Friday,  Aug. 16, 2013 • Vol. 15--No. 32 • 20 of 33

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ered the insurance change had substantially increased the amount borrowers had to pay over the life of their loans.
• The credit union and the insurance company argue that the borrowers waited too long to sue because state law requires such claims to be made within six years of an alleged wrong. The borrowers contend they can still sue because they have six years to file after they discovered the wrong.
• Circuit Judge Robert Mandel ruled the case could not be handled as a class action because potential differences in the facts of each borrower's case could create conflicts of interest. But the state Supreme Court said Mandel failed to identify those potential conflicts or explain why such conflicts exist.
• The justices said the case can proceed as a class action because there is no evidence that possible differences in the borrowers' cases would result in the Thurmans' failing to protect the interests of other borrowers.
• The alleged notice of the insurance change was given to each borrower through common methods, so the question of when borrowers got actual notice of the change can be handled in one trial, the high court said.

Neb. economist: States hurt by lower ag prices

• OMAHA, Neb. (AP) -- Economic growth slowed down this month in rural areas of 10 Midwest and Plains states, according to a report issued Thursday.
• The overall economic index for the region slipped to 55.8 in August from 57.3 in July, but was far ahead of the 47.1 in August 2012, said the Rural Mainstreet Index report, a monthly survey of rural bankers.
• Creighton University economist Ernie Goss, who oversees the survey, said the drought was weighing heavily on the region last year.
• "This year weaker agriculture commodity prices are having a dampening impact on the farm economy and businesses tied to agriculture," Goss said. "Even so, the economy continues to expand at a reasonable pace, according to bank CEOs."
• The index is based on a survey of rural bankers in Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wyoming. It ranges from 0 to 100, with 50 representing growth neutral. A score above 50 suggests economic growth in the months ahead.
• The confidence index, which reflects expectations for the economy six months ahead, dropped to 53.4 in August, down 3.2 points from 56.6 in July. Goss blamed that on weaker commodity prices and a decline in farm equipment sales.
• The index on farmland prices declined in August, to 55.8 from 58.2 in July. It was the eighth drop in the past nine months.

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