A decision affirmed by a federal appellate court requires an energy company's partial owner to pay a surety $1.25 million in collateral security, plus attorneys' fees and pre-judgment interest. An indemnity agreement required the partial owner to pay bond premiums and provide collateral security if the energy company failed to adhere to its bond obligations.
The US Civilian Board of Contract Appeals ruled that a contractor on a project in Africa was not entitled to additional costs stemming from an Ebola outbreak. The decision could mean that federal contractors will not be able to recover additional costs resulting from the impact of the coronavirus pandemic, an attorney writes.
A federal appeals court has upheld a lower court decision that a subcontractor working on a US air base in Qatar provided untimely notice of nonpayment under the Miller Act. The decision "underscores the importance of strict adherence" to the law's requirement that such notice must be provided within 90 days of the final day of work, attorneys write.
Suicide-prevention strategies are crucial in the construction industry, in which more than 15 suicides occur daily, a rate that is four times the national average, an executive writes. NASBP is a stakeholder in the Construction Industry Alliance for Suicide Prevention.
The Justice Department has charged at least 15 people accused of Paycheck Protection Program fraud, and PPP loans are likely to face even tougher scrutiny, two attorneys write. Certain charges in PPP loan fraud cases have a 10-year statute of limitations, "providing federal law enforcement agencies plenty of time to build cases," the attorneys write.
The Securities and Exchanges Commission's recently implemented Regulation Best Interest should serve as "true north" for other regulatory agencies and state lawmakers looking to develop their own best interest rules, writes Financial Services Institute President and CEO Dale Brown. Specifically, he cites optimism that the Department of Labor's recently released proposal "will complement the workable, business model-neutral standard established by Reg BI."
Financial advisory firms have likely had different experiences with the coronavirus pandemic based on the paths they have taken, writes Ray Padron, CEO of Brightworth. He surmises that firms with strong infrastructure and sound management that have invested in technology fared much better.
The Financial Planning Association's Virtual Externship program, which this summer is giving 1,950 students and career changers a chance for hands-on experience that otherwise would have been lost to the pandemic, is a vital program that deserves more attention than it's getting, writes Bob Veres. He examines the benefits of the program, talks with coordinator and creator Hannah Moore, CFP®, and writes that the externship is "one of the most consequential initiatives in [FPA's] history."
The hedge fund industry has adapted to well to new working routines brought by the coronavirus pandemic, says Alternative Investment Management Association CEO Jack Inglis. He notes that adopting social distancing measures for working in the office has been easier for smaller firms.
The number of new hedge funds coming to the market fell to its lowest level since 2008 during Q1 as liquidations rose by more than half over the same period on Q4 2019, according to HFR data. "New fund launches fell to historic lows in Q1 2020 as the coronavirus pandemic drove steep losses across global financial markets, despite strong outperformance of the HFRI throughout the pandemic volatility," HFR president Ken Heinz said.