Over-Interested: Are You Being Charged Illegal Interest Rates?
The leaves are starting to change and the air is getting crisp, so you go to your local outlets to pick up a nice fall ensemble. You find some incredible deals, put everything on your credit card, and head home. For some, it’s the perfect day – until you hear news that not only are the sale prices at the outlet fake, but also that your credit card company is charging you an illegal and excessive amount of interest. The thrill of finding a great deal may be ruined, but class actions are now being filed to remedy any wrongdoings at hand. Read on for the latest class action lawsuits and investigations.
Most states have usury laws in place that protect consumers from being charged excessive amounts of interest. In New York, for instance, the interest rate limit is 16 percent. Unfortunately, attorneys have reason to believe that three of the largest credit card issuers – namely, Chase, Bank of America and Capital One – are levying interest rates on New York consumers well beyond this limit. In fact, one lawsuit that has already been filed against Chase claims that the interest rates charged to New York customers can be as high as 27 percent. If you’re carrying a debt on a credit card issued by any of these banks, you may be able to get a lawsuit rolling that could help card holders get some money back. If you live in New York and this sounds like something that happened to you, share your story with us.
Outlet stores can be a great place to get some high-end products without the normal high-end price tag – unless the outlet in question is fabricating the “original prices” so customers only think they’re getting great deals. A recently filed lawsuit claims that advertising fake sale prices is a standard practice at Vineyard Vines outlet stores and that the preppy clothing and accessory retailer never sold or intended to sell its outlet products at the higher “suggested retail price.” The suit claims that the “suggested retail prices” are only there to make the “sale prices” seem like incredible deals. On top of that, the lawsuit says that the products sold at Vineyard Vines outlets are of drastically lower quality than what it stocks in its retail stores – which defeats the point of an outlet store entirely. You can find the details here.
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Nearly seven years ago, lawsuits were filed claiming that Hyundai and Kia were allegedly misstating the fuel efficiency of their vehicles. The suits seemed simple enough – until they turned into a case that was not only poised to leave a lasting effect on future litigation, but that also threatened to end several completely unrelated cases before they could have their chance at a final settlement. So, how did a lawsuit involving the auto industry almost derail cases over coconut oil and security systems – along with the class action system itself? Find out here.
A decision made by the National Labor Relations Board may have just made it incredibly difficult for you to sue your employer. The decision says that businesses can update their arbitration agreements in response to workers filing class or collective actions and can legally threaten to fire those who refuse to sign the new agreements. Forced arbitration means employees must resolve their issues in private – rather than in the courtroom – and minimizes the company’s risk while protecting its image. The arbitration process has its pros and cons for workers too, so for more details on what the decision means for you, read our blog.
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