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- On June 17, 2016, the four federal financial institution regulatory agencies issued a joint statement on the long-awaited and controversial new accounting standards issued by FASB implementing the “current expected credit loss” model for financial reporting, commonly referred to as “CECL.”
- Client Alert: Ohio Supreme Court Finds a Bank Has Standing to Enforce the Mortgage Even If It Cannot Collect From the Borrower on the Underlying DebtThe Ohio Supreme Court has issued a ruling further clarifying the issue of standing that has dogged lenders throughout the recent mortgage foreclosure crisis.
- In the wake of the surprise outcome of the United Kingdom referendum on whether to leave the European Union (aka, the Brexit), many clients have asked what they should do to ensure continued trademark protection in the UK for their existing European Union (EU) registrations and future applications.
- Countries that have started using EMV technology have seen a reduced amount of card-present fraudulent activity. In the U.S., the major credit card issuers set an October 1, 2015 deadline for merchants to be EMV chip compliant.
- Labor and Employment Alert: OFCCP Updates 'Extremely Outdated' Sex Discrimination Rules for 'The Modern Era'For the first time in 46 years, the Office of Federal Contract Compliance Programs (OFCCP), which oversees the affirmative action and equal employment opportunity obligations of federal contractors, has updated its sex discrimination guidelines.
- Labor and Employment Alert: Tennessee Requires New Signage to Prohibit Firearms on Employers’ PropertyUnder Tennessee law, employers may generally prohibit employees and others from possessing weapons (including firearms) on their property. The key exception to this rule involves storing firearms in personal vehicles parked on the employer’s property by individuals with lawful handgun carry permits.
- You hired a summer intern who is eager to work as many hours as possible. If you allow the intern to work 30-plus hours per week during the summer, at what point would you have to offer medical coverage in order to avoid the risk of Affordable Care Act (ACA) pay or play penalties?
- Labor and Employment Alert: Federal Court Blocks Enforcement of Department of Labor’s 'Persuader Rule'A federal district judge in Texas today issued a nationwide injunction prohibiting enforcement of the Department of Labor’s (DOL) persuader rule, saying it threatens employers’ rights to secure legal advice about union organization.
- The Evaluator - Special Edition: Ohio BTA Holds That Big Box Property Is NOT Special Purpose; Finds Value Near Taxpayer’s TotalThe Ohio Board of Tax Appeals (BTA), on a remand from the Ohio Supreme Court, has held that the special purpose doctrine did not apply to a big box Lowe’s property.
- Labor and Employment Alert: Colorado Requires That Employees Be Allowed to Review Their Personnel FileEffective January 1, 2017, Colorado’s private employers must allow current and former employees to inspect and copy their personnel files. The new law does not apply to a financial institution, bank, trust company, savings institution, or credit union. Nor does it apply to public employees, who already have access to their personnel records under the Colorado Open Records Act.
- In a case of first impression, the New Jersey Supreme Court unanimously held that an employer’s attempt to contractually shorten the two-year statute of limitations for claims under the New Jersey Law Against Discrimination (LAD) violates public policy and so is unenforceable. After reviewing the LAD’s legislative history and purpose, the Court concluded that “a private agreement that frustrates the LAD’s public-purpose imperative by shortening the two-year limitations period for private LAD claims cannot be enforced.”
- Labor and Employment Alert: Major Changes Proposed for Incentive Compensation – Limited to Financial Institutions or Preview of Coming Attractions for Other Types of Employers?On June 10, 2016, six agencies that regulate financial institutions (FDIC, SEC, OCC, Federal Reserve Board, National Credit Union Administration, and Federal Housing Finance Agency) jointly proposed regulations regarding incentive compensation for financial institutions.
- On Thursday, June 16, 2016 the United States Supreme Court released its decision in Universal Health Services, Inc. v. United States ex rel. Escobar (No. 15-7). In Escobar—argued on April 19, 2016—the Court decided the legal validity of the “implied certification” theory of liability under the False Claims Act (FCA).
- Labor and Employment: Important New Development Regarding DOL Persuader Rule: Agreement Prior to July 1 Could Limit Future Reporting ObligationThe DOL has recently interpreted its new Persuader Rule to exclude an agreement or arrangement signed before July 1, 2016, even if the services and payments occur after July 1.
- U.S. Customs and Border Control (CBC) is a powerful ally in the battle to prevent counterfeits from reaching the U.S. market. In 2015 an estimated 11 million maritime containers arrived on U.S. shores carrying imported products from all over the world.
- Labor and Employment Alert: Ninth Circuit Shows High Costs of Failing to Properly Calculate the Regular RateIn a case of first impression, the Ninth Circuit Court of Appeals recently considered whether an employer violated the Fair Labor Standards Act (FLSA) because it failed to include cash-in-lieu of benefits payments when it calculated employees’ regular rate of pay.
- The Bankruptcy Judges and Chapter 13 Trustees for the United States Bankruptcy Court for the Southern District of Ohio have reviewed and approved a proposed District Wide Mandatory Form Chapter 13 Plan and proposed form Order Confirming Chapter 13 Plan and Awarding Attorney Fees.
- On June 8, 2016, Governor John Kasich signed House Bill 523 to legalize the use of medical marijuana in Ohio. Ohio now joins the 25 states and District of Columbia that have “legalized” marijuana for medicinal purposes (marijuana use, possession, and distribution remains illegal under federal law).
- Effective August 10, 2016, Colorado employers will be required to provide job applicants and employees with reasonable accommodations for pregnancy and physical recovery from childbirth. An employer only has to provide an accommodation if requested and if the accommodation would not impose an undue hardship.
- Labor and Employment Alert: Seventh Circuit Issues Surprising Ruling Backing NLRB’s Prohibition on Class/Collective Action WaiversIn December 2013, in D.R. Horton, the Fifth Circuit Court of Appeals rejected the National Labor Relation Board’s (NLRB) prohibition on mandatory arbitration clauses. Since then, the vast majority of federal courts addressing this issue have agreed with the Fifth Circuit, including the U.S. Courts of Appeals for the Second and Eighth Circuits.
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