The U.S. Securities and Exchange Commission (SEC) recently affirmed new “clawback” standards, as per Rule 10D-1, affecting corporations listed on the New York Stock Exchange (NYSE) and Nasdaq. Those companies are expected to conform to these standards through the incorporation of suitable clawback policies by December 1, 2023. More details can be found on the…
As the December 1, 2023 deadline draws near, companies listed on the Nasdaq Stock Market or the New York Stock Exchange (NYSE) are required to adopt clawback policies. These policies are designed to provide for the recovery from any current or former executive officers of incentive-based compensation in excess of the amount that would have…
In the realm of international law, complexities frequently transpire with cross-border corporate compensation practices. Take for instance, the plausible scenario where a Canadian corporation enacts a deferred share unit plan (DSU Plan) for its directors. With all directors residing outside of the U.S., the necessity for U.S. counsel review is initially seen as non-consequential. However,…
The upcoming rebroadcast of the crucial webinar, which was initially aired on September 20th, 2023, is geared to unpack intricate aspects of the state pay laws for 2023. This certain insightful and timely session will be led by DCI consultants Lisa Harpe and Sally Makreff, dedicated finance professionals with in-depth expertise in the field. The…
In a ruling that underscored the application of age discrimination laws to the education sector, Urbana School District No. 116 in Illinois was found culpable of violating federal law. This followed a victory for the U.S. Equal Employment Opportunity Commission (EEOC), marked by a federal judge granting a summary judgment against the school district. The…
Over the past decade, emojis have evolved from mere playful symbols to being integral elements of modern communication. They are now prevalent fixtures in everyday human interaction, finding a place in text messages, emails, social media, various documents and chats across numerous platforms. According to a recent article by USA Today, users share over 10…
In the continually evolving sphere of employment benefits, it is critical for legal professionals and corporations to stay abreast of the annually adjusted dollar limits that directly impact employee benefits. Constant updates are relayed by the Internal Revenue Service, the Social Security Administration, and the Pension Benefit Guaranty Corporation. The chart that enumerates these adjustments,…
An interesting verdict has emerged from a Pennsylvania state appeals court, as employment and personal injury law firm Schmidt Kirifides and Rassias PC has been required to cover the cost of cannabidiol oil (CBD) used by one of its attorneys to alleviate back pain acquired from a work injury. The substance, even though it carries…
In a recently published analysis regarding the ongoing Russia-Ukraine conflict, it has been suggested that there is a growing focus on establishing a format for aggrieved parties to assert their economic claims against Russia, in the wake of the country’s invasion of Ukraine. This paper, produced by legal firm Paul Hastings LLP, carries a great…
In a recent shift toward promoting anti-bribery and corruption measures, the US Department of Justice (DOJ) has been focusing its attention on corporate compensation structures. Central to this development is the DOJ’s use of settlement agreements to highlight its evaluation criteria for assessing compliance programs, an approach that may have ramifications for legal professionals in…
In 2015, the Securities and Exchange Commission (“SEC”) proposed a requirement under the Dodd-Frank Wall Street Reform and Consumer Protection Act for publicly-traded companies to adopt clawback policies. These policies are intended to recover erroneously awarded compensation from their executive officers. On October 26, 2022, the SEC adopted the final rules which had been long-awaited…
Success in a medical malpractice case largely hinges on the strength of evidence that victims or plaintiffs can present. Ideally, the evidence takes the form of documents that confirm instances of negligence, failure in duty of care, or inappropriate actions on the part of healthcare providers. Patients considering a claim may find it challenging to…
As we move closer to 2024, legal experts and professionals are reevaluating and adapting the landscape of Employee Benefits and Executive Compensation. An important source of information on these topics is the inaugural episode of Troutman Pepper’s three-part Employee Benefits and Executive Compensation podcast miniseries, hosted by Lynne Wakefield, Constance Brewster, and Brianna Hourihan. In…
Welcome to today’s rundown of the top news for corporate and firm lawyers, and in-house counsel. First off, a recent award of $55 million in legal fees from a settlement intended to compensate about 300,000 First Nations families in Canada has sparked concern. Originating from underfunding on-reserve child-welfare services, this compensation comes on the heels…
Law firms worldwide are responding proactively to changes in the legal landscape, revisiting both their conventional approaches to succession planning and origination credit, while innovating their leadership structures. These changes generally seem to be geared toward ensuring continuity of their practices and organic progression of their leadership, while adapting to the needs and expectations of…
A Columbia Law School professor, known for his demanding style, has been prevented from being part of depositions due to a protective order. The professor’s teaching style went beyond the standard rigorous questioning of law school, leading to allegations of abusive behavior. In other legal news, a bar applicant is seeking compensation following a poorly…
A recent case concerning the bar exam raises important questions about the examination process and the remedies available when it goes awry. Marla Matrice Murphy, a Delaware bar applicant, took to the court regarding her undesirable experience during the July 2021 bar exam, aggrieved by malfunctions and distractions from proctors. Her distress was not without…
The burgeoning usage of earned wage access (EWA) has caught the attention of workers around the globe, particularly in the United States. As more employees turn to EWA to mitigate the restrictions imposed by the traditional employer-selected paycheck schedule, EWA is carving out its own place as an instrument of financial flexibility. Low-wage employees who…
The Internal Revenue Service (IRS) has recently announced the 2024 dollar limits for a variety of benefit plans, including qualified retirement plans (including 401(k) plans), deferred compensation plans, and health and welfare plans. These adjustments are based on a cost-of-living index, which allows for increases in line with inflation and cost of living expenses experienced…
As we leave 2023 behind and look towards the fresh start offered by the new year, it’s an opportune time for Illinois employers and their legal advisors to reflect on new legislation set to impact their operations. Principal among these is House Bill 2068, a law implementing a “pre-tax commuter benefit” for employees, effective January…
In a move that has surprised many, Chicago’s City Council, despite anticipated backlash from the business community, approved a key policy of Mayor Brandon Johnson’s early tenure. The policy in question entails an extension of paid leave benefits for almost all individuals working within the city’s jurisdiction. The recently enacted Paid Leave Ordinance (PLO) modifies…
On November 9, 2023, the Chicago City Council introduced a first-of-its-kind “Chicago Paid Leave and Paid Sick and Safe Leave Ordinance” (the “Ordinance”), set to take effect on December 31, 2023. This new legislation will replace the existing Chicago Paid Sick Leave Ordinance (PSLO). The precise details of the approved ordinance are not available at…
The recent remainder on the legal landscape about auto-deductions for meal breaks has stirred fresh debate. Is this a win for employers, or could they end up being the losers? There has been vigorous discussion in recent weeks centered around this topic, with many legal professionals scrutinizing the conditions and potential implications. Borrowing a simile…
In a bold move, Milbank recently raised the associate salary scale by $10K, a decision that has been highly praised by associates especially in the midst of stealth layoffs that have dominated this year’s headlines. However, rather than other law firms matching this raise, there has been criticism, even derision, from some corners of the…
Passengers distressed by a disrupted Alaska Airlines flight have filed a class-action lawsuit in a state court. The litigation comes as a recourse to the inconvenience faced by the travelers due to the problematic flight. The legal professionals engaged in scrutinizing the commercial affairs of such corporations should rightfully note the intensity of such consumer…