The DOL Issues Its Final Independent Contractor RuleBy Ellen M. Hemminger & Peter WalrodEmployee Benefits, March 2024The Department of Labor sets new multi-factor test for determining whether worker is employee or independent contractor under Fair Labor Standards Act.
Compliance With the Beneficial Ownership RuleBy Kevin J. StineCorporate Law Departments, February 2024Although the Beneficial Ownership Rule requiring banks to identify and verify beneficial owners of legal entity customers went into effect in 2018, many bank customers are not aware of the rule and resist assembling the information required for the bank to comply with the rule.
The DOL Issues Its Final Independent Contractor RuleBy Ellen M. Hemminger & Peter WalrodCorporate Law Departments, February 2024The Department of Labor sets new multi-factor test for determining whether worker is employee or independent contractor under Fair Labor Standards Act.
New York Governor Vetoes Bill Banning Non-Compete AgreementsBy Jonathan A. WexlerCorporate Law Departments, February 2024New York’s Governor Hochul vetoed Senate Bill S3100A, which would have prohibited all non-competition agreements in the state. If passed, New York would have joined a growing number of states to pass laws barring such agreements.
The Corporate Transparency Act: What Attorneys Need to KnowBy Priya ThennarasuTrusts and Estates, November 2023In an effort to combat financial terrorism and money laundering within the United States, the bipartisan Corporate Transparency Act was enacted by Congress on January 1, 2021.
EEOC Promulgates Rules Related to Newly Enacted Pregnant Workers Fairness ActBy Rachel Bossard & Elizabeth PallCorporate Law Departments, September 2023The Pregnant Workers Fairness Act, which went into effect on June 27, 2023, requires covered employers to provide “reasonable accommodations” to an employee’s known limitations related to pregnancy, childbirth, or related medical conditions, unless the accommodation will cause the employer an undue hardship.
New Salary Threshold for Overtime ProposedBy Alex MarkCorporate Law Departments, September 2023On August 30, 2023, the U.S. Department of Labor put forward a rule that would raise the salary threshold under which employees are eligible for overtime pay under the Fair Labor Standards Act.
Since You Asked: Are FSA Claims Required to Be Substantiated?By Maureen Gammon & Kathleen RosenowCorporate Law Departments, July 2023Under the tax code, an employee must provide proof from an independent third party that funds used from a health or dependent care FSA were used for eligible expenses. Without proper substantiation, such reimbursements will be included in an employee’s gross income rather than being tax-free.
The Corporate Transparency Act: What Attorneys Need to KnowBy Priya ThennarasuYoung Lawyers Division, May 2023In an effort to combat financial terrorism and money laundering within the United States, the bipartisan Corporate Transparency Act was enacted by Congress on January 1, 2021.
What’s on Chief Human Resources Executives’ 2023 Agenda?By John M. Bremen, Amy DeVylder Levanat, & Suzanne McAndrewCorporate Law Departments, April 2023Eight areas of focus that human resources executives expect for this year and their potential implications.
Strike Two: Court Again Invalidates No Surprises ProcedureBy D. Finn Pressly & Edward I. LeedsCorporate Law Departments, March 2023For a second time, the U.S. District Court in the Eastern District of Texas has struck down a key provision in the regulations that set forth the dispute resolution procedures under the No Surprises rules.
Notable Recent Insider Trading UpdatesBy Junaid A. Zubairi, Rachel T. Copenhaver, Brooke E. Conner, & Eric HylaCorporate Law Departments, February 2023The second and fourth Circuits consider the standards required for the U.S. government and its agencies to succeed on insider trading cases. The Department of Justice obtained a guilty plea in the first of many anticipated crypto cases in 2023.
FTC Proposed Rule Would Render All Non-Competes UnenforceableBy Rachel Bossard & Blake RoterCorporate Law Departments, January 2023On January 5, 2023, the Federal Trade Commission released a notice of proposed rulemaking that would essentially ban employers from using non-compete agreements with employees and independent contractors throughout the United States.
Become an Illinois Bar Foundation ChampionBy Bernard G. PeterCorporate Law Departments, December 2022The Champions of the Illinois Bar Foundation are a distinguished group of supporters who believe in the value of justice and philanthropy.
A Plaintiff in a Suit Under 12.56 of the BCA Must Be a ShareholderBy Kevin StineCorporate Law Departments, December 2022You must be a current shareholder to file a lawsuit under 12.56 of the Business Corporation Act and for breach of fiduciary duty that is a derivative action.
Preparing for Privacy: New State Privacy Laws Effective in the New YearBy Kelly CarterCorporate Law Departments, December 2022In the continued absence of United States federal privacy law for the private sector, states are pushing forward to establish a data privacy framework in the U.S.
Illinois Supreme Court Eliminates Another BIPA DefenseBy Joseph A. Strubbe, Brian W. Ledebuhr, & Zachary J. WattersCorporate Law Departments, February 2022The Illinois Supreme Court rejects Illinois Workers’ Compensation Act pre-emption as a defense to Biometric Information Privacy Act actions by employees for statutory damages.
Significant Pay Reporting Requirements to Take Effect in the New Year for Illinois EmployersBy Michelle Olson & Ryan ProbascoCorporate Law Departments, January 2022Amendments to the Illinois Equal Pay Act require larger Illinois employers to apply for an equal pay registration certificate with the state. Employers are advised to act promptly to remedy any pay inequities in their workforce before their EPRC applications are due.
New Law Expands Prohibitions on Restrictive Covenant Agreements With Illinois EmployeesBy Jonathan D. Lotsoff, Stephanie L. Sweitzer, & Patrick R. DuffeyCorporate Law Departments, September 2021Governor Pritzker signed new legislation on August 13 amending the Illinois Freedom to Work Act, which codifies certain existing common law principles and imposes new requirements that will greatly impact the enforceability of noncompetition and nonsolicitation agreements.
Illinois Implements Substantial New Employer ObligationsBy Michelle T. OlsonCorporate Law Departments, May 2021Recent changes to Illinois law limit the use of conviction records in employment and require employers to report pay and diversity data to the state.
COVID Litigation: Predictions vs. ExperienceBy Marcie Lape, Chuck Smith, & Amy Van GelderCorporate Law Departments, April 2021A look at the impact of COVID-19 on litigation one year in and tentative predictions for the near future.
ESG Considerations for U.S. CompaniesBy David Kotler, Catherine Wigglesworth, & Samantha RosaCorporate Law Departments, April 2021Environmental, social, and governance investing is becoming a growing priority for issuers, investors, asset managers, and regulators in the United States, making it critical to understand the applicable legal and regulatory considerations.
Third Circuit Holds Triangular Setoff Provisions Unenforceable in BankruptcyBy Daniel M. PereiraCorporate Law Departments, April 2021Contracting parties should take note of a recent precedential opinion by the third circuit holding that contractual triangular setoff provisions are simply unenforceable in bankruptcy.
