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Regulators Issue Final Dodd-Frank Standards for Assessing Diversity Policies and Practices of Covered Entities in the Financial...

On June 9, 2015, six federal agencies (“Agencies”) subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Act”) issued much-anticipated joint final standards (“Final Standards”) in accordance with...more

SEC Announces Third-Largest Dodd-Frank Bounty Award

Whistleblowers continue to reap extraordinary awards under Dodd-Frank’s “bounty” program in exchange for bringing the Securities and Exchange Commission (SEC) “original” information that leads to a successful enforcement...more

Good Bets by a 401(k) Plan Sponsor to Avoid Liability

I don’t gamble because I don’t like to lose and that’s a big problem about gambling because people do lose. I stopped playing Powerball and Mega Millions. The last time I ever bet on a sport was betting a friend $10 on the...more

Popular Whistleblower Reads on JD Supra

A recap of popular whistleblower-focused posts on JD Supra, July, 2015....more

The Claws Are Out – SEC Proposes Clawback Regulations Under Dodd-Frank

Five years after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), the U.S. Securities and Exchange Commission (“SEC”) has issued the last of its proposed rules to implement the...more

SEC Proposes Rules on Clawback Policies

What you need to know: On July 1, 2015, the SEC proposed rules, provided for as part of the Dodd-Frank Act, that will require companies listed on US stock exchanges to adopt, enforce and disclose policies with respect to...more

Summary of SEC's Proposed Rule on Executive Compensation Clawbacks

The Dodd-Frank Act required the Securities & Exchange Commission (SEC) to adopt rules that direct national securities exchanges (such as the NYSE and NASDAQ) to require listed companies to implement and disclose their...more

SEC Proposes Broadened Rules on Clawback of Incentive-Based Compensation

Proposed Rules would require increased disclosures on companies’ recovery processes and affect the majority of issuers with listed securities. Background - On July 1, 2015, the Securities and Exchange Commission...more

How Employers Can Avoid Turning Their Retirement Plan Into An HR Disaster

When it comes to recruiting and retaining employees, salary isn’t enough. Employees also seek benefits, which can be treated as tax-free compensation such as employer-provided health insurance and tuition assistance. One...more

IRS Moves to Limit De-Risking Lump Sum Distributions

On July 9, 2015, the IRS announced that it intends to amend the required minimum distribution regulations under Section 401(a)(9) of the Internal Revenue Code to prohibit plans from offering voluntary lump-sum cashouts to...more

Business Litigation Report - June 2015

In This Issue: ..From 20 Years to Zero in Six Trial Days - Noted With Interest: ..FedEx Drivers: Employees or Independent Contractors? The Ninth Circuit Weighs in on California’s Murky “Right-to-Control”...more

Never Use Your Payroll Provider As Your 401(k) TPA

I have been in my own practice for 5 years and for 5 years, I’ve made enemies with two of the largest payroll providers in this country because I have issues with payroll providers being third party administrators (TPAs) for...more

How Retirement Plan Advisors Can Benefit From Any New DOL Fiduciary Rule

One of my favorite companies is Netflix. The first time I came into contact with them, it was through an offer that was in the box of the first DVD player I bought in 2000. Instead of rentals through Blockbuster or Hollywood...more

Things in a 401(k) Plan That Don’t Look Right

They always say that you should never judge a book by its cover, but people do. People say you shouldn’t judge people by their appearance and they do. Just because something doesn’t look right, doesn’t mean it isn’t right....more

Loan Originator Compensation: CFPB Grabs the “Steering” Wheel

The CFPB took action against two mortgage companies for violations of the Loan Originator Compensation Rule (“LO Comp Rule”), which prohibits compensation to loan originators based on loan terms, claiming that the companies’...more

Blog: Executive Compensation — A Trigger For Hedge Fund Activism?

Is executive pay becoming a hot button issue for activist hedge funds? While executive pay has long been under scrutiny from standard-issue corporate governance activists, such as union pension funds, the interest of some...more

Employer’s Excuses About Their Retirement Plan And Why They’re Wrong

When dealing with my children and many adults, I hear many excuses why things don’t get done correctly. No one wants to accept re- sponsibility for their ineptness; they just cling to these excuses. Plan sponsors don’t have...more

SEC Proposes Rules for Reporting Separately Managed Accounts on Form ADV and Revised Recordkeeping Rules

On May 20, 2015, the U.S. Securities and Exchange Commission (“SEC”) proposed amendments to Part 1A of Form ADV in three areas: to collect information regarding separately managed accounts (“SMAs”) and additional information...more

Draft Appropriations Bill Seeks to De-Fund Various Regulatory Efforts

A draft House appropriations bill to fund various federal agencies, including the Department of Labor, for Fiscal Year 2016 includes several provisions that would effectively halt a number of controversial regulatory efforts....more

FAQ: Recent Developments in US Law Affecting Pension and OPEB Claims in Restructurings (2015)

From theory to practice, planning to enforcement, the answers to 42 of the most frequently asked questions can help you prepare, cope, or respond to a restructuring. This Client Alert answers some of the most...more

Culture of Corruption in the Financial Industry: A Closer Look

A closer look at new research data about corruption in the financial industry: is the industry as far behind on organizational culture as it might seem?  A recent study, “The Street, The Bull and The Crisis: A Survey of...more

Is The SEC Confused About Who Solicits Proxies?

In reviewing some recent proxy bylaw provisions, I noted that some refer specifically to solicitations “by the Board of Directors”. See, for example, a bylaw provision recently adopted by Monsanto Company. This reference to...more

Small 401(k) Plans Have More Problems Than Larger Ones

Bigger does not mean better, that’s what mom and pop stores say all the time. Sometimes they are right, sometimes they are wrong. When it comes to 401(k) plans, most people would assume that larger 401(k) plans would have...more

Pay Ratio Rule Continues Down Slow Road After Public Senatorial Scolding

On Friday June 5, 2015, the SEC made incremental progress toward finalizing the “pay ratio” rule required by the 2010 Dodd-Frank Act by publishing a memo from the Division of Economic and Risk Analysis (DERA memo) that...more

Plaintiffs' Firms Seek Quick Money by Challenging "Dead Hand Proxy Puts" in Debt Agreements

Delaware corporations should be aware of the latest trend in strike suits being pursued by stockholder plaintiff law firms. Such lawsuits are increasingly being filed to challenge so-called "dead hand proxy put" provisions in...more

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