While Equifax Victims Sue, Congress Limits Financial Class Actions

While Equifax Victims Sue, Congress Limits Financial Class Actions (marketwatch.com) 161

Posted by EditorDavid on Sunday October 29, 2017 @02:34PM from the cause-and-no-effect dept.

An anonymous reader quotes a local NBC news report: Stories are starting to pour in about those impacted by last month's massive Equifax data breach, which compromised the private information of more than 140 million people. Katie Van Fleet of Seattle says she's spent months trying to regain her stolen identity, and says it has been stolen more than a dozen times. "I kept receiving letters from Kohl's, from Macy's, from Home Depot, from Old Navy saying 'thank you for your application,'" she said to CNN affiliate KCPQ. But she says she's never applied for credit from any of those places. Instead, Van Fleet and her attorney Catherine Fleming say they believe her personal data was stolen during the massive Equifax security breach... Fleming has filed a class-action lawsuit against Equifax, saying they were negligent in losing private information on more than 140 million Americans... "Countless people, I mean, I've really, truly lost count, and the stories that like Katie's, the stories I hear are heart-wrenching," Fleming said.
But are things about to get worse? Marketwatch reports: It will become harder for consumers to sue their banks or companies like Equifax... The Senate voted Tuesday night to overturn a rule the Consumer Financial Protection Bureau worked on for more than five years. The final version of the rule banned companies from putting "mandatory arbitration clauses" in their contracts, language that prohibits consumers from bringing class-action lawsuits against them. It applies to institutions that sell financial products, including bank accounts and credit cards. Consumer advocates say it's good news for companies like Wells Fargo or Equifax, which have both had class-action lawsuits filed against them, and bad news for their customers... Lisa Gilbert, the vice president of legislative affairs at Public Citizen, a nonprofit based in Washington, D.C., said the Senate vote shouldn't impact cases that are already ongoing. However, there will "certainly" be more forced arbitration clauses in contracts in the future, and fewer cases brought against companies, she said.

rest at https://goo.gl/DzrazT

Portuguese ISP Shows What The Net Looks Like Without Net Neutrality

"In Portugal, with no net neutrality, internet providers are starting to split the net into packages," argues a California congressman -- retweeting a stunning graphic. An anonymous reader quotes BoingBoing's Cory Doctorow: Since 2006, Net Neutrality activists have been warning that a non-Neutral internet will be an invitation to ISPs to create "plans" where you have to choose which established services you can access, shutting out new entrants to the market and allowing the companies with the deepest pockets to permanently dominate the internet... the Portuguese non-neutral ISP MEO has mistaken a warning for a suggestion, and offers a series of "plans" for its mobile data service where you pay €5 to access a handful of messaging services, €5 more to use social media; and €5 more for video-streaming services.
The congressman notes this arrangement offers "a huge advantage for entrenched companies, but it totally ices out startups trying to get in front of people, which stifles innovation."

rest at https://goo.gl/CgXXj8

America's F-35s Can't Fly 22% of the Time, Repair Facilities Six Years Behind Schedule

"[N]early 200 F-35s might permanently remain unready for combat because the Pentagon would rather buy new aircraft than upgrade the ones the American people have already paid for," according to one defense news site. And now Bloomberg reports: The Pentagon is accelerating production of Lockheed Martin Corp.'s F-35 jet even though the planes already delivered are facing "significantly longer repair times" than planned because maintenance facilities are six years behind schedule, according to a draft audit. The time to repair a part has averaged 172 days -- "twice the program's objective" -- the Government Accountability Office, Congress's watchdog agency, found. The shortages are "degrading readiness" because the fighter jets "were unable to fly about 22 percent of the time" from January through August for lack of needed parts.

The Pentagon has said soaring costs to develop and produce the F-35, the costliest U.S. weapons system, have been brought under control, with the price tag now projected at $406.5 billion. But the GAO report raises new doubts about the official estimate that maintaining and operating them will cost an additional $1.12 trillion over their 60-year lifetime.
Slashdot reader schwit1 writes, "This is akin to buying an exotic car you can barely afford, without also budgeting for insurance, repairs, and tuneups."

rest at https://goo.gl/yW6Kio