Corporate Securities Law Blog

Section 403(b) annuity plans have historically been governed by a hodgepodge of Internal Revenue Service ("IRS") rulings and regulations dating back to 1964.  In 2007, however, the IRS finalized new, comprehensive regulations that are generally effective January 1, 2009.  Schools and tax-exempt employers that maintain 403(b) plans and their advisors must thoroughly review and revise their plans to comply with the new regulations.  The consequences of not doing so are dreadful (i.e., the loss of tax-deferred status of employer and employee contributions to the annuity plan).

California's Song-Beverly Credit Card Act prohibits the requesting and recording of personal information in connection with credit card transactions. The statute provides for civil penalties "not to exceed two hundred fifty dollars ($250) for the first violation and one thousand dollars ($1,000) for each subsequent violation . . ." Recently, two new trends in Song-Beverly litigation have emerged: (1) plaintiffs have filed suits against retailers over requests for zip codes; and (2) plaintiffs have sued retailers for requests for personal information during credit card return transactions.