WaMu shareholders get their voice in bankruptcy
National News
Shareholders of Washington Mutual Inc will have a voice in the company's bankruptcy after a judge refused on Thursday to disband their committee, which Washington Mutual said would complicate the case. The U.S. Trustee, who plays an oversight role in bankruptcy, appointed the committee earlier this month after being petitioned by 3,500 shareholders. The company immediately asked the court to disband it. The committee will be able to speak with a unified voice and hire professionals, who would be paid by the company. Washington Mutual has said since it filed for bankruptcy in 2008 that it is hopelessly insolvent, and therefore there is no need for an official committees of shareholders.
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Texas Adopts Statewide Texting-While-Driving Ban
Effective September 1, 2017, Texas will become the 47th state to pass a statewide ban on texting while driving. Governor Abbott’s signing of House Bill 62 is an effort to unify Texas under a uniform ban and remedy the “patchwork quilt of regulations that dictate driving practices in Texas.”
The bill specifically prohibits drivers from reading, writing, or sending an electronic message on a device unless the vehicle is stopped. That includes texting and emailing. It does not, however, prohibit dialing a number to call someone, talking on the phone using a hands-free device, or using the phone’s GPS system.
Violations would be punishable by a fine ranging from $25 to $99, to be set by each municipality. Although penalties could rise to as much as $200 for repeat offenders.
Studies have found that a driver’s reaction time is half as much when a driver is distracted by sending or reading a text message. According to state officials, in 2015 more than 105,000 traffic accidents in Texas involved distracted driving, leading to at least 476 fatalities.