On August 30, 2023, the U.S. Department of Labor (“DOL”) issued a proposed rule that could have substantial implications on overtime eligibility, as reported by JD Supra. Under the potential mandate, certain workers who, under current Fair Labor Standards Act (“FLSA”) rules, are exempt from overtime pay could see a significant shift in their eligibility….
A lawsuit has been filed against Mitsubishi UFJ Morgan Stanley Securities by Tokyo-based Yamazaki Marunouchi Law Office, with proceedings lodged at the Tokyo District Court. This legal action represents 66 Credit Suisse Additional Tier 1 (AT1) bond investors, who are claiming approximately $36 million in compensation. Details regarding the case have been obtained from Law.com…
On August 30, 2023, the U.S. Department of Labor (DOL) announced a Notice of Proposed Rulemaking to revise the stipulated salary requirements under the Fair Labor Standards Act (FLSA). Aimed at updating salary and annual compensation requirements for certain employees, this proposal specifically targets those subject to executive, administrative or professional exemptions; categories commonly known…
Accidents involving motor vehicles can often leave victims grappling with, not only physical and emotional trauma, but also the issue of financial setbacks. To deal with these economic hurdles, it’s essential to understand the various types of damages that victims can claim in the aftermath of a car accident. A comprehensive understanding of these damages…
On Wednesday, August 30, 2023, the U.S. Department of Labor (DOL) announced a proposal aimed at increasing the number of employees eligible for overtime compensation under the Fair Labor Standards Act (FLSA). This update signifies a shift in labor law, potentially impacting businesses around the country. The proposed rule targets the classification of exempt executive,…
On August 30, 2023, the U.S. Department of Labor (DOL) issued a proposed rule that stands to greatly modify the requirements for “white collar” exemptions under the federal Fair Labor Standards Act (FLSA). This rule mainly pertains to the Executive, Administrative and Professional (EAP) exemptions, as well as the exemption for Highly-Compensated Employees (HCEs). The…
In a recent development, the Wage and Hour Division of the U.S. Department of Labor (DOL) has proposed to substantially increase the minimum salary level for the established “white collar” overtime exemptions. This was brought into light through a Notice of Proposed Rulemaking (NPRM) released by the DOL on August 30, 2023. The proposal is…
In an era marked equally by the rise of technological sophistication and concerning trends in fraudulent activities, New York continues to set the standard with its unyielding stance against fraudsters. The State has recently demonstrated its commitment to penalize violations ruthlessly under 114-a of the Workers’ Compensation Law, especially those pertaining to fraud litigation. As…
In a recent development, the No Surprises Act (NSA) regulations have been struck down by the Eastern District of Texas court, marking the fourth defeat for the federal government in its attempts to combat cases brought by health care and air ambulance providers. Embodied in a case known as TMA III, the court’s decision specifically…
In recent news, the U.S. Department of Labor (DOL) has made public a Notice of Proposed Rulemaking (NPRM) signaling a potential revision of the regulations under the Fair Labor Standards Act (FLSA). Of particular note, it is the salary threshold portion within the test for determining whether specific white-collar salaried employees are exempt from minimum…
On August 30, 2023, the U.S. Department of Labor’s Wage and Hour Division unveiled the details of its much-awaited Notice of Proposed Rulemaking. This notice pertains to the salary requirements of the Fair Labor Standards Act’s overtime exemption for executive, administrative, and professional employees. The announcement is among the Department’s most anticipated rulemakings of the…
In a significant announcement from the Department of Labor (DOL) on August 30, 2023, a proposed rule change concerning the Fair Labor Standards Act (FLSA) overtime exemptions has been put forward. The most noticeable impact of this rule would be a considerable increase in the standard salary threshold for “white collar” exemptions, rising from $684…
The Florida Governor, Ron DeSantis, successfully pushed through comprehensive tort reform last December, a move celebrated by many Florida residents despite their limited understanding of tort laws. Now, however, as insurance companies begin to reject claims in the wake of ‘Hurricane Idalia’, the real effects of the reform are starting to hit home. This move…
Manufacturing conglomerate 3M Co. faces uncertainty over its proposed $6 billion settlement relating to accusations that the company sold defective combat earplugs to the US military. This proposed figure could falter if substantial numbers of veterans refuse the deal. They allege that the figure is insufficient compensation for the life-altering injuries they sustain as a…
In the realm of law practice, attention often gravitates towards Biglaw, yet it is lesser-known that the overwhelming majority of attorneys are employed in modest-size firms comprising fewer than 20 lawyers. This leaves many of these attorneys left to wonder how their income measures up in comparison to their peers in larger firms whose market…
Executive deferred compensation remains one of the most potent income sources for high-level executives, yet it is often overlooked during legal proceedings due to the complex and sometimes mystifying nature of its structure. Legal professionals who are looking to more tangibly grasp this form of compensation may find that it not only broadens their perspective…
A Minnesota federal judge’s recent decision has allowed Lockheed Martin to recover attorney fees it incurred while contesting an unsuccessful retaliation case thrown by a previous lawyer. However, it was mentioned that the final compensation amount awarded to Lockheed still needs to be ascertained. The ruling determined the company’s bid for sanctions and reconsiderations was…
On August 23, 2023, the Securities and Exchange Commission (SEC) voted to adopt new and amended rules under the Investment Advisers Act of 1940. In a three to two vote, the SEC passed the Final Rules, requiring advisers to private funds, or Private Fund Advisers, to implement additional disclosures and restricts certain types of preferential…
An opportunity arose last week when the IRS delayed its enforcement of the new law that mandates workers earning over $145,000 a year to make catch-up contributions solely on a Roth (post-tax) basis. This hold, which extends until 2026, was influenced by the efforts of the benefits community and retirement plan sponsors who called on…
In a significant decision regarding employment law, the Fifth Circuit Court of Appeals expanded Title VII coverage through its ruling on the Hamilton, et al. v. Dallas County case on August 18, 2023. This decision constitutes a reversal of a nearly 30-year old line of precedent. Previously, actionable employment actions under Title VII were constrained…
The Internal Revenue Service (IRS) has announced a two-year administrative transition period, effectively delaying the Roth Catchup deadline provision of the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act to 2026. This update was enacted through Notice 2023-62. The initial SECURE 2.0 rule stipulated that catch-up contributions—extra contributions to retirement savings that an…
In response to evolving expectations and needs in the legal field, firms are shifting their focus beyond the traditional lure of compensation. With the catalyst being the pandemic, law firms are now grappling with novel demands for quality of life and a positive firm culture. This transformation is being spearheaded by attorneys, staff and clients…
The term “regular rate of pay,” often misunderstood within legal and employers communities, can complicate wage calculations for non-exempt hourly employees. By law, these employees are entitled to receive an overtime rate that is at least one and a half times their regular rate of pay. However, issues can surface when these non-exempt employees receive…
C3.ai Inc., a software development company, has disclosed details about the severance package of its former General Counsel Richard “Chip” Lutton Jr. According to Lutton’s employment agreement, if he was terminated without a cause within his first year of service, 20% of his restricted stock unit (RSU) awards would immediately vest. As the proxy statement…
Above the Law annually publishes a comprehensive report about in-house lawyers’ compensation. As a part of this annual custom, it is once again time to collect data for this year’s report. If you are an in-house attorney interested in participating, you are kindly requested to contribute by completing a brief, completely anonymous survey. Central to…