Labor & Employment Securities

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A Look Back at SEC Whistleblowers in 2014

In retrospect, 2014 has to be considered a success for the whistleblower program run by the United States Securities and Exchange Commission (SEC). This year, whistleblowers who earned awards through the SEC earned more money...more

Alert: Reminder Alert: Incentive Stock Options and Employee Stock Purchase Plans—IRS Information Statements and Information...

This Alert serves as a reminder of certain year-end reporting requirements imposed under Section 6039 of the Internal Revenue Code of 1986, as amended, with respect to incentive stock option exercises and transfers of stock...more

The Directed Trustee in the Post-Dudenhoeffer World

Overview - Court cases challenging the actions of Employee Retirement Income Security Act fiduciaries have continued unabated since the scandal of Enron in 2002. Since then, a large number of cases are in the ‘‘stock...more

2015 Trends: #8 Top Whistleblowing Priorities for Compliance Professionals

Last November, the U.S. Securities and Exchange Commission issued its Annual Report to Congress on the Dodd-Frank Whistleblower Program. It is clear that the program is going strong. Following are five key ways compliance...more

10-K Conundrum: 7th Circuit Holds Corporate Filings Can Lead To Employment Claims

A recent Seventh Circuit decision provides a cautionary tale for employers deciding what level of detail about litigated matters to include in publicly disclosed Securities and Exchange Commission (“SEC”) filings. The court...more

Quirky Question #251, Naming Names in SEC Filings?

Question: Our publicly traded company must file a disclosure with the SEC, and we’re trying to determine what information to include regarding recent charges of discrimination that former employees have filed with the...more

NJ Supreme Court Clarifies Independent Contractor Standard under State Wage Laws

Last week, New Jersey’s highest court ruled in Hargrove v. Sleepy’s, LLC, No. A-70-12 (Jan. 14, 2015), that the so-called “ABC test” applies when determining whether a worker is an employee or independent contractor under the...more

SEC Finds Loan to Investment Adviser’s CEO a Conflict of Interest

Consulting Services Group, LLC, or CSG, was a registered investment adviser whose business included providing consulting services to public pension funds. These consulting services included recommending third-party investment...more

Fifth Circuit Rules Revealing Whistleblower's Identity Is Materially Adverse Action

The Fifth Circuit Court of Appeals recently ruled that a notice revealing a whistleblower's identity to other employees can be considered a "materially adverse" action and violates the Sarbanes-Oxley Act of 2002 (SOX). The...more

PBGC Wants Reporting on Lump-Sum Pension Cash-Outs and Annuity Purchases

With pension buyouts continuing apace, the Pension Benefit Guaranty Corporation (PBGC) has asked the Office of Management and Budget (OMB) for approval to modify the PBGC’s 2015 premium payment forms to require reporting of...more

You’ve Gotta Be Kidding. THIS Is Retaliation?

I am not making this up. International Monetary Systems, Ltd., is facing a jury trial on a retaliation claim made by a former employee. The company is going to trial because it listed the plaintiff by name on the disclosures...more

7th Circuit Finds That Naming EEOC Claimant in SEC Filing May Have Been Retaliatory

Celia Greengrass worked as an account executive for International Monetary Systems, Ltd. ("IMS"). In September 2007, Greengrass made an internal complaint about alleged harassment by a manager; two months later, she quit her...more

ISO and ESPP Annual Reporting Deadlines Are Approaching

As a reminder, annual deadlines are approaching for certain reporting and filing requirements in connection with incentive stock option (ISO) exercises and employee stock purchase plan (ESPP) transfers that occurred in 2014....more

Employee Share Schemes: ED

The Government has released the Exposure Draft for the proposed changes to the taxation of employee share and option plans (ESOPs). The Exposure Draft generally follows the Government’s announcement on 14 October 2014, but...more

Heightened Scrutiny of Brokers – SEC Approves FINRA’s Proposed Background Check Rule

In recent years, questions have been raised in many quarters about how brokers with questionable backgrounds have been able to move among firms and remain in the industry. FINRA has responded by enhancing a broker-dealer’s...more

No Names Please

When you file SEC reports, do you report litigation risks? Do you name employees involved? An employer is headed to trial over whether it retaliated against a former employee by stating her name in SEC filings as the...more

IRS Filing and Reporting Requirements for ISO Exercises and ESPP Stock Transfers

This Client Alert is intended to remind you of certain year-end reporting requirements under Section 6039 of the Internal Revenue Code of 1986, as amended (the “Code”), with respect to stock issued to employees (or former...more

Think Twice Before Firing an Employee for Facebook Posts

Social media continues to play an important role in all aspects of a company’s internal and public communications. Companies are utilizing social media to make SEC disclosures, coordinate targeted advertising and marketing...more

Annual Notices for ISOs and ESPPs due February 2, 2015

Companies that grant incentive stock options (ISOs) are required to provide notices to current and former employees who exercised ISOs during the preceding calendar year. Similar notices must be given to current and former...more

Whistleblowers on Wall Street Could Earn Share of $425 Million Pot

Since the establishment of the SEC Whistleblower Program, there have been a lot more highly publicized cases of whistleblowers coming forward and revealing wrongdoing within their organizations, specifically in regard to...more

SEC Approves FINRA Rule Strengthening Background Checks

The Securities and Exchange Commission (SEC) has approved a Financial Industry Regulatory Authority (FINRA) rule requiring member firms to strengthen their background investigation of applicants seeking registration. ...more

Family Office Key Employees’ Use of Employee Investment Trusts

Recent Development - Family office key employees have new flexibility under recent SEC guidance regarding the nature and range of persons who can properly be involved in the administration of their trusts. ...more

Employers: 2015 deadlines approach to furnish incentive stock option and employee stock purchase plan information statements and...

Section 6039 of the Internal Revenue Code requires a corporation to furnish a written statement to any employee or former employee who either (i) exercised an incentive stock option within the meaning of Section 422 of the...more

Proxy Access: More File to Exclude Proposals

Since our last update, the following public companies have submitted no-action letters to exclude shareholder proposals submitted by the New York City Pension Funds because the proposal will “directly conflict” with the...more

Judge Will Allow Dow Whistleblower to File Wrongful Termination Suit

A federal judge is allowing an ex-fraud investigator for Dow Chemical Co. to pursue a wrongful termination claim. Kimberly Wood, who had worked for 25 years at Dow before the company fired her in October, alleges that the...more

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