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In this installment of our Employee Benefits and Executive Compensation Considerations in Mergers and Acquisitions podcast series, Troutman Pepper Partners Joshua Gelfand and Michael Crumbock discuss current executive...more
In the decision of Egan v. Harbour Air Seaplanes LLP, 2024 BCCA 222 (“Egan”), the British Columbia Court of Appeal upheld a termination clause in an employment agreement, rejecting various arguments to undermine the clause’s...more
El auxilio de cesantías en Colombia es una prestación social que tiene como finalidad formar un ahorro en caso de que el trabajador se quede sin trabajo. Lo anterior, sirve de auxilio y se pagan al finalizar el contrato de...more
Navigating the intricate landscape of employment laws and regulations can be daunting, and Virginia’s termination laws are no exception. We often encounter clients with various misconceptions about the laws governing...more
Canadian employers should review their employment contracts and update them as necessary to avoid potentially costly problems upon separation of employment. Since early 2021 when the Supreme Court of Canada declined to...more
Section 409A of the Internal Revenue Code of 1986, as amended (409A), was enacted into law in 2004 to impose statutory requirements on “nonqualified deferred compensation plans, programs or arrangements” (collectively...more
On March 3, 2023, the U.S. District Court for the District of Puerto Rico issued a decision declaring Law 41-2022 null and void, effectively reinstating the prior state of many of Puerto Rico’s employment statutory...more
A frequently used step to control costs in times of uncertainty is to reduce personnel. A well-planned restructuring or reduction in force, generally referred to as a “layoff,” can achieve meaningful cost reductions...more
It is a badly-kept secret that the U.S. economy is facing challenges – inflation, increased interest rates, increased labor costs, decreased business growth, etc. One option for businesses during an economic downturn is...more
INTRODUCTION - The United Arab Emirates (UAE) recently published its new Federal Labour Law No. 33 of 2021 (New Law), which repeals Federal Labour Law No. 8 of 1980 (Previous Law). The New Law comes into effect on 2 February...more
Beginning on December 1, 2022, Nevada public employers will have new limitations placed on certain common elements contained in employment contracts. Governor Sisolak recently signed Assembly Bill 385 into law, prohibiting a...more
Recent press reports have highlighted the difficulties faced by companies that discover evidence of misconduct only after an executive has exited and received severance. When it comes time to exit a CEO or other senior...more
In June 2019, David Dunwoody (“Dunwoody”) left his position as President of EnVen Energy Corporation (“EnVen”) amidst a scandal centering around his alleged involvement in a kickback scheme. Dunwoody sued EnVen, the oil...more
As we have previously discussed, the Puerto Rico Department of Labor (PR DOL) has recently published the first edition of its Guidelines on the Interpretation of Puerto Rico’s Employment Legislation (Guidelines), which...more
Seyfarth Synopsis: Claims for benefits at termination may proceed as a breach of contract claim in state court, and avoid ERISA preemption, where the calculations are individualized, straightforward and do not implicate an...more
Specialists have long touted certain significant advantages to employers that come along with maintaining ERISA severance plans, and a recent district court case highlights some of these advantages....more
It is always unpleasant for a healthcare entity or medical practice to have to sever ties with an employed physician, but it is sometimes necessary. Perhaps the physician has committed serious policy violations or lost an...more
C’est officiel : le barème des indemnités pour licenciement irrégulier ou sans cause réelle et sérieuse est en vigueur. ...more
In Germany, employees frequently refuse to sign separation agreements for fear that the Employment Agency (Agentur für Arbeit) will disqualify them from receiving unemployment benefits. A revision of the Employment Agency's...more
On January 26, 2017, Puerto Rico’s Governor, Ricardo Roselló, signed into law the Labor Transformation and Flexibility Act (the “Act”). The Act represents the first significant and comprehensive labor law reform to occur in...more
Employer-friendly revisions to attract new businesses and facilitate operations for existing enterprises signals a new era of labor flexibility in Puerto Rico. On January 26, 2017, weeks after being sworn in as the...more
On January 26, 2017, the Governor of Puerto Rico approved the Labor Transformation and Flexibility Act (“the Act"). The Act makes substantial changes to virtually all existing Puerto Rico employment laws, including those...more
Generally speaking, many employers do not think about the Employee Retirement Income Security Act (ERISA) when it comes to severance, whether at the front end, when employment agreements or policies are negotiated and...more
In Depth - Additional flexibility to use Section 409A exemptions - ..Expanded availability of the rules for transaction-based compensation for stock rights and incentive stock options. The final regulations allow...more
History is all too often repeated when start-up founders fail to plan for when (not if) they don’t see eye-to-eye. Relationship breakdowns and messy founder departures are common root causes of start-up failures. Common...more