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Today in the Market (9/18/2023)

Good Evening! On Monday, the stock market concluded the trading session with little deviation from where it opened, as investors on Wall Street anticipate an approaching Federal Reserve meeting, during which the central bank will announce its next interest rate decision.

All three indexes barely finished in the green with the Nasdaq Composite and the Dow Jones closing up by 0.01% and 0.02%. The S&P 500 finished with a gain of 0.07%.

UM THERE IS NO FRUIT IN MY DRINK?

A federal court issued a court order requiring Starbucks (SBUX) to respond to a lawsuit alleging that a number of its Refresher fruit drinks were lacking in a crucial component, specifically fruit.

What is the case about? According to the plaintiffs, Joan Kominis from Astoria, New York, and Jason McAllister from Fairfield, California, the primary components of the product in question were of water, grape juice concentrate, and sugar. They argue that Starbucks’ use of deceptive titles led to their being subjected to excessive charges

Where are we now? The motion made by Starbucks to dismiss nine out of the 11 claims in the proposed class action was denied by U.S. District Judge John Cronan in Manhattan. The judge said that a considerable number of rational customers would anticipate the presence of the fruits listed in the names of the beverages.

How much would be won in the case? The legal proceedings began in August 2022, with the claim asserting a minimum of $5 million in compensatory damages. The plaintiffs’ attorney, Robert Abiri, expressed satisfaction with the ruling and expressed anticipation for his future representation of the proposed class.

THE FIRST STATE TO DO WHAT?

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Did you know… The historical origins of cash bail in the U.S. go back even before gaining independence from England and now the state of Illinois will be the first to eliminate it.

What will replace it? The Pretrial Fairness Act, which became effective today, will replace cash bonds by implementing a judicial hearing to assess whether an individual needs pretrial custody based on their potential to flee or endanger public safety. 

What will this do? Advocates argue that the proposed reform will reduce the arrest of nonviolent criminals who cannot pay cash bail, addressing a system that unfairly impacts Black individuals and other minority communities.

Why change it? Based on the Prison Policy Initiative findings, it has been determined that 427,000 individuals are now held in local prisons while awaiting trial. Furthermore, it has been observed that almost 80% of those imprisoned in these jails have not yet been formally convicted of any criminal offense.

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