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DISCIPLINARY MEASURES RELATING TO THE USE OF COMPUTER EQUIPMENT: COCA-COLA IS FORCED TO REINSTATE AN EMPLOYEE THE COMMISSION DES RELATIONS DU TRAVAIL (THE “COMMISSION”) RECENTLY RULED ON THE WAY IN WHICH AN EMPLOYER PROCEEDED TO IMPOSE A DISCIPLINARY MEASURE ON AN EMPLOYEE DUE TO HIS USE OF COMPUTER EQUIPMENT BELONGING TO THE EMPLOYER ...
On December 23, 2011, the National Labor Relations Board (NLRB) announced that it would postpone its requirement that employers post a notice informing employees of their federal labor law rights until April 30, 2012. As discussed in our NLRB Roundup Part 2, this rule requires physical posting of an 11x17 notice, as well as publication on the employer’s intranet or internet site if the employer customarily uses these sites to communicate with employees ...
In its judgement in the case of Banque Nationale Du Canada v. Agence Du Revenu Du Quebec, 2011 QCCA 1943, issues on October 21, 2011, the Court of Appeal of Quabec discussed two grounds of dispute that might be of interest to the hypothecary creditors of tax debtors when the tax authorities rely on provincial statutory provisions pertaining to deemed trusts, NAMELY: 1. THE LIMITS OF THE SCOPE OF THE DEEMED TRUST; AND 2. THE ESTOPPEL ...
In its judgment in the case of Banque Nationale Du Canada v. Agence Du Revenu Du Quebec, 2011 QCCA 1943, issues on October 21, 2011, the Court of Apperal of Quebec discussed two grounds of dispute that might be of interest to the hypothecary creditors of tax debtors when the tax authorities rely on provincial statutory provisions pertaining to deemed trusts, namely: 1. The limits of the scope of the deemed trust; and 2. The Estoppel ...
Subsidiary guaranties, also commonly known as upstream guaranties, are instruments used for the benefit of lenders and borrowers alike. Upstream guaranties benefit borrowers and lenders because they enable borrowers to obtain more favorable terms and enable lenders to lend based upon a larger asset pool to secure debt ...
Unfortunately, as we all know, foreclosures are necessary. But foreclosures, by their nature, involve a certain degree of unpleasantness and challenges. A particularly thorny set of challenges arises when the foreclosure involves income producing property, especially residential rental property. The Problem. Imagine this all too familiar real world scenario: as security for a loan, the borrower grants the bank a deed of trust lien against the borrower’s apartment building ...
The Investment Industry Regulatory Organization of Canada (IIROC, formerly known as the Investment Dealers Association of Canada (IDA)) is a self-regulatory organization recognized by the Autorité des marchés financiers (AMF), which mainly deals with disciplinary complaints against its members. For this purpose, the IIROC has supervisory and investigative powers as well as the power to impose disciplinary sanctions. It can impose various penalties on its members, including fines ...
Last quarter, we focused on the available defenses to West Virginia Consumer Credit and Protection Act, W. Va. Code § 46A-1-101 et seq. (“WVCCPA”) claims. This article, we will focus on the potential damages that a consumer can recover - actual damages, statutory penalties, and attorney’s fees. First, a consumer would be entitled to actual damages – physical and/or emotional – that a creditor’s or debt collector’s alleged violations of the WVCCPA may have caused the consumer ...
Defined Benefit Pension Plans: i) The Temporary Funding Relief Measures Will Likely Be Extended! ii) A New Statutory Framework for Federal Not-For-Profit Organizations iii) Conversion of Debt Into Shares By a Corporation in Financial Difficulty; Pay Attention to the Tax Consequences! iv) Conflicting Rights of Hypothecary Creditors and Tenants DEFINED BENEFIT PENSION PLANS: THE TEMPORARY FUNDING RELIEF MEASURES WILL LIKELY BE EXTENDED! François Parent fparent@lavery ...
A creation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. Law 111-203 ("Dodd-Frank Act"), the Consumer Financial Protection Bureau ("CFPB") is charged with regulating consumer lending activities of financial institutions and, in partnership with state attorneys general, enforcing numerous federal consumer protection laws ...
As promised, Part 2 of our NLRB Roundup 1 takes a step back from the case law summarized in Part 1 to address other issues surrounding the current Board and its effect on the labor law landscape, including: (i) proposed comprehensive rules altering election procedures; (ii) the NLRB’s final rules requiring employers to post notices informing employees of their rights under the NLRA; (iii) developments on the prosecutorial front relating to social media; (iv) reconsiderat
You have an unproductive employee. You suspect she isn’t getting her work done because she’s spending far too much time surfing the web and sending personal emails from her work computer during office hours. This will not do. So, you log on to her computer after hours to check her inbox and browser history. Sure enough, your suspicions are correct: she’s spending more time on Facebook than doing her job. Armed with this evidence, you call her into your office and dismiss her ...
On October 28, 2011, the Quebec Court of Appeal upheld a judgment of the Superior Court (1) allowing for clauses of a loan agreement to be modified by The Court so as to reflect the common intention of the parties after it was proved that there was a discrepancy between the real intention of the parties, as stated in a letter of intent, and the wording of the document drawn up to implement the letter of intent, namely a loan agreement ...
The Breach of a Promise to Purchase – Liability of the Third Party Purchaser - The sale of real estate assets usually starts with a preliminary contract, more specifically, a promise to purchase signed by the seller and the purchaser, which sets out most of the terms and conditions of the deed of sale to be entered into. However, it may happen that an owner will go back on his word and choose to sell to a third party whose offer for the assets is more favourable ...
The use of social media, discussion forums and other websites for business purposes, as a means of communicating with the public, raises increasingly significant compliance issues for regulated entities of the financial sector. Such use may expose registered or certified representatives and, consequently, their firms, to previously unheard of but nonetheless real non compliance and reputational risks ...
On Friday, December 2, 2011, the International Swaps and Derivatives Association ("ISDA") and the Securities Industry and Financial Markets Association ("SIFMA") jointly filed a lawsuit in the U.S. District Court for the District of Columbia against the Commodity Futures Trading Commission ("CFTC") and a petition for review in the U.S ...
At its open meeting on October 18, 2011, the Commodity Futures Trading Commission (“CFTC”) adopted final rules (the “Position Limit Rules”) to establish speculative position limits for 28 physical commodity futures and options contracts (“Core Referenced Futures Contracts”) and futures, options, swap, or swaption contracts that are economically equivalent to such Core Referenced Futures Contracts (together with the Core Referenced Futures Contracts, collectively, “Referen
On November 7, 2011, the Consumer Financial Protection Bureau (“CFPB”) announced that it will provide financial companies and individuals who are the subject of potential enforcement actions with an “Early Warning Notice Letter.” The CFPB’s letter and process is similar to the Securities and Exchange Commission’s “Wells Notice” where companies and individuals typically receive written notice that the staff intends to recommend enforcement action against them ...
The Securities and Exchange Commission (the “SEC”) and the Commodity Futures Trading Commission (the “CFTC”) recently adopted new rules (the “Rules”) under the Investment Advisers Act of 1940 (the “Advisers Act”), and the Commodity Exchange Act (the “CEA”) that will require registered investment advisers with at least $150 million in private fund assets under management to file Form PF with the SEC ...
The French Supreme Court rendered a very important decision for the international practice of syndicated financings by recognizing in the context of French insolvency proceedings certain effects of the trust and the mechanism of parallel debt, both governed by the laws of the State of New York ...
