These are some of the stories we’ve been following this week.
- While the Chinese economic crisis has made U.S. stock investors nervous, it is unlikely to pose a serious risk to the overall U.S. economy. It is, however, having mixed effects on American small businesses.
- After a federal district court granted a preliminary injunction blocking implementation of the new U.S. Environmental Protection Agency (EPA) rule defining “waters of the United States,” EPA declared that the rule will continue to be applied in states that did not sue.
Foreclosure sign, courtesy of Jeff Turner, CC BY 2.0.
- Distressed home sales are down, accounting for just 7% of home sales in July according to the National Association of Realtors. However, bank repossessions have risen in some markets where the banks are trying to clear out their inventory of distressed properties.
- A developer and a homebuilders’ trade group filed a lawsuit claiming that Chicago’s Affordable [Housing] Requirements Ordinance is unconstitutional because it involves a taking of private property without “just compensation.”
- A group of Uber drivers in California have sued the company, claiming that they should be treated as employees rather than independent contractors. U.S. District Judge Edward Chen in San Francisco granted the drivers class action status. The outcome of the case may set an important precedent regarding the business model of on-demand or “sharing economy” services.
- Deutsche Bank and Massachusetts Mutual Life Insurance Co. have settled their dispute regarding residential mortgage-backed securities (RMBS), and a federal judge signed off on the undisclosed terms.
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