Sep 23, 2017

Equifax faces first lawsuit from a credit union

Photo: Mike Stewart/AP

Summit Credit Union, a small Wisconsin credit union, is suing Equifax, which could be the first instance of a "financial institution attempting to preemptively recoup losses," according to the Washington Post.

Summit says they'll lose profits as a result of the Equifax breach because customers won't want to, or will be unable to, use their credit cards. In the class-action lawsuit, Summit says they will "have to bear the cost" of reissuing credit cards and more.

Despite rumors that Equifax wouldn't allow consumers to pursue a class-action lawsuit due to their terms of use, an Equifax spokesperson told Axios: "We will not apply any arbitration clause of class action waiver against consumers."

Why it matters: Equifax "has a close relationship with banks and mortgage lenders," and this breach will have an impact on that relationship.

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JPMorgan Chase to pull support for some fossil fuels

Illustration: Sarah Grillo/Axios

JPMorgan Chase said Monday that it won’t directly finance new oil and gas development in the Arctic and will significantly curtail its financing of the extraction and burning of coal.

Why it matters: JPMorgan is the world’s largest funder of fossil-fuel companies, according to a report by the Rainforest Action Network (RAN). The announcement follows similar moves by other big banks and investment firms, including Goldman Sachs and BlackRock.

WHO won't call coronavirus a pandemic as cases spread

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The World Health Organization will not yet call the coronavirus a pandemic, claiming that needs across affected countries are too varied and the classification would increase fear, per a briefing Monday.

The big picture: As South Korea and Italy stepped up emergency measures in efforts to thwart the spread of the virus, WHO expressed concern about infections with no clear link to China. COVID-19 has killed at least 2,620 people and infected almost 80,000 others, with all but 27 deaths occurring in mainland China.

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