A loan is usurious and unenforceable if it seeks recovery of annualized interest rate in excess of 16 % from individual borrowers

The New York General Obligations Law provides that the legal rate of interest charged on a loan is six (6) percent per annum unless a different rate of interest is fixed under section 14 (a) of the Banking Law.  Section 14 (a) of the New York Banking Law holds that the maximum rate of interest [&he...
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Lenders that seek to recover compound monthly interest on loans for less than $250,000 are unenforceable and void

New York statutory law limits a lender’s ability to collect compound interest on any loan for $250,000 or less.  Indeed, “compound interest” is commonly defined as interest on interest or interest that is paid on both the principal and the previously accumulated interest.  “Compound intere...
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Nike Obtains Court Order Preventing Reebok From Selling Tebow-Related Products

Nike successfully obtained a temporary restraining order barring Reebok from selling apparel with Tim Tebow’s name on it, following the Jets’ acquisition of Tebow in March.  Nike is set to replace Reebok, a subsidiary of Adidas AG, as the official supplier of NFL uniforms on April 1. Reebok was...
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Supreme Court Rules to Limit Ability of Plaintiff to Sue State Employers for FMLA Violations

The Family and Medical Leave Act, passed in 1993, permits individuals to sue their employers for failing to provide time away from work under certain circumstances, including time to recover from an illness. The Supreme Court this week, in Coleman v. Court of Appeals of Maryland (10-1016), ruled tha...
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Shooting of Unarmed Teen Renews Debate Over “Stand Your Ground” Laws

Last month in Sanford, Florida, Trayvon Martin was shot and killed by self-appointed neighborhood watch volunteer George Zimmerman, sparking outrage and a debate over “Stand Your Ground” laws found in states across the country. Zimmerman was briefly interviewed police and not arrested for the de...
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Convicted Ponzi Schemer Allen Stanford Seeks New Trial Due to Tweets, Fails in Bid

Allen Stanford, who was convicted in early March of masterminding a ponzi scheme that swindled consumers out of $7 billion, lost his bid for a retrial. Stanford contended that at trial, the judge permitted the media to be present during court sessions where the jury was not present and the parties w...
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NY State Preparing Large Expansion of DNA For Convicted Criminals

A deal between Governor Cuomo and state lawmakers for the expansion of the DNA database in New York for convicted criminals has been reached, which will create a database among the nation’s largest, according to the New York Times. Under current law, DNA samples are only required for less than hal...
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