4 Fees To Spoil Your Christmas

November 11th, 2009. By Kristine B

aka, How the Financial Grinches Stole Christmas…

Christmas is just around the corner. How do I know? Because one of my oh-so-thoughtful Facebook friends has already started the Christmas countdown. And, like so many people out there, my concern is with affording Christmas, especially given all the traps and fees associated with bank accounts, credit cards, prepaid debit cards and payday loans. So, to help sort things out, Pleading Ignorance is looking at the top four fees that are likely to have an impact on you this holiday season. 

Why are we so concerned about fees? Well, people have complained to us over and over again that they had no idea these various fees could be charged (they’re called “hidden fees” because you’re not necessarily aware of them—like it’s some sort of game). So, while you’re out buying that super-duper, fancy-schmancy toy-thing that your child has always wanted and just can’t live without, you may find that in addition to the $50 price on the toy, you may be paying some very steep fees. That’s how the financial grinches can steal your Christmas. Here’s what they’ve got in their bag of tricks this season, and what you need to look out for… 

1. Bank Overdraft Fees 

I’ve already discussed this, but it bears repeating. Yes, some of the banks have agreed to change their overdraft fee policies. Yes, lawmakers are looking to rein banks in (although when we look at all the good it’s doing with credit cards, we have to wonder if it’s worth the effort). 

The banks are being accused of automatically enrolling customers in overdraft protection, not telling them about that protection and then charging a fee for that protection (cue ominous laugh here). Even more terrible, they’re accused of reordering transactions to get the highest number of overdraft fees; processing debits before credits so that customers are forced into Read the rest of this entry »

AG Edwards Class Action – Update 1

November 11th, 2009. By LucyC

We’ve had a lot of interest from you about the status of the A.G. Edwards class action and what, if any mutual funds may be involved. This is what we’ve managed to find out—we hope it helps. We’ll continue to follow this for you, so keep your questions coming. 

First off, why where you notified about the AG Edwards (AGE) Class Action? 

According to official documentation provided on the AGE class action website:

“Records show that you maintained a brokerage account at A.G. Edwards in which you may have held shares of any mutual funds that were advised by, distributed by, or in any way related to companies that compensated A.G. Edwards based, at least in part, upon the holdings of A.G. Edwards’ clients in the respective mutual funds during any part of the period beginning on April 12, 2000 and ending on April 12, 2005. This notice explains that the Court has allowed, or “certified” a class action lawsuit that will affect you if you are a member of the Class.”

So, a class has been certified, which means the lawsuit can proceed as a class action. No determination of right or wrong has been made—and that could be decided in court. Again, according to the official documentation: 

“The Court has not decided whether A.G. Edwards or the Plaintiffs are correct. By establishing the Class and issuing this Notice, the Court is not suggesting that the Plaintiffs will win or lose the case. The Plaintiffs must prove their claims at a trial scheduled to start on December 14, 2009.”

So what AG Edwards mutual funds qualify?

According to the documentation, the following is a list of mutual funds “that might be involved:”  Read the rest of this entry »

Asbestos News Roundup: 11.10.09

November 10th, 2009. By LucyC

A roundup of recent asbestos-related news, asbestos lawsuits and the latest asbestos hot spots-places where asbestos has been found-and that you should be aware of.

Asbestos Lawsuits

Tyler, TX: A man from Pennsylvania, who worked in Texas for T & N Limited and TAF International Limited, claims he developed asbestos mesothelioma as a result of being exposed to defective and unreasonably dangerous products while on the job. These products contained asbestos and generated asbestos dust which he inhaled. (SETexasRecord.com)

Asbestos Mesothelioma Settlements

San Francisco, CA: A jury verdict awarding Mrs. Mahoney, a resident of San Francisco, $20 million as settlement of her asbestos mesothelioma lawsuit, has been upheld on appeal. Mrs. Mahoney’s work in the family home-remodeling business exposed her to an asbestos-containing joint compound produced by Georgia Pacific. Together, Mrs. Mahoney and her husband built and remodeled numerous houses in the 1970s, 1980s and 1990s. She was diagnosed with asbestos mesothelioma in 2006. (Businesswire.com)

 

Monterey, CA: A tentative settlement has been reached in an asbestos-related lawsuit brought by attorneys, judges and courthouse employees who claim they were injured by asbestos dispersed during remodeling of the Monterey County Superior Court building in Salinas. While the settlements are confidential, the monies awarded will cover medical expenses and damages for lung disease. (thecalifornian.com)

Asbestos Hot Spots

According to a recently released report by the Workers’ Compensation Board of Quebec, Read the rest of this entry »

Tagged.com agrees to pay up

November 10th, 2009. By AbiK

It’s really a small price to pay, but Tagged.com has agreed to settle—to the tune of $750k—with both New York state and Texas after both states charged the social networking site with using less than scrupulous tactics to try and build their user base.

If you recall—and we covered the drama on LawyersAndSettlements.com—Tagged.com was basically snagging users’ email lists and sending out “invitations” to those email addresses. The catch was that the invitations asked recipients to view private photos that the Tagged.com member wanted to share. Unfortunately, the Tagged.com member didn’t want to share any photos, and they had no clue that Tagged.com was going out and sending these emails to their entire personal email contact list.

For those who clicked through the invitation in hopes of finding those private photos, the only thing they really found was a ploy to get them to become Tagged.com members as well. Not cool.

So New York (specifically state Attorney General Andrew Cuomo) and Texas went after Tagged.com and now there’s an agreement to settle.

Of course, Tagged.com admits no wrongdoing. But they are going to pay $500,000 to New York and $250,000 to Texas. Along with paying these penalties, the Associated Press reports that Tagged.com will “not access contacts or send messages without the member’s informed permission” and it will “also provide clear and conspicuous disclosures”. 

A.G. Edwards…Going Somewhere?

November 9th, 2009. By LucyC

Way back in 2005, a class action lawsuit was filed against AG Edwards (now part of Wachovia), alleging that the investment company was not playing by the rules. On Friday—yes that’s over four years later—a website popped up with some information on the AG Edwards class action suit. 

Just in case the details of the suit don’t come flooding back—here’s what you need to know: 

What are the Allegations Against AG Edwards?

“This lawsuit is about whether A.G. Edwards breached its fiduciary duties to Plaintiffs, owners of A.G. Edwards accounts which held shares of mutual funds, and all others similarly situated, and whether, as a result of those breaches, A.G. Edwards has been unjustly enriched by receiving millions of dollars in payments from mutual fund companies whose mutual funds were held by Plaintiffs. A.G. Edwards denies these allegations and the Court has not decided whether A.G. Edwards or the Plaintiffs are correct.” 

Are You In or Out?

Are you eligible to join the AG Edwards class action lawsuit? Read the rest of this entry »