North Carolina’s version of the economic loss doctrine prohibits recovery for purely economic losses in tort, “for [a defendant’s] simple failure to perform his contract.” In other words, where a party can sue for economic losses in a breach of contract claim, he is barred from also suing in tort for those same losses. Nonetheless,…
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FINRA has proposed a new set of rule changes to overhaul the expungement process. The proposed changes have been sent to the SEC for approval. When discussing the proposed amendments, FINRA advised the proposal targeted “straight-in expungements” and are an attempt to modify the system so these expungements “operate as intended” and “work as a…
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FINRA has announced Merrill Lynch, Peirce and Finner & Smith, Inc. was fined more than $15.2 million for restitution owed to customers who purchased Class C mutual funds shares despite the availability of Class A mutual fund shares. In differentiating between the two types of mutual fund shares, FINRA noted Class A shares are subject…
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In Cal-Am Properties Inc. v. Edais Eng’g Inc., 509 P.3d 386, 388 (Ariz. 2022), the Arizona Supreme Court held design professionals are not liable for economic damages incurred by a Plaintiff with whom they are not in privity of contract. Cal-Am Properties, Inc. (“Cal-Am”) was a developer and operator of RV and mobile-home parks. Cal-Am…
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In Donovan v. Hastings, the Supreme Court of Tennessee analyzed whether the trial and appellate courts properly limited an award of attorney fees and costs under Tennessee Code § 20-12-119(c) to a plaintiff homeowner to those incurred after the date an amended countercomplaint was filed by the defendant contractor. 2022 WL 12301177, at *1 (Tenn….
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The Eleventh Circuit Court of Appeals recently reaffirmed in Brown v. Nexus Bus. Solutions LLC, that the Fair Labor Standards Act (“FLSA”) allows an administrative exemption from overtime provisions. (11th Cir. Apr. 1, 2022). Traditionally, FLSA requires employees be paid overtime for all hours worked beyond 40 in a week. The rate of pay is…
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The Supreme Court recently decided a case related to the Clean Power Plan, an Obama-era regulatory scheme that would apply to the energy industry across the country. The main holding of the opinion in West Virginia v. EPA focused on the degree to which an administrative agency may assert power over the states, and by…
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On June 15, 2022, the U.S. Environmental Protection Agency (EPA) released new drinking water health advisories for per- and polyfluoroalkyl substances (PFAS). The EPA also announced $1 billion in funding to address PFAS and other emerging contaminants in drinking water. PFAS have been linked to infertility, thyroid problems, and several types of cancer. Since the…
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The Securities and Exchange Commission has proposed new regulations that could be disruptive to Financial Advisors. There are currently 12 proposals and 26 more being discussed. One such proposal seeks to address the practice of “greenwashing”, which refers to firms or companies claiming to abide by ESG principles when they are actually not. The proposed…
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On June 6, 2022, the United States Supreme Court issued a decision that certain airline employees are exempt from the Federal Arbitration Act (“FAA”), as they are considered to be a “class of workers engaged in foreign or interstate commerce”. See Southwest Airlines Co. v. Saxon, No. 21-309 (June 6, 2022). The FAA exempts “contracts…
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