By Porter Wright on The United States Court of Appeals for the Eleventh Circuit just recently held that an officer of a nationally-chartered bank regulated by the National Bank Act (NBA) had no claim for wrongful termination under a Florida whistleblower statute. According to the federal court, the state-law whistleblower claims were preempted by 12 U.S.C. § 24 (Fifth) … Continue Reading
By Greg Daugherty on Restricted stock grants have been a popular executive compensation component for over a decade now. With a restricted stock grant, the employer gives shares of stock to the employee, but subject to two main conditions. One condition is a vesting condition, which generally requires the employee to remain continuously employed with the employer for a … Continue Reading
By Porter Wright on Financial institutions and other types of businesses that are covered by federal affirmative action obligations have some major changes for which to prepare. Financial institutions should be aware, both for themselves and their business clients, that the Office of Federal Contract Compliance Programs (OFCCP) has issued two new rules which take effect March 24, 2014. … Continue Reading
By Porter Wright on Our colleagues at the Employee Benefits Law Report recently posted an overview of the April 16 U.S. Supreme Court decision in U.S. Airways, Inc. v. McCutchen. The decision will be of interest to bankers and other financial executives because it provides a basis for the control of health care plan costs, and premiums, at a … Continue Reading
By Porter Wright on In this post, we share a few thoughts about recent developments and trends regarding nonqualified deferred compensation incentives for key bank employees. Banks are seeking ways to attract and retain talent, while ensuring that compensation arrangements are aligned with newer statutory guidance, such as the Dodd-Frank Act and Section 409A of the Internal Revenue Code (the … Continue Reading
