SCOTUS: No Equitable Monetary Relief for FTC Under § 13(b)
Well, the buck stops here (for now).
In AMG Capital Management, LLC v. Federal Trade Commission, the Supreme Court unanimously ruled that Section 13(b) of the Federal Trade Commission (FTC) Act does not authorize the FTC to obtain equitable monetary relief such as restitution or disgorgement. This highly anticipated landmark decision reverses decades of precedent and strips the FTC of one of its key enforcement tools for obtaining consumer redress. The decision will likely represent a sea change in FTC enforcement practices. Read more here.
First FTC Complaint Filed Under New COVID-19 Consumer Protection Act
Insurers could face billions of dollars in fresh Covid-19 claims
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Synopsis
As per data compiled by the General Insurance Council (GIC) and seen by ET, the insurance industry has registered 10.07 lakh (1 million) coronavirus claims worth ₹14,738 crore (~$2 billion) until April 7, 2021. Of these, insurers have settled 8.6 lakh claims worth ₹7,907 crore, GIC data showed.
Agencies
According to industry experts, the data is yet to reflect the sharp spike in cases since the onset of the second wave as new hospitalisations lag registered claims by two to three weeks.
India’s health insurance sector could face billions of dollars in fresh Covid-19 claims over the coming months as the second wave of the virus takes caseloads to new daily records, particularly in Maharashtra.
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Commission-hungry claims firms target Covid-hit businesses
No-win-no-fee solicitors and claims management companies are aggressively advertising following a Supreme Court judgment on business interruption
Some firms are looking for a cut of up to 40% of any damages
Businesses may be able to avoid costly legal fees if they first go to their broker
CMCs and solicitors maintain they provide a vital service and argue not all insurers will play fair on claims
The publicity surrounding BI cover has encouraged new entrants into claims management
Policyholders need to be wary of clone firms and scammers that are not regulated
Industry commentators warn BI must not go the way of PPI where it comes to CMC tactics