Posts
August 30 2024
Client Alert: Federal Rule Limiting Tipped Employee Side Work Overturned
As hospitality employers are well aware, the U.S. Department of Labor (DOL) has long promulgated the “80/20 Rule” providing that in order to take the tip credit from a tipped employee’s wages, the tipped employee must spend at least 80% of their workweek performing tip-producing duties and no more than 20% on non-tipped duties. Further, since December 2021, the DOL’s updated “80/20/30 Rule” has also restricted the performance of non-tip-producing and “directly supporting” duties (collectively “side work”) to 30 consecutive minutes and restricted the employer from taking a tip credit for time spent on side work for more than 30 consecutive minutes and in excess of 20% of the workweek.
Click here to read the alert.
August 29 2024
Melco chairman Lawrence Ho-backed SPAC raises US$150 million on Nasdaq
Black Spade Capital, the family office of Macau casino operator Melco Resorts & Entertainment’s chairman Lawrence Ho Yau-lung, listed its second special purpose acquisition company (SPAC) on Nasdaq on Wednesday.
www.finance.yahoo.com
August 29 2024
4 Firms Guide VivoPower Subsidiary’s $904M SPAC Merger
Electric utility vehicle company Tembo E-LV on Thursday announced that it has agreed to merge with special purpose acquisition company Cactus Acquisition Corp. 1 Ltd. in a deal built by four law firms that values the combined business at $904 million.
www.law360.com
August 27 2024
Bob Diamond-Backed SPAC Inks Merger to Bring Events.com Public
Event management platform Events.com has struck a deal to merge with a blank-check firm led by Bob Diamond and Jeff Tuder at a pro forma enterprise value of nearly $400 million.
www.bloomberg.com
August 23 2024
Kenya Pensions Industry Plans SPAC to Tackle State Pending Bills
Kenyan pension funds are in talks to acquire a portion of the government’s overdue payments to some contractors and service providers, aiming to undo a decades-old logjam that has weighed on businesses and banks.
www.bloomberg.com
August 23 2024
Tactical Resources Plans Nasdaq Listing Via Plum SPAC Deal
Tactical Resources Corp., a mining company focused on rare earth elements, has agreed to go public on the Nasdaq stock market through a merger with a blank-check firm.
www.bloomberg.com
August 23 2024
Hong Kong eases listing thresholds for tech firms, SPAC deals in fresh tonic for IPO market
Hong Kong’s stock exchange operator is modifying its listing rules to make it easier for specialist technology companies and special-purpose acquisition companies (SPACs) to raise funds from investors, after a rebound in capital-market activities led to record earnings.
www.scmp.com
August 22 2024
Client Alert: California Reforms the Private Attorney General Act
California recently enacted legislation significantly reforming the state’s Private Attorney General Act (“PAGA”), which permits individuals to pursue penalties for employer violations of the California Labor Code provisions on their own behalf and on behalf of other “aggrieved employees.”
Click here to read the alert.