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Corporate E-Note - October 2015

By now, everyone has heard of the Department of Labor’s ("DOL's") proposed rule requiring a weekly salary of at least $970.00, or $50,440.00 annually, for employees to be exempt from the Fair Labor Standards Act's ("FLSA's")...more

Perspectives - September/October 2015

In a decision in which no opinion commanded a majority, the Ohio Supreme Court sided with a private entity — a charter school operator — in a dispute over the ownership of personal property purchased by the operator with...more

Whose Property Is The Corporate Social Media Account?

As we have discussed in previous posts, the issues surrounding ownership rights to an employer’s social media account and its contents continues to be a moving target without definitive answers. A federal bankruptcy court...more

GM Not Obligated to Make $450 Million Contribution to Fund Union Retiree Health Benefits

The Sixth Circuit held that GM was not obligated to contribute $450 million to fund retiree health benefits for UAW members because the most recent contract between the UAW and GM extinguished GM’s former obligation to...more

"Third Circuit Provides Road Map for Structured Dismissals"

In the past decade, Chapter 11 practice has witnessed the rise of a new phenomenon: structured dismissals.1 Broadly speaking, the term structured dismissal is an umbrella term for a dismissal order that includes additional...more

Overview and Analysis of Select Provisions of the ABI Chapter 11 Reform Commission Final Report and Recommendations - Part Three...

Earlier this year, Orrick’s Restructuring team began a three-part look at the American Bankruptcy Institute’s Chapter 11 Reform Report. In part one we looked at issues related to confirmation, valuation, financing and asset...more

Bridging the Week - April 2015 #3

CFTC Commissioner Bowen Argues for User Fees During House Subcommittee Hearing; Commissioner Wetjen Calls for Bankruptcy Law Amendments to Permit Individual Segregation of Customer Funds - Commodity Futures Trading...more

Bankruptcy Court Decides That The Bankruptcy Code Preempts California State Pension Laws

In a February 4, 2015 opinion, the bankruptcy judge presiding over Stockton, California's Chapter 9 municipal bankruptcy case approved Stockton's bankruptcy plan of adjustment. In re City of Stockton, 2015 Bankr....more

Oil Price Decline: Positioning for Turnaround or Sale

As a reaction to the dramatic oil price volatility, many energy companies plan to streamline operations by reducing work force and shedding assets. Those who do so face tightening credit and decline in asset value that may...more

Spanish Labour Law Updates And Other Legal Current Issues

In the past two months a range of relevant legislation developments in the field of labour have occurred, including the approval of the Spanish Strategy of Employment Activation for 2014-2016. Furthermore, there have been...more

Employees Face Uphill Battle in Holding Private Equity Firms Accountable under WARN Act

The United States District Court in Delaware recently issued a welcome decision for private equity firms whose portfolio companies run afoul of the Worker Adjustment and Retraining Notification Act (the “WARN Act”). In In re...more

Proposed Bankruptcy Fairness and Employee Benefits Protection Act of 2014 would place significant restrictions on employers in...

Legislation recently introduced in the Senate would place many restrictions on the ability of a corporation navigating bankruptcy to change the compensation and benefits of employees and retirees. The bill would also create a...more

Blog: California Bankruptcy Judge Rules that State Law Does Not Protect Pension Fund from Municipal Bankruptcies

On October 1, a bankruptcy judge ruled that the pension agreement between Stockton, California and Calpers, California’s massive state-run pension fund for public employees, is an executory contract that can be rejected in...more

Subcontractors Can Still Perfect Mechanic’s Liens After Prime Contractors File Bankruptcy

One of the most common and effective ways for a subcontractor to secure a payment claim is to file a lien. Assuming any applicable, pre-lien notice requirements are satisfied, an unpaid subcontractor can lien a private...more

Employer Loses WARN Affirmative Defenses In Class Action Due To Insufficient Description In Notice

Things seem to be going from bad to worse for defunct law firm Dewey & LeBoeuf. As criminal charges continue to loom for some former Dewey partners, the judge overseeing Dewey’s bankruptcy has now ruled that the firm cannot...more

When is a total deficit not a total deficit? Another turn of events for pension contributions

Summary - On 18 December 2013, judgment of the High Court in England and Wales was handed down in a case relating to the insolvency of Lehman Brothers companies (In the Matters of Storm Funding Limited (In...more

Government Employee Pensions May Now Be Fair Game for Cuts During Bankruptcy Restructuring

On Tuesday, December 2, 2013, Judge Steven Rhodes of the Eastern District of Michigan ruled that the City of Detroit, which filed for Chapter 9 bankruptcy protection in the U.S. Bankruptcy Court on July 18, 2013, met the...more

Commercial Restructuring & Bankruptcy Alert - December 11, 2013

In this issue: - Detroit Gets a Fresh Start and Pension Debt is at Risk - UK Supreme Court Finds Certain Pension Liabilities Are Not Entitled to Priority Treatment, in Nortel and Lehman Decisions - Amount of...more

Private Equity Fund May Be Liable for Portfolio Company Withdrawal Liability

In Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund, the First Circuit Court of Appeals held that an investment fund managed by private equity firm Sun Capital Advisors, Inc. (“Sun...more

Private Equity Fund May Be “Trade or Business” Under ERISA

First Circuit holds that an investment fund may be responsible for controlled group pension liabilities of portfolio companies. On July 24, the U.S. Court of Appeals for the First Circuit issued a significant decision...more

A Warning Shot for Private Equity Funds: First Circuit Court of Appeals Holds Fund Engaged in a "Trade or Business" for Purposes...

Under Title IV of the Employee Retirement Income Security Act (ERISA), withdrawal liability upon cessation of participation in a multiemployer pension plan and termination liability upon the involuntary or distressed...more

Business Bankruptcies Continue to Decline

Business Bankruptcies Continue to Decline by Joel R. Glucksman on August 13, 2013 Americans have been inundated as of late with news relating to several high-profile business bankruptcies, suggesting that more...more

Private Equity Funds Can Be Liable for Portfolio Company Pension Plan Obligations

What you need to know: The US Court of Appeals for the First Circuit has held that a private equity fund can be a “trade or business,” allowing the fund under certain circumstances to be liable under ERISA for the...more

Potential Personal Liability for Corporate Debts

A business experiencing financial difficulty will typically be forced to allocate its scarce resources toward payment of only some of its creditors. In that process, it is important to keep in mind that for some types of...more

UK Pensions Alert: UK supreme court decision - where pension liabilities rank on group insolvency

On 24 July the UK's Supreme Court handed down a judgment which clarifies a question about where defined benefit pension liabilities rank on group insolvency. The Court overturned a number of previous decisions made by lower...more

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