Legislative, Regulatory & Legal

New York -- A federal judge recommended approval of a revised settlement of a lawsuit that challenged the pay of former Abercrombie & Fitch CEO Michael Jeffries. The action comes three months after a different judge rejected a settlement that appeared to offer few benefits to the company and “broadly released shareholders' claims," Reuters reported.

The new year will bring more fraud than ever before, but also more tools to prevent it, according to three experts from the Association of Certified Fraud Examiners (ACFE).

The experts at ACFE were asked for their top fraud predictions for 2015. They weighed in on digital currencies, information security and other issues that will help shape the effort to prevent and detect fraud in the new year:

Washington, D.C. - The Retail Industry Leaders Association (RILA) and six other merchant associations have sent a letter rebutting recent comments about payment card security from the Independent Community Bankers of America (ICBA). Specifically, the letter outlines three points.  

 

By Michael B. Adreani

 

The statement  “class action for wage and hour violations” has become an all too familiar phrase in the retail industry. The issue is also a dynamic one with constant changes from year to year, and even month to month. The bad news is that the number of wage and hour class actions filed on a daily basis continues to rise. According to the Economic Policy Institute, the number of FLSA (Fair Labor Standards Act) cases filed in the federal court is more than five times the number 20 years ago.    

Fort Worth, Texas – The U.S. Department of Labor is reportedly investigating how RadioShack has been managing its 401(k) retirement plans for employees. According to the Associated Press, the Department of Labor notified RadioShack of the investigation with a letter saying it is looking at the retailer’s management of retirement plans going back to 2011.  

Bentonville, Ark. – Minimum wage increases scheduled to take effect in 24 states and Washington, D.C. will affect employees at more than 1,400 Wal-Mart stores and 200 Sam’s Club in the U.S. According to CNN, Wal-Mart said it has less than 6,000 employees currently earning the federal minimum wage of $7.25 an hour and has already been planning to pay all employees more than the federal minimum wage.  

Family Dollar delayed a shareholder vote on a potential acquisition by Dollar Tree until Jan. 22 in a move that allows more time to contemplate a rival bid from Dollar General.

Family Dollar convened as planned on Tuesday and, based on insufficient votes, subsequently adjourned its Special Meeting of Stockholders on the proposed transaction with Dollar Tree.