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Ortoli | Rosenstadt: What Exactly Is a Seller Responsible for When Selling Its Staffing Firm?
Buyers of a business generally expect sellers to be responsible for certain liabilities relating to when the seller owned its business—a concept mergers and acquisitions professionals refer to as indemnification. Indemnification is one of the most heavily negotiated, and potentially most significant, provisions of a purchase agreement, and understanding the terminology common to such agreements is essential when negotiating a deal. Attorney Paul Pincus of Ortoli Rosenstadt LLP explains what sellers are liable for, how a seller’s liability may be limited, and how buyers may seek to fund potential indemnity claims.
Jobless Claims in U.S. Climbed More Than Forecast Last Week
Bloomberg (12/31/14) Shobhana Chandra
The number of people applying for unemployment benefits in the week ended Dec. 27 rose by 17,000 to 298,000, according to the U.S. Department of Labor. The 22 economists surveyed by Bloomberg had forecast claims of 290,000. The four-week moving average of new claims increased by 250 to 290,750.
Texas Manufacturing Activity Picks Up Pace
Federal Reserve Bank of Dallas (12/29/2014)
Texas factory activity increased in December from November, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose strongly from 6 to 15.8, indicating output grew at a faster pace in December than in November.
Labor market indicators reflected unchanged workweeks but continued employment increases. The December employment index held steady at a solid reading of 9.2, with 17% of firms reporting net hiring compared with 7% reporting net layoffs. The hours worked index dropped from 5.7 to 0, indicating no change in hours worked in December. The wages and benefits index ticked up from 23.9 to 25.1. This index has been consistently elevated this year, suggesting continued upward pressure on compensation costs.
Inflation No-Show Unlikely to Slow Fed Countdown to Rate Liftoff
Bloomberg (12/31/14) Michelle Jamrisko
The U.S. Federal Reserve is expected to increase its benchmark interest rate around mid-year due to an improving labor market and anticipated higher wages. Rates have been near zero for six years.
“We’re still saying June with risks to September,” says Michael Gapen, chief U.S. economist for Barclays PLC. The Fed “can push rates higher in the middle of the year, even though visually that may look awkward if headline inflation is around zero.”
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Staffing Today Returns Jan. 2
In observance of New Year’s Day, ASA headquarters will be closed Thursday, Jan. 1. Staffing Today will return Friday, Jan. 2, 2015.
Cuomo Signs Bill Revoking Annual Pay Notice Requirement
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Minimum Wage Rise Among New Nebraska Laws
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New Year Brings Higher Minimum Wage to South Dakota
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Minimum Wage in Richmond, CA, to Increase to $9.60 Per Hour on Jan. 1
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Bay Area Voters Impose Local Requirements for Minimum Wage, Sick Leave, and Workplace Flexibility
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2014 Wage Hour Wrap Up
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Some Businesses Use Part-Time to Meet Health Law
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