The Supreme Court has limited the Federal Trade Commission’s ability to order companies that have ripped off consumers to return money to them. The unanimous decision involved an FTC ruling that forced a payday lender to return money that it had deceptively charged customers.
The FTC can go to court to request an order to stop a fraudster. Before the Supreme Court ruling, the FTC could also request monetary relief “to be able to give back money to the harmed consumers,” said Andrea Matwyshyn, a professor at Penn State Law and a former advisor to the FTC.
Over the past five years, the FTC says it’s used this method to return over $11 billion to victims. Read more…..
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Peter Lynch is an American investor, mutual fund manager, and philanthropist. As the manager of the Magellan Fund at Fidelity Investments between 1977 and 1990, Lynch averaged a 29.2% annual return, consistently more than doubling the S&P 500 stock market index and making it the best-performing mutual fund in the world. During his 13 year tenure, assets under management increased from US $18 million to $14 billion.