On February 26, 2014, the Supreme Court held that state-law fraud class actions brought against attorneys, insurance brokers and others arising from Ponzi-scheme claims involving R. Allen Stanford could proceed. In a 7-2 decision in Chadbourne & Parke LLP v. Troice, 571 U.S ...
Last year, we reported on the Employment Tribunal’s decision in Walker v Innospec Limited (ET 2411316/2011) that a pension scheme’s failure to provide survivor’s benefits for civil partners equal to those provided for spouses was unlawful discrimination ...
The Government has announced that the right to request flexible working will extend to all employees from 30 June 2014. At the moment, only employees who have children under 17 (18 if the child is disabled) or other caring duties are able to request flexible working under the statutory regime. The new provisions had been due to come into force in April but delays to the Children and Families Bill caused a set-back. The Bill is expected to receive Royal Assent in March ...
The European Securities and Markets Authority (ESMA) has recently published a Q&A document on the application of the Alternative Investment Fund Managers Directive. The Q&A includes information on a number of matters, including the application of the remuneration rules. A copy has been added to the resources page of our AIFMD microsite ...
Jack Wills, the clothing company that markets itself as “outfitters to the gentry” has enjoyed recent success in its action against House of Fraser regarding the use of its logo. Jack Wills complained that the rights in its logo comprising a silhouette of a pheasant wearing a top hat and holding a cane had been infringed by House of Fraser’s use of a logo on its own Linea brand of casual clothing that comprised a profile of a pigeon wearing a top hat and bow-tie ...
The HMRC policy on deduction of VAT on costs relating to investment management activities of an occupation pension scheme has altered with effect from 3 February 2014. The HMRC has confirmed that a pension scheme employer may be entitled to deduct VAT paid on services relating to the administration of its pension scheme and management of assets of the pension fund ...
On February 5, 2014, the Minister of Labour announced that as of May 1, 2014, the minimum wage will be increased by $0.20 an hour to $10.35 an hour. The hourly minimum wage of employees receiving tips will be increased to $8.90 an hour, which represents an increase of $0.15 an hour. Finally, the minimum wage payable to raspberry or strawberry pickers will continue to be established on a per kilogram picked basis. From May 1, 2014, this rate will be increased to $3 ...
In the recent case of Re Storm Funding Ltd, the High Court held that where contribution notices (CN) are issued to a number of companies following the failure to comply with a financial support direction:The contribution notices may in aggregate require payment of more than the actual employer debt in the scheme - a single contribution notice cannot be for more than that amount; and It follows that, under these multiple contribution notices, there scheme may recover more than t
Last December, the Minister of Employment and Social Solidarity unveiled the Quebec government's action plan with the goal of [translation] "correcting and restoring the situation of pension plans" ...
Moody’s Investors Service has upgraded Paraguay’s government bond rating by one notch to Ba2 from Ba3, and changed the outlook to positive from stable. According to Moody’s, the “decision to upgrade Paraguay’s rating was driven by the following factors: 1. The improving standing of Paraguay’s key fiscal metrics relative to ‘Ba’ peer medians.2. A strengthened institutional framework as a result of the legislation package that was approved last year.3 ...
"Should I stay or should I go?" may be the question an employee asks himself when he faces a difficult working environment and considers filing for constructive dismissal. Constructive dismissal is when an employer indirectly encourages an employee to resign by failing to comply with the employment contract or one sidedly changing the employment terms without the employee's consent ...
On January 16, 2014, the Supreme Court of Canada1 affirmed the Court of Appeal of Québec2 judgment which authorized the class action brought against Vivendi Canada Inc. (“Vivendi”). This important decision confirms, among other things, that the rules for authorizing class actions in Quebec are more liberal than those in the common law provinces. THE FACTS Seagram Ltd. (“Seagram”), which was established in 1857, is a producer of wine and spirits ...
The Court of Appeal of Québec recently ruled on the criteria for distinguishing between an employment agreement and a contract for services in the case of Bermex international inc. v. Agence du revenu du Québec.1 It is worth noting that regardless of the fact that the parties labelled their agreement as a contract for services or an agreement with a self-employed worker, such a description is not binding on a court ...
Haynes and Boone, LLP’s Immigration Practice Group reminds employers with a need for Cap-Subject H-1B petitions – those applications that are subject to the annual numerical limit – that the filing window for Fiscal Year 2015 is about to open. Over the last three years, the Cap has been reached at a much earlier date. For Fiscal Year 2014, the Cap was reached within the first week of the filing period, which ended on April 5, 2013 ...
Based on a review of recent district court cases, uncertainty remains regarding the proper standard for certifying a Fair Labor Standards Act (“FLSA”) collective action in the Fifth Circuit Court of Appeals. The absence of a definitive test remains because the Fifth Circuit, in March 2013, avoided the opportunity to apply a stricter certification standard than the one the courts have been using. Apparently, the district courts are holding out for more definitive guidance ...
Getting ready for your next compliance examination? Well, it may be time to take a fresh look at your institution’s Regulation B compliance. The Equal Credit Opportunity Act ("ECOA"), as implemented by Regulation B, is not a new concept. First adopted in 1974, Regulation B is understood by most institutions to include a focus on what information and what signatures can be obtained with respect to the family member of an applicant ...
What North Carolina Law Says Employers have often ignored a separation notice from the Employment Security Commission and not provided any details as to reason for separation because it was not being contested or it was a non-charging situation. Ignoring the notices is no longer a good choice ...
On December 17, 2013, the Federal Financial Institutions Examination Council (the “FFIEC”) issued the Social Media: Consumer Compliance Risk Management Guidance for financial institutions. The Guidance does not impose any new obligations but “is intended to help financial institutions understand and successfully manage risks in this area ...
Law No. 20,715: On protection to debtors of money loans On December 13, Law No. 20,715 was published in the Official Gazette, after an intense debate in the financial industry and over 2 years of discussion in Parliament. The new law modifies Law No. 18,010 on regulations on money loan transactions, Law No. 19,496 on protection of consumer rights and the Chilean Tax Code. In what refers to money loan transactions, Law No ...
Poland has yet to adopt regulations implementing AIFMD, but that does not mean that nothing will change on the Polish market for private equity and closed investment funds in the next few months, before the new regulations are enacted here ...
In my last article, “ECOA Gets More Teeth in North Carolina,” I wrote about the recent North Carolina Court of Appeals decision, RL Regi North Carolina, LLC v. Lighthouse Cove, LLC,…,and Connie S. Yow (COA12-1279). As expected, it did not take long for this important decision to limit the enforcement of some spousal guaranties. Approximately one month after the Lighthouse decision, Wells Fargo v. Triplett v ...
Several provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act have brought compensation of financial institution executives into the public eye. Although disclosure of executive and director compensation dates back to the 1930s, Dodd-Frank’s most highly publicized requirement, “say-on-pay,” shifts the disclosure to a dialogue with shareholders, essentially allowing shareholders to vote on compensation for certain executives ...
A debtor files for bankruptcy protection, and his or her creditors are sent notice of the filing. Despite having received the notice, due to a breakdown in internal procedures one of the creditors, a bank, accidentally takes action to collect on the debt after the filing of the bankruptcy case – thus violating the automatic stay. Since the violation was unintentional, surely the bank cannot be sanctioned, right? Wrong ...
RELIEF MEASURES EXTENSION On November 27, 2013, the Government of Québec published the Regulation Providing New Relief Measures for the Funding of Solvency Deficiencies of Pension Plans in the Private Sector (the “New Regulation”), which will come into effect on December 31, 2013 ...
