In Luse Thermal Technologies, Inc. v. Graycor Industrial Contractors, Inc., 221 N.E.3d 701 (Ind. Ct. App. 2023), the Indiana Court of Appeals held a “no damages for delay” contractual clause barred a subcontractor from recovering damages when it accelerated its own work to account for delay caused by others. On May 17, 2018, BP entered…
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The Securities and Exchange Commission (the “SEC”) has announced settled enforcement proceedings against audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers (together, “BF Borgers”), charging them with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (“PCAOB”) standards in its audits and reviews of hundreds of public companies,…
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Under the Fair Labor Standard Act (“FLSA”), overtime pay is one and one-half times an employee’s regular pay rate for every hour that is worked beyond the 40 hours in a workweek. Almost all hourly workers are automatically eligible for overtime pay; however, workers who are paid on a salary basis are only eligible for…
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FINRA recently announced a six-month suspension penalty for a broker who utilized WhatsApp to communicate with firm customers about securities-related business. These communications included obtaining authorization to buy and sell stock, discussions about account performance, and discussions related to customer complaints. During its investigation, FINRA found the communications took place between November 2020 and January…
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In J&H Grading & Paving, Inc. v Clayton Construction Company, Inc., 441 S.C. 272 (2023), the South Carolina Court of Appeals held that statutory language expressly prohibits parties from conditioning payment to the subcontractor upon the owner’s payment to the general contractor and makes any agreement to the contrary unenforceable. Clayton Construction Company, Inc. (“Clayton”),…
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On April 23, 2024, the Federal Trade Commission (“FTC”) voted to adopt a new rule banning noncompete agreements. The rule prohibits employers from enforcing agreements to prevent employees from working for competitors or starting a competing business once their employment has ended. FTC’s new rule applies to any agreement containing a noncompete clause, defined as…
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On May 3, 2024, the EPA published a final rule detailing the processes by which the EPA will evaluate the risks certain chemicals pose to human health and to the environment under the Toxic Substances Control Act (TSCA). The TSCA authorizes the EPA to maintain a database of all chemical substances manufactured in or imported…
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Statutes of repose serve to cut off a right of action by establishing a date by which the action no longer exists. The action is cut off regardless of whether the action has accrued by that date or not. Arkansas’ Statute of Repose includes the following provision: “(a) No action in contract, whether oral or…
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Highlighting the importance of the statute of repose in relation to construction and design indemnity claims, the United States Court of Appeals for the Sixth Circuit recently affirmed summary judgment based on the Tennessee statute of repose in favor of a third-party defendant subcontractor. Hinman v. ValleyCrest Landscaping Development, Inc., 89 F.4th 572 (6th Cir….
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FINRA recently announced M1 Finance LLC has been fined $850,000.00 for violations relating to social media posts made by influencers on the firm’s behalf. Beginning January 2020 to April 2023, FINRA found M1 Finance compensated social media influencers for content promoting the firm. M1 Finance also requested the influencers include a hyperlink to the firm’s…
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