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That is SO last week - October 2015

Last week saw a lot of media coverage about “Yelp for People.” The app, called Peeple, allows users to rate friends, co-workers, and romantic partners based on a five-star rating system. Recruiters could review the ratings...more

No fear of a class action lawsuit doesn’t mean there shouldn’t be fear

Plan sponsors will say it all the time: they are too small to be sued in a class action lawsuit. That may be true, but a class action lawsuit isn’t the only thing to fear. Most plans aren’t big enough to have a class action...more

CFTC Announces to Issue Award of Approximately $290,000 to Whistleblowers

On September 29, the U.S. Commodity Futures Trading Commission announced that it would issue an award of approximately $290,000 to whistleblowers for providing valuable information about violations of the Commodity Exchange...more

Weekly Update Newsletter - October 2015

GOVERNMENT CONTRACTS - Notice Establishing a Minimum Wage for Contractors - The Department of Labor, Office of the Secretary, published a new notice correcting its September 16, 2015 notice by publishing Appendix A...more

Advisors Advantage - October 2015

How To Operate A Retirement Plan Provider Practice on a Shoe String. Why spend when you don't have to. I decided to start my own practice when another law firm stated that I could earn $150,000 if I brought them...more

A Review of Recent Whistleblower Developments

Second Circuit Splits from Fifth Circuit on Whistleblower SEC Reporting Obligations On September 10, 2015, the Second Circuit in Berman v. Neo@Ogilvy LLC, 2015 U.S. App. LEXIS 16071 (2d Cir. 2015), ruled that...more

Effect of Recent New York City Amendments May Limit Brokers and Advisers in Conducting Credit and Background Checks on Potential...

The New York City Council recently passed two amendments to the New York City Human Rights Law that are likely to substantially affect the manner in which firms in New York City may evaluate the qualifications and background...more

Not all Plans can Establish a Shortened Limitations Period for Filing Lawsuit

I recently blogged about a case in which a plan had established a shorter period of time (one year deadline) for filing a lawsuit, rather than relying on the state statute of limitation (six years) which would otherwise have...more

CFTC Makes Second Whistleblower Award

The U.S. Commodity Futures Trading Commission, or CFTC, announced that it will make an award of approximately $290,000 to a whistleblower for providing valuable information about violations of the Commodity Exchange Act....more

How To Operate A Retirement Plan Provider Practice on a Shoe String

I decided to start my own practice when another law firm stated that I could earn $150,000 if I brought them $450,000 billable work. I thought if I could bring in $450,000 of business, why would I need them and waste $300,000...more

EB-5 Regional Center Program Gets Short-Term Extension from Congress

Congress passed a short-term extension late yesterday to keep the EB-5 Regional Center Program (the EB-5 Program) from expiring. The Continuing Resolution will extend the EB-5 Program (and fund the U.S. government) through...more

Is Your Severance Policy an ERISA Plan?

Severance plans are generally covered under ERISA, but it is not always easy to distinguish an ERISA-covered severance plan from a non-ERISA severance policy. There are advantages and disadvantages to being an ERISA-covered...more

A Summary of Predicted Litigation Under the DOL’s Proposed Fiduciary Rule

The Department of Labor’s recent Proposed Rule, which defines the term "fiduciary" as it applies to persons who provide "investment advice" to ERISA plans and IRAs, will impact the likelihood and severity of fiduciary...more

Congress Extends EB-5 Regional Center Program

On September 30, Congress passed a Continuing Resolution that includes a temporary extension of the EB-5 Regional Center Program (the “Program”) which was due to sunset on September 30 absent reauthorization. This extension...more

District Court Denies Class Certification in Excessive Fee Case Against Service Provider

The plaintiffs, three plan participants, filed their lawsuit in 2012 and purported to assert claims on behalf of a class of all plans serviced by the defendants, affiliated entities that provided services to the plans and/or...more

Compensation and Benefits Insights – September 2015

The Patient Protection and Affordable Care Act (“ACA”)’s 40% excise tax on high-cost employer-sponsored health coverage (commonly known as the “Cadillac tax”) is slated to take effect in 2018. The IRS has issued several...more

Federal District Court Addresses Measure of Damages in ERISA Breach of Fiduciary Duty Case

Fiduciaries of two defined contribution retirement plans sponsored by the same employer (the “Plans”) sued the Plans’ former investment manager for breach of ERISA fiduciary duties and state law violations in connection with...more

“Highest Contribution Rate” Means Highest of Any CBA for ERISA Withdrawal Liability Payments

The Third Circuit held that where an employer has been party to multiple collective bargaining agreements (“CBAs”) with a multiemployer fund, an employer’s withdrawal liability should be based on “the single highest...more

Seventh Circuit Continues to Apply Federal Successor Liability Doctrine to Multiemployer Pension Plan Withdrawal Liability

Regarding multiemployer pension plans, the U.S. Court of Appeals for the Seventh Circuit has long held that a purchaser can incur withdrawal liability in an asset transaction because of the federal successor liability...more

Blog: Are Whistleblowers Just Out For The Big Bucks?

Given that, last year, the SEC awarded $30 million to one whistleblower alone, it looks like a pretty good gig. The previous year, the SEC awarded a whistleblower $14 million. That’s not too bad either....more

Payday Lenders’ “Operation Choke Point” Suit Allowed To Proceed

In a June 2014 alert, we discussed Community Financial Services Association vs. Federal Deposit Insurance Corporation, a payday loan industry suit challenging on various grounds certain supervisory and interpretive statements...more

Employer liability relating to fees in employer-sponsored retirement and savings plans

Employers who sponsor retirement and savings plans for their employees should ensure that the fees paid by their employees within the plans are reasonable and adequately disclosed.  Lawsuits in the U.S., and a recent...more

The Pitfall of Networking Events

I used to attend a lot more networking events when I first started my law firm when I had very little clients and I think that experience kind of made me attend far fewer events. Networking is an integral part of...more

ERISA – Subrogation: Summary Plan Descriptions Can Be A “Controlling Document” Requiring Reimbursement… Sometimes

You already know that when a Summary Plan Description conflicts with ERISA plan language, the ERISA plan language controls. But what happens when all you have is a Summary Plan Description (SPD), and… no ERISA Plan? Can...more

Fifth Circuit Affirms Dismissal of Claims Involving De-risking of Pension Assets

In October 2012, a defined benefit plan sponsor amended its plan to provide that, effective Dec. 7, 2012, the plan would purchase an annuity to cover the plan’s obligations to make payments to the roughly 41,000 participants...more

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