The recently overhauled paid leave ordinances in Illinois include: Illinois Paid Leave For All Workers Act (effective January 1, 2024), Cook County Paid Leave (effective February 1, 2024) and the City of Chicago Paid Leave...more
Sometimes the first step to solving (or mitigating or avoiding) problems is to identify what the problem may be to, among other things, put time on one’s side. For issuers of tax-exempt municipal bonds, there tend to be...more
On April 4, 2022, the Massachusetts Supreme Judicial Court (“SJC”) dispelled the notion that employers can avoid triple liability for late payment of wages under the Massachusetts Wage Act, M.G.L. c. 149, § 148 (“Wage Act”),...more
On August 31, 2020, Vice Chancellor J. Travis Laster of the Delaware Court of Chancery ruled that neither Cigna Corporation (“Cigna”) nor Anthem, Inc. (“Anthem”) were entitled to the billions of dollars in damages and fees...more
In Lehman Brothers Special Financing Inc. v. Branch Banking & Trust Co. (In re Lehman Brothers Holdings Inc.), No. 18-1079, --F.3d--, 2020 WL 4590247 (2d Cir. Aug. 11, 2020), the Second Circuit held that provisions in a swap...more
After nearly 10 years of litigation, the Second Circuit has weighed in on an appeal in an adversary proceeding arising out of the Lehman Brothers bankruptcy. The August 11, 2020, decision confirms that a trustee’s termination...more
On August 11, 2020, the United States Court of Appeals for the Second Circuit affirmed lower court decisions rejecting Lehman Brothers Special Financing Inc.’s (“LBSF”) attempt to recover nearly $1 billion in payments to...more
For over a decade, Lehman Brothers Special Financing (“LBSF”) has been litigating the enforceability of so-called “flip clauses” in connection with the post-bankruptcy liquidation of swap agreements. These clauses, which are...more
In this OnPoint, we report on two changes to the taxation of termination payments to departing employees of which employers need to be aware – first, the levying with effect from 6 April 2020 of employer’s national insurance...more
A Landmark Decision in the Ruta del Sol Arbitration Against ANI Provides Valuable Lessons for Developers and Financiers of Projects in Latin America - The landmark decision in the Ruta del Sol arbitration against the...more
In a recent working paper, researchers at UCLA and the University of Amsterdam determined that a single sexual harassment claim can cause more damage to a company’s reputation than financial misconduct or fraud. In this...more
Spring has sprung in the United Kingdom – a good time for a reminder of the annual statutory rate changes for employers, along with other changes to the taxation of termination payments. The following summary of these changes...more
Mythbusters: What Do the Gender Pay Results Really Mean? The gender pay gap figures have been a hot topic over the past few weeks as the 2018 deadline for reporting has passed. With approximately 1,500 qualifying employers...more
On April 6, 2018, there will be an important change to the way termination payments are taxed in the United Kingdom. New tax rules, which aim to simplify the taxation of termination payments, will mean that income tax and...more
The U.K. government has introduced the following changes to termination payments which will apply from 6 April 2018: - Where an employer has no contractual right to make a payment in lieu of notice, but decides to make a...more
On January 29th, Massachusetts’ Supreme Judicial Court held that accrued, unused sick time does not count as wages under state employment law, as employment lawyers in Massachusetts had previously anticipated....more
Last month, the Sixth Circuit revived a lawsuit brought under the Fair Labor Standards Act (“FLSA”) alleging that a retailer’s commission policy was unlawful in Stein v. hhgregg, Inc., 2017 U.S. App. LEXIS 19908 (6th Cir....more
In July 2014 AbbVie Inc. and Shire Plc's announced a $54.8 billion merger deal that would have made AbbVie the largest U.S. company to move its legal residence, though not its operations, abroad in order to lower its tax rate...more
New legislation due to come into force in April 2017 requiring employers to publish details of their average pay for men and women - New Gender Pay Gap Reporting obligations are expected to come into force in April 2017....more
Taxation of termination payments draft legislation published - At present, in certain circumstances the first £30,000 of a termination payment is exempt from income tax and national insurance ("NIC"). However, there have...more
I was recently asked whether the US had any regulations similar to the EU’s Commercial Agent Regulations–pursuant to which, upon termination or expiration of certain agency contracts, the agent would be entitled to an...more
The government has published its response to feedback received on its proposals to simplify the taxation of termination payments, expected to come into force in April 2018. The following table sets out the main proposals...more
Following a consultation on the taxation of termination payments launched in summer 2015, the U.K. government has proposed a number of measures intended to take effect in April 2018, including: - Making all payments in...more
Summary - The government has published its response to feedback received on its proposals to simplify the taxation of termination payments, expected to come into force in April 2018. The following table sets out...more
Currently, non-contractual compensation payments made solely on account of termination of an individual’s employment enjoy a favourable tax treatment in two respects – the payment can be made without deduction of income tax...more