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U.K. Commission Says “No” to Bounties for Whistleblowers

The United Kingdom’s Parliament has been considering offering whistleblower bounties similar to those offered under the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act. A commission formed by the Bank of...more

An Appreciation for Hedging Your Bets on Deferred Compensation

Under Section 457A of the U.S. Internal Revenue Code of 1986 (the “Code”), certain offshore and other entities are limited in their ability to provide tax-effective deferred compensation to providers of services to those...more

Happy Birthday Dodd-Frank: The Whistleblower Program Milestones and How They’ve Impacted Business Ethics Training

Did you have some cake? Break out the balloons? While it’s hard to believe, it is true. Our little Dodd-Frank, signed into law by President Obama in 2010, is already four years old and about ready for pre-school. Although we...more

The Reckless Fiduciary: When Are Imprudent U.S. Fiduciaries Liable For Plan Losses?

“A pure heart and an empty head are not enough.” This is a quote from an early case defining the scope of ERISA fiduciary liability. However, ERISA has always made fiduciaries responsible only for losses caused by their...more

LLP Members and Pensions Auto-Enrolment: An Update

The UK Supreme Court ruled in May 2014, in Clyde & Co LLP and another v Bates van Winkelhof, that members of Limited Liability Partnerships (LLPs) are to be treated as “workers” and therefore are covered by the protections...more

Take 5 Newsletter: Five Documents That Financial Services Employers Should Revisit Now

With summer here, including its long days and blazing heat, many thoughts may turn to beaches, sunshine, and lazy afternoons. The summer may also be a good time for employers—especially those in the financial services...more

Non-Compete Provisions in ERISA Plans – A Recent 5th Circuit Case

A recent case out of the Northern District of Texas and the Fifth Circuit Court of Appeals touches upon the intersection of non-compete agreements and ERISA plans....more

No Financial Incentives for Whistleblowers in the UK

The Financial Conduct Authority (FCA) and the Bank of England Prudential Regulation Authority (PRA) published a report on 30 July 2014 that recommends that no financial incentives are given to whistleblowers. This differs...more

IRS Issues Final Regulations On Longevity Annuities

With the goal of providing retirees with more options to manage their retirement income, the IRS issued final regulations on “qualified longevity annuity contracts” (QLACs). A QLAC is a type of deferred annuity that commences...more

Bankers Swear To An Ethics Oath; Have They Sworn to Take Ethics and Compliance Training?

My mother enrolled me in Girl Scout Daisies when I was six. It’s an all-girl organization that seeks to help out the community and give back to those less fortunate, and is basically the precursor to becoming a Girl Scout...more

Fiduciary Notice Obligations Associated with Change of Carriers

This case discusses the fiduciary obligation of plan administrators to inform participants in advance of ERISA’s statutory notice periods regarding the potential impact caused by a change of life insurance carrier under a...more

Task Force on Governmentally-Mandated Standby Letters of Credit

Unfortunately, as bankers in West Virginia know, these forms are in several respects at odds with letter of credit law and practice. Thus the forms not only are problematic from the standpoint of issuers, but also, they may...more

Are You Selling Or Downsizing A U.S. Business? Plant Closing Liability Relief May Be Coming

A long overlooked and long unenforced provision of ERISA sometimes referred to as the “plant closing rule” has caused a stir in recent years as the U.S. Pension Benefit Guaranty Corporation (PBGC) began aggressively pursuing...more

Negotiating the Option Pool

Many people think a high(er) valuation is the Holy Grail. Those people are (often) wrong. In pursuit of a high(er) valuation, founders often unwittingly give up valuable ownership percentage points by agreeing to a...more

Insurance Recovery Law - July 2014 #3

Washington Supreme Court Rules That It Was Error To Delay Adjudication Of Insurer’s Duty To Defend, But Should Stay Discovery As To Insurer’s Coverage Defenses - Why it matters: The Washington Supreme Court...more

2014 Mid-Year Report Securities Litigation and Regulatory Enforcement

Welcome to the 2014 Mid-Year Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. Its purpose is to provide a periodic survey, apart from our team Executive Alerts, on matters we...more

SEC Denies Whistleblower Award Claim for Harbinger-Falcone Recovery

As recently reported by Ed Benson of Law 360, on July 4th, 2014, the United States Securities and Exchange Commission (the “SEC” or “Commission”) issued a final order that denied a whistleblower award claim on the $18 million...more

Fifth Circuit Holds Deferred Compensation Plan Is Governed by ERISA

The decision details important implications for employers that use deferred compensation arrangements....more

New SAFE Rules Facilitate Registration for Overseas Financing and Investment by Chinese Domestic Residents

The Chinese foreign exchange control authority recently adopted material changes to the regulatory framework on overseas financing and investment via special purpose vehicles undertaken by Chinese domestic residents and the...more

IRS Gives QLACs the Green Light: Final Regulations Issued

On July 1, 2014, the Internal Revenue Service (“IRS”) issued final regulations (“Final Regulations”) that permit employers and IRA providers to offer “qualified longevity annuity contracts” or “QLACs” under defined...more

PBGC Announces 2014 Moratorium on ERISA Section 4062(e) Enforcement Actions

On July 8, 2014, the Pension Benefit Guaranty Corporation (PBGC) issued a press release announcing a moratorium on its enforcement of Employee Retirement Income Security Act of 1974(ERISA) Section 4062(e) through the end of...more

Illinois Supreme Court Rules that Retiree Health Subsidies are Constitutionally Protected Benefits

In a 6-1 decision that may have significant ramifications, the Illinois Supreme Court held in Kanerva v. Weems that state-subsidized retiree medical premiums for certain public sector retirees are a protected benefit under...more

Rules Will Allow Issuance of Longevity Insurance in Retirement Plans

On July 1, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued final rules excluding qualifying longevity annuity contracts (QLACs) from the required minimum distribution rules (RMD...more

IRS Pursues 409A Audits, Issues Ruling on Certain Options/SARs under 457A

IRS audits signal focus on Section 409A compliance; Revenue Ruling makes certain nonqualified options and stock appreciation rights more attractive for offshore entities. The IRS has begun its limited audit initiative...more

D.C. Circuit Rules That "Exhaustion of Administrative Remedies" Is Not Required For Violations of ERISA’S Statutory Guarantees:...

The U. S. Court of Appeals for the District of Columbia Circuit has joined five other federal circuits to rule that pension plan participants need not exhaust a plan’s internal remedial procedures before they file suit in...more

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