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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

Changes on Horizon for Equity Compensation Plans as ISS Issues New Draft Policy

Recent announcements by Institutional Shareholder Services Inc. (“ISS”), a proxy voting advisor, indicate that publicly held U.S. companies may need to consider implementing certain modifications to their equity compensation...more

ISS Publishes 2015 Draft Policy Changes; Comments Due by October 29, 2014

On October 15, 2014, Institutional Shareholder Services Inc. (“ISS”) published its key draft policy changes for the 2015 proxy season. There are only two proposed updates for the United States. The first introduces a new...more

Does SEC Gain an Advantage Bringing Insider Trading Cases in Home Court?

Following the loss of two high-profile insider trading cases, the Security and Exchange Commission (SEC) is hoping to improve its chances in future actions by taking advantage of expanded administrative powers under the...more

Supreme Court Makes Necessary Expansions to Whistleblower Law

The United States Supreme Court recently ruled in the case of Lawson v. FMR, LLC that people employed by a private company that is either a contractor or subcontractor or a public company are to be extended the same...more

"Banker Bonuses: UK and EU Remain on Collision Course"

Since 1 January 2014, the EU’s Capital Requirements Directive (CRD)1 has required EU-regulated banks (EU Banks) to limit variable compensation paid to key bank staff to 100 percent of their fixed compensation (or 200 percent...more

Can An Employment Agreement Be A Wee Bit Too Integrated?

The Bylaws of many public companies provide for mandatory indemnification of directors and officers (and sometimes other agents as well). Often, Bylaws describe these indemnity obligations as contract rights. For example...more

FINRA Issues Guidance Notice To Warn Against Settlements Barring Whistleblower Tips

This month, FINRA issued guidance notice 14-40 to reminds firms that “it is a violation of FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) to include confidentiality provisions in settlement agreements...more

Right to Retire Or Termination: Remediation of Leadership To Foster Compliance

Many historians have long given 476 AD as the date of the fall of the Roman Empire. Further, it was from this date forward that Europe began its long slide into the abyss, which came to be known as the Dark Age. However, this...more

Psst, a 3rd party ethics reporting system benefits any organization

"... even popular social media platforms, but, sh, don't tell" - Kind of like confessions in a personal diary, Whisper is an app that lets users anonymously share their secrets with millions of others in acts of...more

Business Interruption Insurance for Ebola – Managing Risk for Hospitals and Healthcare Providers

William Gallagher Associates, a Boston-based insurance broker, has announced the rollout of a new policy to cover Ebola-related losses at hospitals and other healthcare providers involved in primary care emergency treatment. ...more

Absent an Initial Showing That It Is a Fiduciary, Employer Is Immune from Breach of Fiduciary Liability Claim under ERISA in the...

In Moon v. BWX Technologies, Inc., 2014 U.S. App. LEXIS 12525 (4th Cir. July 2, 2014), the Fourth Circuit rejected fiduciary breach and equitable estoppel claims, determining that an employer’s failure to alert an employee...more

Whistleblowers Now Have More Time to File Whistleblower Claims through NLRB

Under the whistleblower provisions of the Occupational Health and Safety Administration (OSHA), employees typically only have 30 days to file a complaint about employer retaliation. However, OSHA has now reached an agreement...more

Required Consideration Lacking For Replacement Employment Contract

A September 23rd Connecticut Appellate Court decision tells a cautionary tale for employers drafting employment contracts intended to replace earlier contracts. Thoma v. Oxford Performance Materials, Inc., 2014 WL 4548490...more

Data protection obligations on banks into force in Italy

The Italian Data Protection Authority issued regulations introducing new relevant data protection obligations for banks in the processing of customers’ personal data by their employees aimed at monitoring the transfer of...more

Blog: Director Of SEC Whistleblower Office To Staff: I Want To Pump You Up* To Find Whistleblower Retaliation Cases

According to Law360, the director of the SEC’s whistleblower office, Sean McKessy, is exhorting the staff of that office to set a high priority on cases involving employer retaliation for whistleblower complaints. During an...more

ISS Releases 2015 Draft Voting Policies for Independent Chair and Equity Incentive Plan Proposals

Institutional Shareholder Services (ISS) recently released for public comment its 2015 draft voting policies. The draft policies relate to two topics affecting the U.S. market: independent board chair shareholder proposals...more

Walgreens CFO Jettisoned After $1 Billion Forecasting Error

Walgreen Co. CFO Wade Miquelon and another high-ranking executive in the company were let go from their positions after the revelation of a $1 billion projection error affecting the corporation’s Medicare-related business....more

EEOC Lawsuit Against CVS Pharmacy Challenging Severance Agreements Dismissed

On October 7, 2014, District Judge John Darrah of the North District of Illinois dismissed the Equal Employment Opportunity Commission’s lawsuit against CVS Pharmacy. Equal Employment Opportunity Commission v. CVS Pharmacy,...more

Arrival of Ebola Virus Prompts Policyholders to Assess Insurance Coverage

With news of the Ebola virus arriving in the United States, many companies are moving quickly to protect the health and safety of their employees and customers. At the same time, some insurance providers have already...more

The EU Bonus Cap and Restrictions on the Use of Role Based Fixed Allowances

On 15 October 2014 the European Banking Authority (“EBA”) issued a report on the use of role-based fixed allowances by various financial institutions within the European Union (“EU”) affected by the EU bonus ratio cap....more

Legal Briefs: A Periodic Summary of Judicial Decisions Affecting Accounting and Financial Services Professionals - October 2014

The New Jersey District Court recently ruled that an economic damages expert retained by plaintiffs’ counsel in a class action was not entitled to any further compensation for his work. The facts in Rothstein v. Harstad...more

Texas Court Refuses to Apply Texas Choice of Law in Non-Compete Fight Involving Texas Bank

A recurrent theme in non-compete litigation is the overriding importance of choice-of-law. The latest example comes to us from the United States District Court for the Southern District of Texas and pits a Texas choice-of-law...more

Keep Your Hands Off the Customers … and the Cows

A federal district court in Washington has confirmed that an employer’s relationship with the cows that its employees serviced is insufficient to establish a legitimate protectable interest to enforce a non-compete....more

Seventh Circuit Reminds Attorneys to Conduct “Reasonable Amount of Legal Research” Before Filing Claims

Under the federal civil rights statutes, plaintiffs who prevail ordinarily receive an award of attorneys’ fees that must be paid by the defendant. But, in order not to deter plaintiffs from filing such claims, the reverse is...more

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