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Approximately two weeks ago, the 5th Circuit Court of Appeals reversed the District Court’s decision affecting the Deepwater Horizon Settlement Agreement. The new ruling affects business economic loss claimants who kept their financial records on a cash basis.
The 5th Circuit panel in a 2-1 decision concluded that variable expenses as identified in the Settlement Agreement should always be matched to the revenue they generated or are associated with, regardless of when they were paid out.
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30 Sep '13
Bank of America just reached a record settlement in a case where it was accused of sending harassing debt collection “Robocalls” to customers’ cell phones. The $32 million settlement includes a provision directing Bank of America to desist from calling its clients’ cell phones without prior approval which may affect 7.7 million credit card holders and mortgage loan customers. Sallie Mae held the previous settlement record ($24 million) for violations of the Telephone Consumer Protection Act.
