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Attorney General James Recovers $36 Million from H&M for Unlawfully Keeping Money in Unused Gift Cards

Attorney General James Recovers $36 Million from H&M for Unlawfully Keeping Money in Unused Gift Cards

Popular Trend Retailer H&M Held Hundreds of thousands in Unused Funds on Reward Cards That
Need to Have Transferred to the State’s Deserted Property Fund

H&M to Pay back Penalty for Consistently Lying about Its Gift Card Small business to the State

NEW YORK – New York Legal professional General Letitia James today recovered $36 million from common vogue retailer H&M for unlawfully holding millions of pounds in unused present playing cards. For decades, H&M withheld unused balances on reward cards that must have been transferred to the Office environment of Unclaimed Funds, which is overseen by New York Point out Comptroller Thomas P. DiNapoli’s Place of work. H&M repeatedly lied to the state about its failure to transfer the unused reward card balances and falsely claimed that an out-of-condition enterprise was handling its reward cards small business. As part of today’s settlement, H&M will spend a penalty for its wrongdoing and transfer the revenue owed to the state’s Deserted House Fund.

“My workplace has zero tolerance for organizations that disregard the law and line their pockets with revenue that belongs to hardworking folks,” said Lawyer Normal James. “For many years, ​not only did H&M illegally hold unused present card cash that ​customers compensated for, ​but they then lied about it to the condition. Violating the regulation is not fashionable or tolerable, and currently H&M will spend millions of bucks for its wrongdoing. New Yorkers can have faith in that my workplace will normally stand up to unscrupulous organizations and keep them accountable.”

“New Yorkers with unused balances on their H&M present playing cards now can get well their money under present-day settlement,” mentioned New York Point out Comptroller Tom DiNapoli. “The Comptroller’s Office of Unclaimed Funds stands at the completely ready to help those who have funds coming to them. I thank Legal professional Standard Letitia James and her business for their function to support my workplace maintain businesses accountable and make certain that unused present card funds goes to the buyer.”

Like a lot of suppliers, H&M sells gift cards for use in its retail and on-line retailers. Shoppers redeem the balances on the playing cards in trade for clothes and other merchandise from H&M. Every 12 months, some portion of H&M’s gift playing cards go unused by shoppers, ensuing in an unredeemed equilibrium on the playing cards — funds that H&M has been given in payment for the cards, but has not provided value for in products. After five a long time of inactivity, New York legislation demands reward card issuers to change more than unused balances on reward cards to the state’s Abandoned House Fund, which is overseen by DiNapoli’s office.

The Place of work of the Attorney Basic (OAG) opened an investigation into H&M right after a whistleblower filed a lawsuit underneath the New York Untrue Promises Act, which makes it possible for men and women to file civil actions on behalf of the governing administration and share in any restoration. The OAG’s investigation found that H&M realized that it was required to transfer tens of millions of bucks in unredeemed present card balances to the Deserted House Fund but did not do so for yrs. In its place, H&M hid its failure to comply with the regulation.

Following H&M became conscious in 2008 that it would have to transfer the unredeemed balances to the Deserted Residence Fund, it entered into a contract with an out-of-point out organization (Organization A) that gave the wrong effect that Firm A would conduct H&M’s gift card small business. Nonetheless, Business A did not choose more than the gift-card business enterprise. As a substitute, H&M continued to operate that business enterprise itself — and the money from the sale of present cards by no means left its accounts.

H&M falsely informed the state that its gift card balances had been transferred to the enterprise with which it contracted. Nonetheless, H&M ongoing to retain thousands and thousands of pounds of unredeemed present card balances in its financial institution accounts, manufacture and provide gift playing cards, and remained liable for honoring its present cards. In addition, H&M brought on a letter to be submitted to the point out falsely stating that Firm A experienced “paid out tens of millions of dollars” on H&M’s reward cards, even nevertheless H&M understood that no these types of payments had been built.

In November 2011, the point out once more asked H&M about its gift-card business, and H&M yet again caused untrue statements to be created to the condition. Specifically, the condition was advised that H&M’s unused present card balances had been transferred to an out-of-state entity that had no transfer obligation to New York when, in truth, H&M retained thousands and thousands of pounds in unredeemed present card balances and remained liable for honoring its present cards.

Today’s arrangement resolves allegations that H&M knowingly manufactured phony statements to DiNapoli’s business to prevent turning in excess of the unused balances on gift playing cards to the Deserted Property Fund. As aspect of the settlement, H&M will pay much more than $28 million to the condition, of which a lot more than $18 million will go to the Deserted Property Fund for unredeemed balances on H&M reward playing cards offered just before 2015. A whistleblower will receive $7.74 million for bringing H&M’s misconduct to gentle.

Individuals who have unused cash in gift playing cards issued by H&M between 2004 and 2014 can either use the card at H&M, if they nevertheless have the bodily card, or file a declare for the unredeemed balance with the Comptroller’s Office environment of Unclaimed Resources.

Attorney Basic James many thanks DiNapoli’s Business office of Unclaimed Funds for its assist in the investigation.

The investigation was led by Assistant Lawyer Typical Laura Jereski of the Taxpayer Protection Bureau, with the assistance of Lawful Assist Analyst Iuliia Belyshkina, beneath the supervision of Senior Counsel Bryan Kessler. The Taxpayer Safety Bureau is led by Bureau Main Thomas Teige Carroll and Deputy Bureau Main Scott J. Spiegelman and is a aspect of the Division for Economic Justice, which is led by Chief Deputy Attorney General Chris D’Angelo and To start with Deputy Attorney Standard Jennifer Levy.

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Exercise may protect brain health by keeping insulin, BMI levels low

Exercise may protect brain health by keeping insulin, BMI levels low

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How does exercise protect brain health? New research sheds light. Suhaimi Abdullah/NurPhoto via Getty Images
  • Existing studies show that exercise helps protect brain cells through mechanisms that researchers do not yet fully understand.
  • Researchers know that exercise increases brain glucose metabolism, which correlates with improved brain function.
  • Studies show that exercise affects insulin resistance and has a complex relationship with body mass index (BMI) levels.
  • A new study suggests that exercise plays a role in maintaining insulin and BMI levels, which may help stave off dementia by protecting gray matter volume in the brain.

A new study investigates the mechanisms involved in the relationship between exercise and brain health.

Previous research had shown that larger gray matter volume can help protect against dementia by improving brain function.

The new study shows that insulin resistance and BMI mediate the relationship between larger and smaller brain gray matter volumes (the part of the brain involved in processing information).

The research is published in the April 2022 online issue of Neurology, the medical journal of the American Academy of Neurology.

The corresponding author of the study was Dr. Geraldine Poisnel, of the Inserm Regional Research Center, in Caen, Normandy, France.

The study involved 134 people with an average age of 69 who had no memory problems. The participants filled out a physical activity survey covering the past 12 months. They also had brain scans to measure glucose metabolism and brain volume.

The metabolism of glucose in the brain provides fuel for the brain by generating adenosine 5′-triphosphate (ATP) — a key molecule for maintaining the health of neurons and other cells. ATP is also key for generating neurotransmitters. Reduced glucose metabolism in the brain can be seen in people with dementia.

Gray matter development peaks at age 2–3 years. It begins to decrease afterward in some areas of the brain, but the density of the gray matter increases. From an evolutionary perspective, the higher processing ability of the human brain and its development are due to this increase in density.

In some studies, larger total brain volume, estimated by magnetic resonance imaging (MRI), has a weak correlation with higher intelligence in men and a very weak correlation in women with the ability to do well in intelligence tests.

In contrast, brain tissue deterioration and loss of volume is a significant contributor to lower cognitive ability later in life.

In the new study, researchers included 134 people with an average age of 69 who had no memory problems. The participants filled out a physical activity survey covering the past 12 months. They also had brain scans to measure glucose metabolism and brain volume.

In the new study, researchers gathered formation on cardiovascular risk factors including BMI and insulin levels, as well as cholesterol, blood pressure, and other factors.

The researchers examined the relationship between insulin and cardiovascular disease. The metabolic abnormalities that insulin causes raise the risk of cardiovascular complications, which in turn affect brain function.

Researchers found that insulin and BMI levels did not affect the metabolism of glucose in the brain.

The research demonstrated that the amount of amyloid plaque in the brain that contributes to Alzheimer’s Disease was not affected by exercise.

Medical News Today contacted Dr. Raeanne Moore, associate adjunct professor of psychiatry at UCSD in La Jolla, CA.

Dr. Moore, who was not involved in the study, was asked about the study results. She shared with MNT:

“This study adds to the growing body of research on the positive benefits of staying active on brain health, especially as we age.”

“[T]here is an urgent need to identify markers of cognitive decline,” added Dr. Moore. “Decreasing insulin levels and losing weight are modifiable factors that can be improved with a healthy diet and exercise.”

She added, “It was not surprising that higher physical activity was not associated with how much amyloid plaque people had in their brains. There is growing evidence that vascular risk factors on cognitive function are mediated by the amount of tau pathology in the brain and not an amyloid burden.”

MNT also spoke with Dr. Sheldon Zablow, assistant professor of medicine at University of California San Diego Medical School in La Jolla, CA. Dr. Zablow shared his comments about this study:

“Exercise has often been called food for the brain with many studies showing the benefit of exercise for improving brain health and reducing the risk of dementia.”

“This current research study states that physical activity improves cognitive brain function by reducing BMI and improving insulin metabolism. Improvement in weight control can limit the rate of brain volume loss, a known risk factor for dementia.”

“This study will help physicians reinforce the importance of regular exercise in reducing BMI as a low-cost means of limiting cognitive decline.”

– Dr. Zablow

Dr. Moore’s final remarks were, “The literature clearly demonstrates that cardiovascular risk factors are associated with cognitive decline and risk for Alzheimer’s disease and related dementias.”

“Studies investigating subtle brain changes prior to the development of dementia are critical to optimizing brain health and staving off cognitive decline.”

“Strengths of this study include a sample of cognitively normal older adults and the use of multimodal imaging methods to explore the role of CVD risk factors in the association between physical activity and neuroimaging biomarkers,” said Dr. Moore.

“[T]his methodology can move the field forward by helping to identify important markers of risk for cognitive decline.”

“A limitation to the study was the use of a self-report of physical activity […] which the authors acknowledged as a limitation. Self-report of physical activity is prone to retrospective recall bias, and objective tools to measure physical activity, such as fitness trackers, are more accurate.”

“These findings that insulin and BMI fully mediated the relationship between physical activity and whole-brain gray matter volume — and specifically hippocampal gray matter volume — provide further evidence that targeting these modifiable CVD risk factors could improve brain health.”