News & Analysis as of

20% Rule

Kramer Levin Naftalis & Frankel LLP

NYSE Proposes Amendments to Its Related Party and 20% Shareholder Approval Rules

On Dec. 28, 2020, the New York Stock Exchange (NYSE) proposed amendments to its rules requiring shareholder approval prior to the issuance of securities to Related Parties or in excess of 20% of the issuer’s voting power or...more

Perkins Coie

PIPE Transactions: Key Considerations for Issuers and Investors

Perkins Coie on

During uncertain times, public companies may find themselves in need of additional capital, but a traditional follow-on underwritten public offering may be out of reach or considered too risky. Alternative ways to access the...more

Proskauer Rose LLP

NYSE Takes Another Step to Facilitate Capital Raises In Light of Pandemic

Proskauer Rose LLP on

On May 14, 2020, the New York Stock Exchange (the "NYSE") adopted a temporary rule waiving until June 30, 2020 additional key shareholder approval requirements for certain private investments in public equity ("PIPE") and...more

Jackson Lewis P.C.

Connecticut Retains ‘80/20’ Tip Credit Rule In New Wage And Hour Legislation

Jackson Lewis P.C. on

The Connecticut Legislature has passed legislation mandating that the state’s minimum wage regulations incorporate the “80/20” or “20%” tip credit rule. Governor Ned Lamont is expected to sign House Bill No. 7501, “An Act...more

Poyner Spruill LLP

Not So Fast: Federal Court Refuses to Give Deference to New DOL Guidance Abandoning the "20% Rule" - Poyner Spruill LLP

Poyner Spruill LLP on

The “20% Rule,” which provided guidance to employers for when they must pay tipped employees minimum, rather than a tipped hourly wage, was recently abandoned by the United States Department of Labor (“DOL”). First published...more

Littler

WPI Wage Watch: Minimum Wage, Tip, and Overtime Developments (February 2019 Edition)

Littler on

In February, love was not the only thing in the air; wafting through legislative chambers across the country was the sweet smell of bills about the minimum wage, tips, and overtime. Many bills will be stood up, or ultimately...more

Seyfarth Shaw LLP

A Zombie Tip Credit Rule: District Court Tries To Bring The 80/20 Guidance Back From The Dead

Seyfarth Shaw LLP on

Seyfarth Synopsis: Even though the DOL abandoned its 20% tip credit rule in November 2018, one federal district judge has refused to defer to the agency, opting to defer to the old guidance instead....more

Polsinelli

Back from the Dead: The Revival of the 80/20 Rule

Polsinelli on

Recently, we discussed the U.S. Department of Labor’s (“DOLs”) rescission of the 80/20 rule.  Unfortunately, less than two months after the DOL’s rescission, the U.S. District Court for the Western District of Missouri...more

Mayer Brown

NYSE Proposes Modifying 20% Rule

Mayer Brown on

On October 31, 2018, the NYSE filed a proposed amendment to the Listed Company Manual to modify the price requirements for purposes of determining whether shareholder approval is required for certain issuances of securities. ...more

Eversheds Sutherland (US) LLP

SEC approves amendment to Nasdaq 20% rule to relax the market value test

The US Securities and Exchange Commission (SEC) has approved an amendment to Nasdaq Rule 5635(d), also known as the “20% Rule,” to modify the situations in which a company must obtain shareholder approval before it can issue...more

Fisher Phillips

Why Are Courts Deferring to USDOL's "20% Rule" Restricting the FLSA's Tip Credit?

Fisher Phillips on

In a case that refuses to go away, the Ninth Circuit, now sitting en banc, has held that the plaintiff in Marsh v. J. Alexander's stated an FLSA minimum wage claim based on the USDOL's so-called "20% Rule" limiting a tipped...more

Fisher Phillips

How USDOL’s So-Called "20% Rule" Has Obscured the FLSA's Definition of a "Tipped Employee"

Fisher Phillips on

Section 3(m) of the federal Fair Labor Standards Act ("FLSA") permits an employer to take the "tip credit" for "tipped employees". Certain requirements must be met though, including that the employee must earn a sufficient...more

Morrison & Foerster LLP - JOBS Act

New Nasdaq Staff FAQ on the 20% Rule

Recently, the Staff posted this FAQ and response relating to the issuance by Nasdaq-listed companies of warrants with cashless exercise features. See below: FAQ – Do Nasdaq’s listing rules limit or restrict the issuance of...more

Morrison & Foerster LLP - JOBS Act

The “20% Rule” and Shareholder Vote Issues

Recently, as we blogged about, the Nasdaq Listing and Hearing Review Council published a solicitation in which it sought comment regarding the Nasdaq Stock Market, Inc.’s shareholder approval rules....more

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