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Annabel Stanley

Google Agrees to a Proposed $22 Million Settlement in Gender and Race Discrimination Suit

Posted by Annabel Stanley on 08/12/2022

Title VII prohibits employment discrimination based on race, color, religion, sex, and national origin. To establish a prima facie case of discrimination, an employee must show that: (1) he/she is a member of a protected class, (2) met the employer's legitimate job expectations, (3) suffered an adverse employment action, and (4) another similarly ...

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Dylan B. Weeks

UBS AGREES TO $25 MILLION SETTLEMENT WITH THE SEC

Posted by Dylan B. Weeks on 08/11/2022

On June 29, 2022, the Securities and Exchange Commission and UBS Financial Services agreed to a $25 million settlement to resolve claims that the company sold $2 billion of a complex investment strategy to customers without adequately explaining the risks of the strategy to both advisers and clients. The settlement stems from allegations that ...

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Faruqi & Faruqi

5th Circ. Will Rehear In-House Courts Challenge, At The Request of the SEC

Posted by Faruqi & Faruqi on 08/10/2022

On May 18, 2022, in Jarkesy et al. v. U.S. Securities and Exchange Commission, case number 20-61007, a divided panel ruled that the U.S. Securities and Exchange Commission's system of in-house courts was unconstitutional. Since that decision was issued, the SEC and Biden administration have pushed for a rehearing. Attorneys for the government ...

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Thomas T. Papain

Comments to SEC’s Proposed Rules on Cybersecurity Raise Concerns About Potentially Serious Consequences

Posted by Thomas T. Papain on 08/09/2022

On March 9, 2022, the Securities and Exchange Commission ("SEC") issued its Proposed Rules on Cybersecurity Risk Management, Strategy, Governance and Incident Disclosure. As per the SEC press release from March 9th, "[t]he proposed amendments are intended to better inform investors about a registrant's risk management, strategy, and governance ...

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Katherine M. Lenahan

Ernst & Young To Pay $100 Million Penalty To Settle Cheating Scandal Charges—The Largest Ever Imposed By The SEC Against An Audit Firm

Posted by Katherine M. Lenahan on 08/08/2022

The U.S. Securities and Exchange Commission ("SEC") announced on June 28, 2022 that it charged accounting firm Ernst & Young LLP ("E&Y") for cheating on ethics tests and withholding evidence from the SEC's Enforcement Division. According to the SEC, E&Y admitted that a significant number of its auditors cheated on the ethics components of ...

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Annabel Stanley

COVID HAZARD PAY

Posted by Annabel Stanley on 08/03/2022

Under 29 C.F.R. § 778.201, lump sum premiums, which are paid without regard to the number of hours worked, and premiums delineated in the Fair Labor Standards Act (FLSA) §§ 207(e)(5)-(7), are considered non-overtime premiums and must be included in employees' regular rate upon which overtime rate is based. During the Covid-19 pandemic, ...

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Faruqi & Faruqi

Plaintiffs Appeal Summary Judgment in Long-Running Case Against Video Game Giant

Posted by Faruqi & Faruqi on 07/11/2022

In the case against Valve Corporation ("Valve"), the company behind the popular "Counter-Strike" video game, Plaintiffs are seeking to appeal the district court's decision granting Valve's motion for summary judgment. Should Plaintiffs lose their appeal, it would mark the end of the case, which has been a highly contested matter. The case ...

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Camilo Burr

Hawaii Becomes the First State to Increase the Minimum Wage to $18 Per Hour

Posted by Camilo Burr on 07/08/2022

On June 22, 2022, Hawaii's Governor, David Ige, signed a bill into law that will gradually increase the state's minimum wage from the current rate of $10.10 to $18 per hour by January 1, 2028. The bill, HB 2510, is the nation's first minimum wage law that will provide workers with a minimum wage of $18 per hour. Employers in Hawaii must pay ...

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Alex Hartzband

New York State Senate Passes Equal Rights Amendment to State Constitution

Posted by Alex Hartzband on 07/07/2022

On July 1, 2022, the New York State Senate passed S.51002, more commonly known as the Equal Rights Amendment to the New York State Constitution. Most notably, the Equal Rights Amendment, if passed, will enshrine citizens' right to seek abortions and access contraception within the State Constitution itself. Unsurprisingly, the renewed effort ...

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Faruqi & Faruqi

Securities Class Action against Deutsche Bank Survives Motion to Dismiss

Posted by Faruqi & Faruqi on 07/05/2022

On June 13, 2022, U.S. District Court Judge Jed Rakoff, in the Southern District of New York, issued an order denying a motion to dismiss a securities fraud class action brought under 15 U.S.C. § 78j(b), Rule 10b-5, and Section 20(a) of the Securities Exchange Act of 1934 against Deutsche Bank AG and certain of its officers.[1] The suit alleges ...

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Camilo Burr

New Jersey Senate Passes Legislation Affording Greater Protections to Temp Workers

Posted by Camilo Burr on 07/03/2022

On June 29, 2022, the Temp Workers' Bill of Rights passed the New Jersey Senate and Assembly and will be placed before Governor Phil Murphy for his anticipated approval. The bill will increase transparency in New Jersey's largely unregulated temp agency industry and will improve working conditions for the state's roughly 130,000 temp workers. ...

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Faruqi & Faruqi

SEC Moves To Protect The Whistleblower Program From Employee Confidentiality Agreements

Posted by Faruqi & Faruqi on 07/01/2022

July 1, 2022 The SEC whistleblower program is a decade-old program that is an important part of the SEC's enforcement regime. Since its inception, the SEC has issued more than 200 individual awards totaling more than $1.1 billion. By providing a bounty to individuals who report securities law violations to the SEC, the SEC is better able to ...

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Taylor Crabill

Understanding the Freelance Isn’t Free Act Recently Passed by the New York State Legislature

Posted by Taylor Crabill on 06/30/2022

The New York State legislature recently passed the Freelance Isn't Free Act ("FIFA") and the bill is expected to be delivered to the Governor later this year. If passed into law, FIFA would provide important protections for independent contractors who are not afforded protections under the employment laws. To be covered by FIFA, an independent ...

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Jelena Petrovic

Workers’ Compensation Claims, Recent Decision on Death Benefits

Posted by Jelena Petrovic on 06/29/2022

In Kelly v. Consol. Edison Co. of New York, 205 A.D.3d 1267, 166 N.Y.S.3d 921 (2022), the Appellate Division of the Supreme Court of the State of New York recently upheld a Workers' Compensation Board decision that the Special Fund is not liable for the death benefits filed after January 1, 2014. This is true even where liability for the original ...

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Annabel Stanley

New Benefits for Gig Workers in Seattle

Posted by Annabel Stanley on 06/28/2022

Over the past few years, the gig economy has grown tremendously. Gig workers are independent contractors or freelancers who typically perform short-term work. Gig workers can work hourly, part-time, project-based and can either work on an ongoing contract or temporary position. Gig workers receive 1099 tax forms while employees receive W-2 ...

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Camilo Burr

Employers Must Provide Notice to Employees of Surveillance Practices Under New Law

Posted by Camilo Burr on 06/27/2022

On May 7, 2022, the Governor of New York, Kathy Hochul, signed a new law requiring private sector employers who monitor or intercept their employees' emails, text messages, telephone conversations, or internet use to notify them of such practices. The new law only applies to surveillance practices put in place solely to intercept or monitor ...

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Katherine M. Lenahan

Musk Threatens To Cancel Twitter Acquisition Over Bots

Posted by Katherine M. Lenahan on 06/24/2022

Tesla, Inc. CEO Elon Musk is once again threatening to terminate his $44 billion deal to acquire Twitter, arguing in a filing with the U.S. Securities and Exchange Commission this month that Twitter's alleged refusal to provide him with information needed "to facilitate his evaluation of spam and fake accounts on the company's platform" is ...

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Alex Hartzband

Third Circuit to Review Lower Court Decision Finding That NCAA College Athletes Are Employees Under the FLSA

Posted by Alex Hartzband on 06/10/2022

The long fight for NCAA college athletes to be compensated for their work has heated up in recent years, marked by an unsuccessful Congressional effort to permit student-athletes to organize unions and major win at the Supreme Court allowing them to profit off of their name, image, and likeness. Wisconsin stand-out Johnny Davis—a projected ...

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Dylan B. Weeks

New Proposed SEC Rule Would Require Increased Disclosure of Short Sale Information

Posted by Dylan B. Weeks on 06/06/2022

Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, the SEC was required to propound rules making certain short sale data available no less frequently than monthly. The SEC recently took steps to implement that directive by publishing Proposed Rule 13f-2 on February 25, 2022, in order to increase the scope of short-sale ...

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Faruqi & Faruqi

5th Circuit finds SEC’s in-house courts unconstitutional

Posted by Faruqi & Faruqi on 05/26/2022

A Fifth Circuit ruling stating that the U.S. Securities and Exchange Commission's in-house courts are unconstitutional has left legal experts with more questions than answers. The ruling was made on May 18, 2022, by a divided panel. The ruling found the SEC's in-house administrative proceeding against hedge fund manager George R. Jarkesy Jr. ...

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