Saying it was unable to get the benefits concessions it needs under its postpetition financing arrangement, Westmoreland Coal told a Texas bankruptcy judge Wednesday it plans to ask permission to reject its contracts with the United Mine Workers of America.
An investor filed a derivative lawsuit against Salesforce.com Inc. in Delaware Chancery Court on Tuesday claiming the nonemployee directors for the cloud-based software company are paid excessive salaries that stockholders did not properly sign off on.
EmblemHealth Inc. was allowed to change the medical benefits provided to its retired executives without violating the Employee Retirement Income Security Act, as there was no explicit promise to vest those benefits, a New York federal judge ruled Tuesday.
Morningstar Investment Management LLC and two Prudential Financial Inc. retirement-focused subsidiaries won’t have to face allegations that they illegally colluded to profit from a robo-adviser program after an Illinois federal judge ruled Wednesday that the plan participant leading the suit failed to show they violated the Racketeer Influenced and Corrupt Organizations Act.
Action by Congress would be needed to subject public universities and their top sports coaches to a new excise tax on top earners at nonprofits after recent guidance confirmed the tax may not apply to some of those institutions.
A New York federal judge on Tuesday tossed a proposed class action accusing MetLife Inc. and Metropolitan Life Insurance Co. of pocketing the interest on $500 million in overdue retirement benefits, saying the proposed class of retirees improperly repackaged a contract dispute as an unjust enrichment claim.
The University of Southern California told the U.S. Supreme Court that the court should review the Ninth Circuit’s finding that its employees couldn’t be compelled to arbitrate their Employee Retirement Income Security Act claims, arguing that the workers wrongly characterized the decision as a “mundane interpretation of contractual language.”
Morrison & Foerster LLP has hired two former Davis Polk & Wardwell LLP attorneys in New York to bolster its executive compensation team — one with experience in federal tax and securities law and the other in transactional work.
Former NFL defensive lineman Darren Mickell’s yearslong suit against the league’s retirement plan hit a brick wall on Tuesday, after a Florida federal court denied his bid to overturn the plan’s decision that he didn’t qualify for certain disability benefits.
A group of participants in Yale University's employee retirement plan asked a Connecticut federal judge for class certification in their Employee Retirement Income Security Act suit accusing the Ivy League school of costing workers millions of dollars by funneling their retirement funds into bad investments.
The Bank of New York Mellon has agreed to pay $72.5 million to resolve claims that it overcharged American depositary receipt holders for the conversion of foreign currency dividends to U.S. dollars, according to investors who asked a New York federal judge on Tuesday for preliminary approval of the settlement.
Automated data management software maker Veeam Software will receive a $500 million investment from tech-focused venture and private equity firm Insight Venture Partners and the Canada Pension Plan Investment Board in a deal guided by Willkie Farr & Gallagher LLP, the companies said Wednesday.
The Wagner Law Group, a primarily East Coast-based law firm that specializes in employee benefits law, has hired a longtime U.S. Department of Labor official to serve as of counsel in its Washington, D.C., office, adding an attorney with more than 30 years of experience working with the Employee Retirement Income Security Act to its staff, the firm has announced.
The U.S. Trustee’s Office on Tuesday asked a New York bankruptcy court to deny cosmetics maker Glansaol Holdings Inc.’s request to pay up to $1.4 million in executive bonuses, saying there was no proof the goals are a stretch or that bonuses won’t be going to insiders.
The Eighth Circuit ruled Tuesday that UnitedHealth Group Inc. isn’t allowed to offset overpayments to providers from certain health plans by withholding payments to those providers from other health plans, affirming a lower court’s finding that the insurer’s interpretation of plan documents was unreasonable.
An Illinois federal judge tossed a retaliation claim from Kroger workers' Employee Retirement Income Security Act suit accusing their multiemployer pension plan of wrongly ignoring a proposal that would preserve their benefits, finding that the grocery store workers didn't show that the plan treated them differently after they filed the suit.
Senate Democrats pushed the chamber and its general counsel Tuesday to intervene in a blockbuster legal feud over the Affordable Care Act, introducing a resolution that mirrors one passed by the House seeking to reverse a Texas federal judge’s striking of the law.
Houston-based engineering and construction company McDermott International Inc. has been hit with a proposed shareholder class action in Texas federal court alleging its failure to disclose the true cost of acquiring Chicago Bridge and Iron NV resulted in the company's stock price plummeting more than 60 percent.
The ex-wife of late New England Patriots Pro Bowler Mosi Tatupu cannot claim survivor benefits from the NFL after the First Circuit ruled that a posthumous domestic relations order does not overrule the couple's marital separation agreement that only entitled her to receive one-third of his benefits.
The Second Circuit has approved a New York federal judge’s method of calculating benefits for Xerox workers who rejoined the company after retiring, awarding the company a win Monday in a pension lawsuit that spent two decades in the courts and garnered a 2010 U.S. Supreme Court ruling.
In the third installment of their four-part series, attorneys with Skadden Arps Slate Meagher & Flom LLP consider corporate governance best practices including environmental, social and governance reporting, updates to director and officer questionnaires, board diversity and related disclosures, and shareholder proposals.
Alternative dispute resolution providers have made great strides toward diversity, but recent statistics show there is still work to be done. There are certain steps ADR providers can take to actively recruit more women and minority candidates to serve as arbitrators and mediators, says James Jenkins of the American Arbitration Association.
Alternative fee agreements can help align law firm and client interests, increase efficiency and eliminate corporate extortion, among other benefits. They are the best thing to happen to the practice of law in decades, says Kelly Eisenlohr-Moul at Dinsmore & Shohl LLP.
In this installment of their four-part series, attorneys at Skadden Arps Slate Meagher & Flom LLP offer insights to companies on executive compensation matters for 2019 — including pay ratio and hedging disclosures, say-on-pay votes and changes in pay practices due to the Tax Cuts and Jobs Act.
Each company faces important decisions in preparing for its 2019 annual meeting and reporting season. This four-part series by attorneys at Skadden Arps Slate Meagher & Flom LLP covers essential items on which companies should focus, including corporate governance, executive compensation and disclosure matters.
Can lawyers lead a revolution? According to "The Clamor of Lawyers: The American Revolution and Crisis in the Legal Profession" — a slim but elegant volume by Peter Charles Hoffer and Williamjames Hull Hoffer — they can and they did, says First Circuit Judge David Barron.
Lawyer-directed nonrecourse litigation funding is more likely to protect a lawyer's exercise of independent professional judgment than traditional means of litigation finance, and furthermore enables worthwhile cases that otherwise could not be funded, say Peter Jarvis and Trisha Thompson of Holland & Knight LLP.
A California federal court's decision in Axis v. Northrop reminds insureds to consider excess insurers' coverage positions when negotiating coverage with lower-level insurers. Insureds should also be wary of settlements that could be construed as disgorgement of ill-gotten assets, say Caroline Meneau and David Kroeger of Jenner & Block LLP.
Contrary to what the New York City Bar Association concluded in an ethics opinion last year, lawyer-directed nonrecourse commercial litigation funding does not violate New York rules on sharing fees with nonlawyers, say Peter Jarvis and Trisha Thompson of Holland & Knight LLP.
An IRS Form Letter 226J payment demand signals a determination of failure to satisfy the Affordable Care Act's employer mandate. But careful examination of factors supporting the claim may reveal that the payment obligation is substantially overstated or perhaps not owed at all, says Michael Morris of Bressler Amery & Ross PC.