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In October 2010, an arbitration panel of the FinancialIndustry Regulatory Authority, Inc. (“FINRA”) in Manhattan, NY awarded compensatory damages of $715,000, plus interest and costs, to an investment banker, formerly employed by respondent Barclays Capital Inc. (“Barclays”), for breach of an implied contract to pay the investment banker a bonus for 2008. Whalen v. Barclays Capital Inc., Case No. 09-03587 (Oct.…Read More

On October 27, 2010, in Hazen v. Hill, Betts & Nash, LLP, Case No. 10114676 (N.Y. State Div. of Human Rights Oct. 27, 2010), the New York State Division of Human Rights (the “Division of Human Rights” or the “Division”), by a Notice and Final Order (the “Order”) amending and adopting the recommendation of an administrative law judge (the “ALJ”),…Read More

In Manhattan NYC, the rate of interest upon the loan or forbearance of any money, goods, or things in action may not exceed 16% per year. N.Y. Gen. Oblig. Law § 5-501(1); N.Y. Banking Law § 14-a(1). That is, in Manhattan, charging interest of more than 16% per year is civil usury. N.Y. Gen. Oblig. Law § 5-511 renders void…Read More

On December 14, 2010, New York State Governor David Paterson signed into law the Wage Theft Protection Act, A. 11726/S. 8380 (the “Act”). The Act substantially increases civil and criminal penalties against employers which break Manhattan’s overtime pay laws, minimum wage laws, or other wage payment laws. This author’s March 2010 post on the (then-pending) Wage Theft Prevention Act is…Read More

In Manhattan, NYC, the employment of minors is governed by Article 4 of the New York Labor Law and by scattered sections of other state statutes. A “minor” is any person less than 18 years of age. In brief, Manhattan’s laws governing child labor require a minor to have working papers; prohibit companies from employing minors in certain jobs; and…Read More

On November 3, 2010, the Securities and Exchange Commission (the “SEC”) issued proposed regulations implementing the SEC’s securities whistleblower bounty program. That bounty program was established by section 922 of the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act” or “Dodd-Frank”), H.R. 4173. The proposed regulations will be set forth in Parts 240 and 249 of Title 17 of the Code…Read More

Yes. In the Manhattan, NYC courts, an order denying a defendant’s pretrial motion to dismiss the plaintiff’s complaint, N.Y. C.P.L.R. 3211, is immediately appealable as of right. In other words, a defendant may take an interlocutory appeal to New York’s Appellate Division from an order denying the defendant’s pretrial motion to dismiss the lawsuit. In Manhattan, NYC, the defendant need…Read More

On October 12, 2010, after a four-day hearing, an arbitration panel of the FinancialIndustry Regulatory Authority, Inc. (“FINRA”), sitting in Florida, awarded compensatory damages of $1,167,000 to two brokers for deferred compensation benefits which, under the brokers’ employment agreements, should have immediately vested and been paid in cash to the brokers when they left respondent Merrill Lynch, Pierce, Fenner &…Read More

On October 13, 2010, an arbitration panel of the FinancialIndustry Regulatory Authority, Inc. ("FINRA") awarded compensatory damages of $825,000 to a broker, formerly employed by respondent Affinity Investment Services, LLC ("Affinity," "the brokerage firm," or "the firm"), who allegedly was fired after objecting to sales practices she believed were unlawful.  Ford v. Affinity Investment Services, LLC, FINRA Arbitration No. 08-02782…Read More

If both parties to a telephone conversation are located in New York State, then one of the parties to that telephone conversation may record the conversation, without the other party’s consent, for use in the recording party’s lawsuit. This is the case because neither the New York Penal Law nor the federal Electronic Communications Privacy Act (the “ECPA”) renders it…Read More