This is the third time that a government agency in the US has taken action against a major wireless carrier for practice called cramming
In July, the Federal Trade Commission (FTC) filed a lawsuit against T-Mobile accusing the carrier of bilking hundreds of millions of dollars from customers by hiding unauthorized charges in their phone bills.
In October, AT&T agreed to pay out $105 million to settle similar charges. At the time, federal and state officials said that the AT&T settlement was the largest of its kind regarding cramming allegations.
Now, it’s the Consumer Financial Protection Bureau (CFPB) accusing Sprint of operating an illegal billing system wherein the carrier allowed third parties (described below as merchants) to “cram” unauthorized charges onto customers’ bills — all while pocketing a chunk of the revenue themselves and ignoring consumer complaints about the practice.
This legal maxim demands that a litigant must not wilfully mislead the courts and justice
“In its order, the apex commission also said that ‘it is well settled that if any litigant approaches any judicial fora by making false assertions in its complaint and tries to mislead the judicial fora, then such litigant is not entitled to any relief in equity.’ Such petition should be thrown away at the threshold itself.” — a news report.
Nifty will be influenced by global clues, but to rally it has to close above 8,080 tomorrow
Today for the ninth consecutive session, the S&P BSE Sensex recorded a lower low and a lower high. And it was the sixth session when it opened lower, while it was the third consecutive session the CNX Nifty opened in the red. The indices moved down to the lowest since 21 October 2014. However, soon after hitting the intra-day low at around 10.25 AM, the indices recovered most of the intra-day loss, though it closed in the red. Today was the fifth occasion in 2014, when the indices recorded losses for five consecutive trading days. This was last observed in the month of July 2014.
Sensex opened at 26,724 while Nifty opened at 8,041. Sensex moved in the range of 26,872 and 26,469, while Nifty moved between 8,082 and 7,961. Sensex closed at 26,710 (down 71 points or 0.27%) while Nifty closed at 8,030 (down 38 points or 0.47%). NSE recorded a volume of 98.96 crore shares. India VIX rose 3.79% to close at 16.9250.
There was a rumour that Life Insurance Corporation of India has started buying shares after a steep slide in stock prices.
Key oil and gas sector reforms like diesel de-regulation and a new gas pricing policy will have a positive impact on companies engaged in fuel retailing and gas production, says a report by Fitch Ratings. But the rating outlook for Indian oil and gas entities remains stable in 2015, it said.
Great Eastern Shipping (6.44%) was the top gainer in ‘A’ group on the BSE. The stock had been falling in each of the past four sessions.
PMC Fincorp (10%) was the top loser in ‘A’ group on the BSE. The stock lost for the fifth consecutive trading session today.
Sesa Sterlite (3.50%), which was at the bottom of the Sensex 30 pack yesterday, made it to the top of the pack today.
Recent concerns over the falling Rouble have affected many pharma stocks which have exposure to the Russian market. Cipla (2.92%) was the top loser in Sensex 30 stock.
On Tuesday, US indices closed in the red. Among economic data, housing starts declined 1.6%, the first drop since August, to a 1.03 million annualised rate from a revised 1.05 million pace in October that was stronger than previously estimated, figures from the Commerce Department showed.
A two-day meeting of Federal Open Market Committee to discuss monetary policy review ends today.
Asian indices showed mixed performance. Shanghai Composite (1.28%) was the top gainer while Hang Seng (0.37%) was the top loser Japan's exports rose less than forecast in November. Overseas shipments rose 4.9% from a year earlier, the finance ministry said.
The Asian Development Bank (ADB) slightly trimmed its growth forecast for developing Asia for this year and next, but said sliding prices for oil should help economies in the region push through with growth reforms. In its update to the 2014 outlook, ADB said that developing Asia was now expected to grow 6.1% this year, a tad below its 6.2% forecast in September. Growth in 2015 was seen at 6.2%, lower than 6.4% estimated previously.
European indices were trading in the red, while US Futures were trading higher.