Genoa welcome Brescia in the league.Tags: Aurelio AndreazzoliGenoaSerie Alast_img read more

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Valencia granted work permit

first_img “The Premier League is the top league and I have followed it in Mexico. Obviously my countryman Antonio Valencia has played here for a long time so it’s a big step for me to come here from Mexico and I hope I can be as successful as Antonio. “I scored many goals as a striker. I’m fast, and I try to continue like that because I know the goals brought me to West Ham.” Despite completing the capture of Valencia, the Hammers are likely to return to the transfer market for another forward with question marks remaining over Carroll’s long-term fitness. Valencia’s successful work-permit hearing means the 25-year-old now joins Carlton Cole, Modibo Maiga and fellow new recruit Mauro Zarate in the Hammers’ strike-force, with the former Pachuca man looking to build on an impressive World Cup in which he scored all three of Ecuador’s goals. “It’s exciting to be here in England and London,” he told West Ham TV. “I want to repay the club in my performances for what they are investing in me and I’m really looking forward to it. I really appreciate the welcome I’ve been given and I’m excited to be here. “I’ve already watched and read a lot about the club to learn about it – I know the fans are really passionate and I’m really glad to have signed. “The World Cup was a good tournament for me personally, I scored three times and for my first World Cup it was a good experience, but I hope my next one is better for me and the team. “Of course, the World Cup gives me confidence to come to Europe and I want to take and advance with this opportunity that West Ham have given to me.” Valencia also scored in Ecuador’s 2-2 World Cup warm-up draw against England and wants to be just as successful when he comes up against the same opposition on a weekly basis. “For me, scoring against England, one of the big teams in the world, before the World Cup was important for me. Hopefully I can score again against those defenders,” he added. With club-record signing Andy Carroll ruled out for four months following surgery on an ankle injury, Allardyce will be keen for Valencia to join up with his new team-mates sooner rather than later. Carroll, who also missed a similar period at the start of last season, was sorely missed when sidelined until January but Allardyce has made moves in the transfer market to bolster his attacking options – even before the England international’s latest setback. Sam Allardyce has not had much good news of late but he will be delighted that Ecuador striker Enner Valencia has been granted a work permit to complete his move to West Ham. Press Associationlast_img read more

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