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Robert W. Killorin

Third Circuit Decision Hands Plaintiffs a Victory Regarding the Relation-back Doctrine

Posted by Robert W. Killorin on 09/15/2021

In Southeastern Pennsylvania Transportation Authority v. Orrstown Financial Services, Inc., 2021 WL 3923389 (3d Cir. 2021), the Third Circuit Court of Appeals held that the relation-back doctrine outlined in Federal Rule of Civil Procedure 15(c) applies to statutes of repose, in addition to statutes of limitations. The case began in 2012 when ...

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Nina Varindani

SEC Commissioner Raises Concerns Over “Information Bundling”

Posted by Nina Varindani on 09/13/2021

In a public statement issued on September 3, 2021, SEC Commissioner Caroline Crenshaw raised concerns about the SEC's longstanding practice of considering corporate benefits when assessing penalties against corporate wrongdoers. Crenshaw's statement, published on the heels of the SEC's announcement of an enforcement action against Kraft Heinz ...

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Taylor Crabill

An Employee May Maintain a Retaliation Claim Even if There Was No Underlying Discrimination

Posted by Taylor Crabill on 09/09/2021

Elements of a Retaliation Claim An employee who feels that he or she has been subjected to discrimination (including being subjected to a hostile work environment related to sexual harassment) may be hesitant to complain to a supervisor or Human Resources out of fear of retaliation. However, the employment laws provide protections to employees ...

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Alex Hartzband

California Superior Court Finds Proposition 22 Unconstitutional

Posted by Alex Hartzband on 09/03/2021

As previously outlined here, on November 3, 2020, Californians passed a ballot initiative known as Proposition 22, or "the App-Based Drivers as Contractors and Labor Policies Initiative" ("Prop 22"), which asked voters to define app-based rideshare and delivery drivers as independent contractors, as opposed to employees. Prop 22 was a direct ...

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Dylan B. Weeks

RECENT FIRST CIRCUIT DECISION ADDS TO CIRCUIT SPLIT OVER APPLICATION OF SECURITIES LAWS TO FOREIGN CONDUCT

Posted by Dylan B. Weeks on 09/02/2021

In Morrison v. National Australia Bank Ltd., 561 U.S. 247 (2010), the Supreme Court rejected extraterritorial application of federal securities laws. The Court held that the federal securities laws reach only (1) transactions in securities listed on domestic exchanges and (2) domestic transactions in other securities. Since the decision in ...

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Christopher M. Lash

NYSE Revisits Related Party Transaction Approval Requirements

Posted by Christopher M. Lash on 08/31/2021

On August 19, 2021, the New York Stock Exchange ("NYSE") filed a Rule Proposal to immediately amend Section 314.00 of the NYSE Listed Company Manual ("Section 314.00"). The amendment modifies the definition of related party transactions to include the value and materiality thresholds contained in Item 404 of Regulation S-K of the Securities ...

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Katherine M. Lenahan

SEC Increases Disclosure Requirements for China-Based IPOs in the U.S.

Posted by Katherine M. Lenahan on 08/06/2021

On July 30, 2021, the U.S. Securities and Exchange Commission ("SEC") announced new disclosure requirements that will make it more difficult for China-based companies to launch initial public offerings ("IPOs") in the U.S. SEC Chair Gary Gensler stated that the new requirements were prompted in part by recent changes in China, which "include ...

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Camilo Burr

Judiciary Employees to Receive Same Protections Against Discrimination as Private Sector Employees

Posted by Camilo Burr on 08/05/2021

On Thursday, July 29, 2021, a bipartisan group of U.S. lawmakers introduced the Judiciary Accountability Act of 2021 which would afford approximately 30,000 federal judiciary workers the same rights and protections against discrimination, sexual harassment, and other misconduct given to other workers in the private and government sectors. ...

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Alex Hartzband

New York Attorney General Finds that Governor Cuomo Sexually Harassed Female Staffers and Retaliated against Whistleblower

Posted by Alex Hartzband on 08/03/2021

In February 2021—on the heels of reports that New York State may have undercounted COVID-related nursing home deaths by thousands—the public learned of allegations by multiple female staffers that New York State Governor Andrew Cuomo subjected to them to sexual harassment. This resulted in a probe led by Attorney General Letitia James, ...

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Christopher M. Lash

8-K TRADING GAP ACT INTRODUCED TO ADDRESS LOOPHOLE GIVING CORPORATE INSIDERS AN UNFAIR TRADING ADVANTAGE

Posted by Christopher M. Lash on 08/02/2021

On July 15, 2021, Senator Chris Van Hollen (D-MD), a member of the Senate Banking, Housing and Urban Affairs Committee, and Congresswoman Carolyn B. Maloney (D-NY), senior member of the House Financial Services Committee, introduced the 8-K Trading Gap Act of 2021 (the "Act"). The Act is designed to close an existing loophole which allows ...

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