The Greatest Generation Loses One of Its Greatest

September 26, 2016 at 9:43 am Leave a comment

Before I get to today’s credit union business, you may have seen that Arnold Palmer passed away over the weekend. If you love sports then you owe it to yourself to know about Palmer. If you hate sports because you think that athletes get paid way too much, then you should also know about him. He is one of the most pivotal sports figures of the twentieth century.  Not only did he bring golf to the masses, but by teaming up with his business partner, Mark McCormick, he created IMG, which became the first major sports agency/marketing business. Athletes from Michael Jordan to Derek Jeter to Peyton Manning owe a debt of gratitude to Arnie.

I think it is appropriate that the 87 year old Palmer passed away on the same weekend that 89 year old Vin Scully broadcast his last Dodgers home game. These two personify why their’s truly was the greatest generation. They not only worked at perfecting their craft but they conducted themselves with dignity and humility, two traits that are in short supply in almost all aspects of our public life these days.  Just watch tonight’s debate and you will see what I mean.

Where’s The Beef?

The lawsuit filed in Pennsylvania Federal Court by several credit unions and some banks alleging that Wendy’s acted negligently in failing to adequately protect itself against POS data breaches is the latest example of just how unsettled the law remains when it comes to apportioning responsibility for the economic costs of third-party data thefts. On Friday, the credit unions responded to a motion by Wendy’s to dismiss the lawsuit.  Wendy’s argues, in a nutshell, that it is not responsible for the economic harm inflicted on financial institutions with whom it has not contracted.  It also rejects the claim that the Federal Trade Commission has established baseline data protection standards with which all companies must comply.

In a well-functioning legal system, the party most able to avoid a given harm should be the one most responsible for taking steps to avoid it. It makes no sense that sophisticated national corporations like Wendy’s still are able to argue that they owe no duty of care to financial institutions, or for that matter, the general public.  While merchants cannot prevent hackers from trying to steal information, there certainly are steps they can take to avoid foreseeable harm.

Entry filed under: General. Tags: , .

Time To Close Breach Disclosure Loopholes Big Banks Big Winners In “Debate Of the Century”

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed

Authored By:

Henry Meier, Esq., General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association.

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 503 other followers