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Workers in New York whose wages are at or just above minimum wage struggle every day to earn a living for themselves and their families. Things only get tougher when their employer commits wage theft against them. Unfortunately, this insidious practice is widespread among some of the United States’ largest corporations, who tend to target their lowest-paid employees, according to a new study discussed by ABC News. How companies steal millions of dollars in wages every year A review of nearly 15 years of data compiled by the U.S. Department of Labor revealed millions of dollars of wage theft each…
On May 26, Commodity Futures Trading Commission’s Market Participants Division (MPD) published updated responses to frequently asked questions regarding CFTC Regulation 4.27 and Form CPO-PQR (FAQs). These FAQs update the 2015 FAQs that addressed issues on Form CPO-PQR from filing mechanics and deadlines to more technical questions. In October 2020, the CFTC adopted a Final Rule amending Form CPO-PQR and CFTC Regulation 4.27, the provision requiring Form CPO-PQR reporting. The updated FAQs reflect that Final Rule’s revisions and supersede the 2015 version. CFTC Press Release…
Employees have legal protections against workplace discrimination. These protections shield them from unfair treatment on the basis of a protected class. However, discrimination still happens. And when it does, the actions employers do or do not take will dramatically affect whether they resolve or exacerbate the situation. Below are some common mistakes that employers make in these scenarios. They do not take it seriously When someone or reports discrimination to their boss, the expectation is that the company will take the matter seriously. Unfortunately, many do not. Employers might fail to investigate or create a record of an incident. Some…
The Commodity Futures Trading Commission (CFTC) has announced that its Energy and Environmental Markets Advisory Committee (EEMAC) will hold a meeting on June 3 at 9:00 a.m. (ET). At this meeting, the EEMAC will examine how derivatives markets can facilitate the transition to a low-carbon economy, including the status of carbon reduction through cap-and-trade and other carbon trading market mechanisms. The EEMAC will also hear a staff presentation on recent events in the energy markets. The meeting will be held via teleconference in accordance with CFTC’s implementation of social distancing due to COVID-19. The CFTC’s EEMAC meeting on June 3…
On May 3, the Division of Clearing and Risk (DCR) of the Commodity Futures Trading Commission (CFTC) published Staff Letter No. 21-13 (Staff Letter), providing CX Clearinghouse, L.P. (CX) with no-action relief from specified Part 39 regulations applicable to derivatives clearing organizations (DCO). As a registered DCO, CX is subject to Regulation 39.15(d), which requires a DCO to have rules requiring the DCO to promptly transfer all or a portion of a customer’s portfolio of positions and related funds as necessary from the customer’s carrying clearing member to another clearing member, without requiring the close-out and re-booking of the positions…
On April 28, the Division of Data of the Commodity Futures Trading Commission issued a renewal of the temporary no-action relief available to entities (Relief Counterparties) that submit certain swaps for clearing by derivatives clearing organizations that operate pursuant to CFTC exemptive orders or staff no-action letters (Relief DCOs). CFTC Letter No. 21-12 extends relief available to Relief Counterparties from requirements to terminate original “alpha” swaps and report swaps between the Relief Counterparties and the Relief DCOs, as well as for counterparties from reporting certain primary economic terms data fields for swaps intended to be cleared by a Relief DCO,…
On April 22, the Commodity Futures Trading Commission’s Division of Data, Division of Market Oversight and Division of Clearing and Risk (collectively, the Divisions) issued CFTC Letter No. 21-11, which (1) provides no-action relief to KalshiEX LLC (Kalshi), a designated contract market, and LedgerX, LLC (LedgerX), a derivatives clearing organization, from reporting to swap data repositories data for binary option transactions executed on or subject to the rules of Kalshi and cleared by LedgerX; and (2) exempts Kalshi and LedgerX from certain related recordkeeping requirements. This relief is subject to certain conditions, including, but not limited to, the following: all…
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This past month, the nation has been rocked by repeated incidents of gun violence across the country. Earlier in March, eight people, most of Asian descent, were killed by a gunman in Atlanta, Georgia at multiple massage parlors across the city. About a week later, a shooter killed ten people at a supermarket in Boulder, Colorado. Last Thursday, a mass shooting occurred at a Fedex facility in Indianapolis, Indiana that resulted in the death of nine people. This Sunday, a former sheriff’s officer detective shot and killed three people in a neighborhood in Austin, Texas. And just yesterday, a sixteen…
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In 2017, a class action lawsuit was filed against the popular fast food business, Chipotle, for misclassifying its workers as salaried employees who were exempt  from overtime pay. Carmen Alvarez, an employee at the time, filed the complaint in the U.S. District Court in New Jersey on behalf of herself and other Chipotle workers in similar situations. The suit, consisting of over 4,800 workers, was finally settled for $15 million after Chipotle agreed to resolve and put an end to the allegations. According to QSR magazine, the payout will be distributed to all employees working in New Jersey “from…
On April 14, the Commodity Futures Trading Commission’s Market Participants Division (MPD) and Division of Market Oversight (DMO) jointly issued CFTC Staff Letter 21-10 to extend, for a limited time, parts of the temporary no-action relief granted in response to the COVID-19 pandemic, which expired on April 15. CFTC Staff Letter No. 21-10 extends until September 30 the following relief: Relief from Introducing Broker (IB) Registration and Location Requirements for Floor Brokers (FBs). MPD is providing a limited continuation of relief from IB registration and location requirements for FBs that normally operate on an exchange’s trading floor and/or other designated…
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From the Mets to the NFL to the Metropolitan Opera, women have long experienced sexual harassment and assault in the workplace. The military is yet another employer often faced with sexual assault and harassment allegations from female employees. Last month, we spotted a viral Tik Tok by Sgt. Dalina. In the video, she explains that she reported one of her military coworkers for sexual misconduct. The accused coworker was honorably discharged because “he made a mistake, fell into temptation, but he could be a great leader”. As employment lawyers committed to fairness and women’s equality, The Law…
U.S. Post Office & Courthouse, 7th & Mission Sts, SF
U.S. Post Office & Courthouse, 7th & Mission Sts, SF
Can ERISA plan participants be denied their day in court? Title 1 of ERISA allows participants to sue fiduciaries who breach their fiduciary duties. The permissible venues, the statutes of limitations for claims and available remedies to apply in “civil actions” are set out. However, courts have increasingly held that plan sponsors may impose contractual restrictions of the exercise of those ERISA rights. The Supreme Court has held that plans may contractually shorten the period participants have to raise claims, and provisions requiring participants to bring suit in a particular place-such as where the plan is administered- have been upheld.…