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In a recent Alert, we discussed how several states are charting their own course while the U.S. Department of Labor ("DOL") proceeds with its review of the Fiduciary Rule, the Best Interest Contract Exemption ("BICE") and other related exemptions. Yesterday,...
The Massachusetts Supreme Judicial Court, in Tze-Kit v. Massachusetts Port Authority, held that sick pay does not constitute wages under the Massachusetts Payment of Wages Law. Accordingly, Massachusetts employers are not required by the statute to pay out accrued,...
In our January 18, 2018 Law Alert on share class selection, we expressed our opinion that share class selection is likely to remain an enforcement focus for the Security and Exchange Commission (the "Commission") in 2018. This was confirmed by the Commission's...
The "Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018" (the "Tax Act") - formerly known as The Tax Cuts and Jobs Act - was signed into law on December 22, 2017. Because of the speed at which...
Our article, "Hitting Workplace Harassers Where It Hurts" (National Law Journal, 12/30/2017*), began by recognizing that a 2016 EEOC study carried the following warning about sexual harassment in the workplace: "Much of the training done over the last 30 years has not...
A federal district court, in Walpool v. Frymaster, LLC, has allowed a terminated employee's Family and Medical Leave Act ("FMLA") retaliation claim to proceed to trial due to the close proximity between his request for FMLA leave and his termination. Background. The...
On January 22, 2018, President Trump signed into law a short-term spending bill (i.e., a "continuing resolution") that reopened and refunded the federal government for three weeks (i.e., until February 8, 2018). The legislation includes a delay of three taxes under...
States Proceed with Their Own Fiduciary or "Best Interest" Standards While the U.S. Department of Labor ("DOL") continues with its mandated review of the Fiduciary Rule and related exemptions, including the Best Interest Contract Exemption ("BICE"), states press on...
A federal district court, in Sand-Smith v. Liberty Life Assurance Company of Boston, determined that ERISA did not preempt Montana's mental health parity law and that the state law was therefore applicable against long-term disability insurer. The court reached this...
In recent years, the Office of Compliance Inspections and Examinations ("OCIE") of the Security and Exchange Commission ("Commission") has increasingly scrutinized share class selection by registered advisors. A share class recommendation must comport with the...