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Faruqi Law Blog

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Are “Robo” Advisors Fiduciaries?

October 20th, 2016

The Financial Industry Regulatory Authority’s (“FINRA”) report on Digital Investment Advice seems to bolster the argument made by many in the securities industry that “robo” advisors (online portfolio management services that provide advice without the use of human financial advisors or financial planners) do not provide fiduciary advice.  FINRA’s report outlines how developments...

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FINRA: Beware of Follow-Up Scams

October 19th, 2016

The Financial Industry Regulatory Authority (“FINRA”) recently warned investors to be wary of companies that “approach victims of investment fraud claiming that, for a fee, they can help them recover the sums invested or the losses incurred on unlawfully operating trading platforms.”. This type of sales pitch may be indicative of a fraudulent scheme known as a “recovery room.”...

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45 Days Until FLSA Overhaul Takes Effect

October 18th, 2016

The Final Overtime Rule takes effect on December 1, 2016, and extends overtime protection to 4.2 million employees who are currently deemed exempt under the FLSA.  The Final Rule more than doubles the qualifying salary threshold for the Executive, Administrative or Professional (“EAP”) exemptions to overtime.  The Final Rule also updates the salary levels of employees deemed exempt under...

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Southern District of New York Upholds “Product Hop” Claims Against Makers of Namenda

October 17th, 2016

Recently, the Southern District of New York denied a motion to dismiss a monopolization claim for product hopping against Forest and Actavis, the manufacturers of Namenda, an Alzheimer’s drug.  See Sergeants Benevolent Ass'n Health & Welfare Fund v. Actavis, PLC, No. 15-cv-6549 (CM), 2016 U.S. Dist. LEXIS 128349 (S.D.N.Y. Sept. 13, 2016).  In a “product hop,” brand drug manufacturers...

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Third Circuit Declares: Paid Meal Breaks do NOT offset Overtime

October 11th, 2016

The Third Circuit unanimously reversed a district court’s decision that allowed an employer to use paid bona fide meal time to offset unpaid overtime.  Three DuPont employees sued the Pennsylvania manufacturing plant for unpaid overtime under the FLSA because the employer failed to compensate them for donning and doffing time and for time spent on “shift relief,” i.e. sharing...

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