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☆ Fresh customer-fraud allegations against Globe Life
▼ + stars: | 2024-04-30 | by ( Susan Antilla | ) www.businessinsider.com time to read: +9 min

Read previewThe embattled insurer Globe Life and its subsidiary American Income Life face new allegations of fraud, kickbacks, and misclassifying its army of sales agents. Neither Globe, AIL, or any affiliated agencies have requested a correction on BI's series, which has been cited in all three short-seller reports. Spokespeople for Globe, AIL, and Arias did not respond to inquiries about the Viceroy report. Viceroy today published excerpts from a civil complaint alleging that Globe Life required recruits to purchase the course from Xcel for $149, $119 of which was kicked back to Globe Life, AIL, and agency executives, an allegation Globe has denied. "As you might expect, these sales tactics do not engender long-term retention of policies," the Viceroy report states.

Persons: —, AIL, Fraser Perring, Nate Koppikar, Panda, Arias, Erica Robertson, Robertson, Amy Williamson, Renee Zinsky, Fuzzy Panda, Jamie Winters, Winters, Viceroy, AIL's, Antonio – Organizations: Service, Viceroy Research, Globe, Business, Research, Orso Partners, Insurance Department, Pennsylvania, Arias Organization, Social, Organization, AIL, BI, Department, Xcel, Liberty National Life, Ohio Department of Insurance Locations: Texas, London, Globe, Maryland, Pennsylvania, Arias's Wexford, California, Xcel, Ohio, Antonio

☆ Middle East Crisis Army Begins Work on Floating Pier Meant to Get More Aid to Gaza, U.S. Says
▼ + stars: | 2024-04-26 | by ( Helene Cooper | ) www.nytimes.com time to read: +8 min

- [NON-ENGLISH SPEECH] More than 200 aid workers have been killed in the war in Gaza, according to the United Nations. Weeks before the World Central Kitchen strike, a logistics coordinator for another American aid group called ANERA returned home after distributing supplies. Mousa Shawa was still wearing his ANERA vest when an Israeli strike hit the house, killing him; his 6-year-old son, Kareem; and several neighbors. “We’ve seen tracers going towards the sea.” At this shelter on January 8, the aid group said a projectile was fired through the building, killing a 5-year-old girl. What went wrong in the deconfliction system is still not clear to the aid group.

Persons: “, misclassification, It’s, ANERA, Shawa, Kareem, Mousa, Dua, they’d, they’ve, —, ” Israel, Israel Organizations: Central Kitchen, Washington , D.C, Israel Defense Forces, United Nations, The Times, Hamas, Times, Munitions, Sky News, International Rescue Committee, Aid, “ Locations: Washington ,, Gaza, Israel, Israeli, ANERA, British, U.S

☆ Short-seller sends Globe Life shares plunging 53% as insurance giant calls report 'defamatory,' threatens legal action
▼ + stars: | 2024-04-12 | by ( Susan Antilla | ) www.businessinsider.com time to read: +12 min

Read previewShares of insurance giant Globe Life Inc. plunged 53% today and trading was halted eight times after a short-seller issued a damning narrative on the company. (Globe Life, AIL, and the other defendants denied the allegation in a legal filing.) Meanwhile, Warren Buffett's Berkshire Hathaway sold all 6.35 million shares of Globe Life stock the investor once held. In his April 3 presentation to investors, Koppikar called Globe Life "a dead-end pyramid scheme." He predicted that the DOJ investigation will hinder recruiting, "which is the lifeblood for pyramid schemes like Globe Life."

Persons: —, Arias, Panda, Fuzzy Panda, Steve Greer, Dave Zophin, Trina Orlando, Renee Zinsky, Zinsky, AIL, Simon Arias, Michael Russin, Amy Williamson, Zinsky's, Russin, Warren Buffett's Berkshire Hathaway, John Kane, Matthew D, Williamson, wasn't, I'm, Michael Clark, Renee, Jennifer Haworth, Abeni Mayfield, Susan Antilla, Orlando, Nate Koppikar, Haworth, J, Matthew Darden, Russin's, Koppikar Organizations: Service, Inc, Business, BI, Organization, Globe, AIL, Arias Organization, Agencies, Opportunity, Department of Justice, Globe Life, Russin, AAA, Orlando, Alpha, Reuters, DOJ Locations: Globe's, Pittsburgh, Columbia , Maryland, Mayfield, Arias

☆ A 17-year-old took home $250,000 for his award-winning discovery in computer 'brains' that could make AI smarter and safer
▼ + stars: | 2024-03-15 | by ( Jenny Mcgrath | ) www.businessinsider.com time to read: +5 min

Read previewAchyuta Rajaram won this year's Regeneron Science Talent Search $250,000 top prize for his work on making machine learning more efficient and safer. Beating out 2,000 competitorsParticipation in Regeneron Science Talent Search has grown and shrunk over the years, reaching its peak in the late 1960s during the Apollo missions. Achyuta Rajaram said he was shocked to take home the top prize at the Regeneron Science Talent Search. AdvertisementRajaram plans to continue studying computer science at MIT in the fall. His advice to anyone who wants to apply for the Regeneron Science Talent Search is to "be really, really curious about everything."

Persons: —, Achyuta Rajaram, Rajaram, Maya Ajmera, Ajmera, Chris Ayers, McArthur Organizations: Service, Society for Science, Business, Phillips Exeter Academy, Apollo, McArthur Fellows, MIT, Regeneron

☆ Labor Department's new independent contractor rule could help workers recover lost wages—here's how
▼ + stars: | 2024-01-23 | by ( Gili Malinsky | ) www.cnbc.com time to read: +1 min

Independent workers make up about 45% of the U.S. workforce, according to a 2023 report by MBO Partners, a platform dedicated to their needs. That's more than 72 million Americans altogether, with nearly 30 million of them working independently full-time. This misclassification could lead to a loss in income, ineligibility for state and federal unemployment systems and so on. Nearly 10% of independent contractors make less than $7.25 per hour, according to the National Employment Law Project. A new rule change under the Fair Labor Standards Act, set to take effect on March 11, is aimed at curbing this misclassification.

Persons: Sally Dworak, Fisher, Samantha Sanders Organizations: MBO Partners, National Employment Law, Economic, Institute, Fair Labor Locations: NELP

The governor has the sole discretion to restore those civil rights, apart from firearm rights, which can be restored by a court. It called on DOJ to look into the matter as a possible violation of the Voting Rights Act or other federal laws. The Virginia Department of Elections said in a statement Tuesday that impacted voters will receive written notification that their registrations have been reinstated. It also offered some pushback against the letter, saying it incorrectly claimed that voters were purged “without notice.”“This is false. Macaulay Porter, a spokeswoman for Youngkin, said in a statement that the effort to determine which voters may have been improperly removed was ongoing.

Persons: Glenn Youngkin's, General Merrick Garland, Macaulay Porter, Youngkin, ” Porter, Aryele Bradford, Corinne Geller, Mark Warner, Tim Kaine, Robert “ Bobby ” Scott, Gerry Connolly, Donald Beyer, Abigail Spanberger, Jennifer Wexton, Jennifer McClellan Organizations: —, Democratic, U.S . Department of Justice, Republican Gov, DOJ, Department of Justice, The Virginia Department, Elections, Virginia State Police, Department, U.S Locations: RICHMOND, Va, Virginia, Sens

☆ Discover Financial jumps 7% after agreeing with FDIC to improve consumer compliance
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsCompanies Discover Financial Services FollowOct 2 (Reuters) - Shares of Discover Financial Services (DFS.N) climbed 7% on Monday after the bank agreed to improve its consumer compliance and related corporate governance as part of a consent order with the Federal Deposit Insurance Corp (FDIC). The stock was the top percentage gainer on the benchmark S&P 500 (.SPX) in early trading, outperforming both the broader markets and the financial sector. In late July, Discover revealed it had received a proposed consent order from the FDIC in connection with consumer compliance. At the time, the bank's shares tanked after it also disclosed a regulatory review over some incorrectly classified credit card accounts from around mid-2007 unrelated to the FDIC consent order.

Persons: Carlo Allegri, Manya Saini, Sriraj Organizations: New York Stock, REUTERS, Discover Financial, Discover Financial Services, Federal Deposit Insurance Corp, Discover Bank, U.S . Securities, Exchange Commission, Thomson Locations: Manhattan, New York City , New York, U.S, Bengaluru

☆ Domino's Pizza is among the most overbought stocks on Wall Street. Here are the others
▼ + stars: | 2023-07-22 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Domino's Pizza and Zions Bancorporation are among some of the most overbought stocks on Wall Street this week, as the S & P 500 rose about 0.7%. The RSI measures the speed and size of a stock's price change and can be used to separate the most overvalued and undervalued securities. Wall Street considers a stock overbought and due for a potential pullback when its RSI pushes above 70. Paychex finished the week as the most overbought stock in the index. Other overbought stocks included Zions Bancorporation.

Persons: Paychex, it's Organizations: Wall, Global, Discover Financial, Deposit Insurance Corporation, Ford Motor, Nike, Verizon, Seagate Technology, Equifax, Materials

☆ Here are Friday's biggest analyst calls: Nvidia, Amazon, Carvana, Roku, Microsoft, Eli Lilly and more
▼ + stars: | 2023-07-21 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Truist reiterates Amazon as buy Truist said it's bullish heading into Amazon earnings Aug. 3. Piper Sandler upgrades SL Green to overweight from neutral Piper Sandler said in its upgrade of SL Green that the real estate investment trust has "favorable tailwinds." Piper Sandler downgrades Discover to neutral from overweight Piper Sandler said in its downgrade of the credit card company that it sees too many negative catalysts. Piper Sandler downgrades Carvana to neutral from overweight Piper Sandler downgraded the online used-car company mainly on valuation. Sirius' stock price has more than doubled over the past month and increased 42% yesterday alone.

Persons: . Bank of America downgrades Herc, Herc, Underperform, KeyBanc, it's, Truist, Piper Sandler, Piper Sandler downgrades Carvana, JPMorgan downgrades Blackstone, Morgan Stanley, Eli Lilly, Davidson, Davison, Oppenheimer, Baird, Wedbush, Goldman Sachs Organizations: . Bank of America, . Bank of America downgrades Herc Holdings, Bank of America, Hollywood, NA, Green, DFS, JPMorgan, Novo Nordisk, BMO, Consolidated Edison, of America, Deutsche Bank, Sirius, Nvidia, Microsoft Locations: 2Q23

Johnson & Johnson Covid-19 vaccines are seen on a table on May 7, 2021 in Los Angeles, California. Johnson & Johnson —The stock jumped 6%, lifting the 30-stock Dow Jones Industrial Average, after the the health care posted second-quarter revenue and adjusted earnings that topped Wall Street's expectations. Johnson & Johnson also lifted its full-year guidance as sales from the company's medtech business jumped. Discover Financial Services — Shares tumbled 14% after the company's second-quarter results missed analysts' estimates on both top and bottom lines. MarketAxess — The electronic trading platform rallied 5.6% after releasing its second-quarter results.

Persons: Johnson, Johnson Covid, Tesla, Abbott, Zions, Estee Lauder, StreetAccount, —, Yun Li, Jesse Pound, Samantha Subin, Michelle Fox Organizations: Netflix, Refinitiv, American Airlines –, American Airlines, IBM, Johnson, Dow Jones, Abbott, Discover Financial, Federal Deposit Insurance, Barclays Locations: Los Angeles , California, China, Freeport

In its latest quarter, Netflix posted earnings of $3.29 per share on revenue of $8.19 billion. IBM — The business services company's shares shed 0.7% following its mixed second-quarter earnings report. The company posted revenue of $15.48 billion, missing Wall Street's forecast of $15.58 billion, according to Refinitiv. IBM reported adjusted earnings of $2.18 per share, which was higher than analysts' consensus estimate of $2.01 per share. Tesla — Tesla shares fluctuated near the flatline following its second-quarter earnings announcement.

Persons: Refinitiv, Zions Organizations: Netflix, IBM, United Airlines — United Airlines, American Airlines, Zions Bancorp, Las Vegas Sands, Vegas Sands, Discover Locations: Newark , New Jersey, Las Vegas

☆ Discover Financial shares sink after profit miss, buyback pause
▼ + stars: | 2023-07-19 | by ( Sinéad Carew | ) www.reuters.com time to read: +1 min

Discover, a U.S. provider of digital banking and payment services, last traded at $105.63 after closing the regular session up 15 cents at $121.85. It said that from around mid-2007 it incorrectly classified certain credit card accounts into the highest merchant and merchant acquirer pricing tiers. It said however that the revenue impact of incorrect card product classification was not material to consolidated financial statements. For the second quarter the company reported adjusted earnings per share of $3.54 compared with Wall Street expectations for $3.67, according to data gathered by Refinitiv. It reported revenue, net of interest expense, of $3.88 billion compared with $3.2 billion in the year-ago quarter.

Persons: acquirers, Sinéad Carew, Josie Kao Organizations: Financial Services, Refinitiv, Discover, Thomson Locations: U.S

☆ Texas construction workers protest after Greg Abbott axed mandated water breaks, calling it 'the law that kills'
▼ + stars: | 2023-07-15 | by ( Katie Hawkinson | ) www.businessinsider.com time to read: +2 min

Greg Abbott signed a law nixing mandated water breaks across the state. Now construction workers and their allies are protesting the move, calling it "the law that kills." As a result, construction workers and their allies are calling it "the law that kills," the Texas Tribune reports. "We really need to be allowed to work without problems, without any barriers," Luz Martínez, a Texas construction employee who was at the protest, told the Texas Tribune. There have been 42 heat-related workplace deaths in Texas since 2011, the most of any state, according to the Texas Tribune.

Persons: Greg Abbott, —, Luz Martínez, Abbott, Felipe Pascual, Pascual Organizations: Texas Gov, Service, Privacy, Workers, Gov, Texas Tribune, ABC, CNN, Occupational Health, Safety Administration, New York Times Locations: Texas, Wall, Silicon, Houston

☆ A California state senator is calling for a labor investigation into $12B HR startup Deel over 'brazen employment misclassification' after Insider's reporting
▼ + stars: | 2023-07-06 | by ( Rob Price | ) www.businessinsider.com time to read: +6 min

$12 billion HR startup Deel is facing calls for a California Secretary of Labor investigation. Multiple California state senators criticized Deel for misclassifying workers, citing reporting from Insider. The company is heavily reliant on independent contractors, Insider previously reported. A California senator is calling for the state's Secretary of Labor to investigate Deel, a buzzy San Francisco-based HR startup valued $12 billion, over "brazen employment misclassification." 17 current or former Deel workers had told Insider in March that they had concerns the company may be misclassifying contract workers' employment status.

Persons: Deel, Stewart Knox, Stephen Padilla, Andreessen Horowitz, Emerson, Alex Bouaziz, Padilla, Dave Cortese, María Elena Durazo, We've, Thomas Lenz Organizations: Labor, Morning, Labor and Workforce Development Agency, Contractors, Senate Labor, Public, Global Employment, University of Southern California Gould School of Law Locations: California, San Francisco, Canada, Australia, France, Germany, Spain, Greece, Brazil, Turkey, India, Pakistan, Hong Kong, Singapore, Philippines, Nigeria

☆ Misclassifying employees as gig workers creates 'a race to the bottom' for businesses, Biden's top labor and antitrust regulators say
▼ + stars: | 2023-05-14 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +6 min

Businesses have an incentive to misclassify workers as contractors to undermine their competitors, according to the DOJ Antitrust Division. It's just the tip of the iceberg when it comes to those called "gig workers" — freelancers, contractors, on-call workers, and temp agency workers, who for decades have increasingly replaced full-time employees as independent contractors. Not so for gig workers. In 2018, 20% of workers were contract workers, and 65% of part-time workers and over half of contract workers went without benefits, according to NPR. "Our goals are the same," Abruzzo said, as NLRB and DOJ Antitrust want to end "misclassification and employment structures that cause vertical constraints on competition."

☆ US Senate Republicans go after Biden's labor nominee for stance on Uber, Lyft, others
▼ + stars: | 2023-04-20 | by ( Nandita Bose | ) www.reuters.com time to read: +3 min

[1/2] Julie Su speaks at a Senate Health, Education, Labor and Pensions Committee hearing on her nomination to be Labor Secretary, on Capitol Hill in Washington, U.S., April 20, 2023. She needs at least 50 votes in a Senate where Democrats have a slim 51-49 majority. Industry groups that represent companies employing gig labor have launched an aggressive campaign to oppose her nomination. Cassidy also accused her of eliminating independent contracting during her tenure as Biden's deputy secretary of labor. It is not a given that all Senate Democrats will support Su.

☆ Deel Speed: The inside story of a $12 billion HR startup's breakneck growth
▼ + stars: | 2023-03-20 | by ( Rob Price | ) www.businessinsider.com time to read: +32 min

Insider spoke with more than 30 current or former Deel workers about the HR company's extraordinary rise, and the unconventional tactics that made it possible. "I think if you talk to anyone, they would say that Alex is the face but all decisions run through Phillipe," one former Deel worker told Insider. "They lose every employment and labor protection," Valerio De Stefano, a professor at Osgoode Hall Law School, said of independent contractors. Alex Bouaziz, Deel on Centre Stage during day two of Collision 2022 at Enercare Centre in Toronto, Canada. The company didn't have an internal human-resources team until sometime in 2021, by which point it had grown to hundreds of people.

☆ If you're a gig worker, your boss might be using a technicality to underpay you
▼ + stars: | 2023-01-26 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +4 min

Many workers are classified by employers as independent contractors, rather than employees. The Biden administration has proposed a rule making it easier for gig workers to be counted as employees. NELP finds that 10% to 30% of employers — and potentially more — misclassify workers as independent contractors, "which indicates that several million workers nationally may be misclassified." Truck drivers misclassified as independent contractors may lose between $11,076 and $18,053, according to EPI's estimates. The Biden administration is taking aim at misclassification, hoping to crack down on it and offer an easier pathway for independent contractors to be considered employees.

☆ Before accepting 'manager' in your title, make sure it's not just a way for your company to avoid paying you overtime
▼ + stars: | 2023-01-12 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

A new study finds that firms may be using fake managerial titles to get out of paying employees overtime. Workers with a manager title, who make over a certain amount weekly, are exempt from overtime. Firms gave many more workers who make that cut-off wage manager titles, according to the study. They found that, during that time, there was a 485% increase in managerial titles for workers just over that overtime threshold. In essence, firms give workers title bumps without tacking on new duties — or higher pay.

☆ NLRB opens door for union for college athletes with finding on unfair labor practice complaint
▼ + stars: | 2022-12-15 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

New York CNN —Are college athletes employees? This could open the door to previously unsuccessful efforts to form the first union of college athletes. The complaint had been filed by the National College Players Association (NCPA), an advocacy group. It filed an unfair labor practice complaint on behalf of the athletes. The matter of whether college athletes are professionals, and thus employees, has been hotly debated for decades.

☆ Is Gen Z working? It all depends on what you consider a 'job.'
▼ + stars: | 2022-11-24 | by ( Jacob Zinkula | Madison Hoff | ) www.businessinsider.com time to read: +7 min

It's taken time for Americans of all ages to return to work, but older Gen Zers are most lagging. It may all have to do with how Gen Z views a job versus a side hustle or gig work. And those answers could partially explain a question economists are puzzled over: Where have the Gen Z workers gone? While he's uncertain where the missing Gen Z workers have gone, he says childcare needs could be part of the answer. If Gen Z has embraced gig work over the corporate life, it could be among the reasons many of them say they're living paycheck to paycheck.

Oct 12 (Reuters) - Business groups will almost certainly file lawsuits in an attempt to delay or derail a rule proposed by the Biden administration on Tuesday that would limit companies' use of independent contractors, experts said. Business groups will lobby for changes to the proposal before it is finalized in the coming months but ultimately will likely have to make their case in court that the rule is invalid, legal experts said. Register now for FREE unlimited access to Reuters.com Register"There's going to be years of litigation over this," said Michael Lotito, a San Francisco-based lawyer who represents employers and business groups. Any lawsuit would likely seek to block the rule from taking effect while challenges make their way through appeals courts, which could take years. Individual businesses, workers and trade groups could also bring narrower legal challenges to the new rule.

Gig company stocks were hammered by the news, with Uber (UBER.N), Lyft (LYFT.O) and DoorDash (DASH.N) all falling at least 10%. The proposal would require that workers be considered employees, entitled to more benefits and legal protections than contractors, when they are "economically dependent" on a company. Millions of Americans are working "gig" jobs and this labor has become vital to some transportation, restaurant, construction, health care and other industries. "Misclassification deprives workers of their federal labor protections, including their right to be paid their full, legally earned wages," Walsh said. Seth Harris, President Joe Biden's former top labor adviser, said the rule will not directly impact how courts determine whether workers are employees or independent contractors.

☆ U.S. government back and forth on 'gig' workers, contractors
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +3 min

A DOL proposal in September 2020 made it easier for companies to classify workers as independent contractors if they operated an independent business and had opportunities for profit or loss. BIDEN ADMINISTRATIONThe administration of Democrat Joe Biden blocked the Trump rule in May 2021. A U.S. district judge in Texas in March 2022 blocked the Biden administration withdrawal and ordered the Trump rule to take effect. In June 2022, the DOL said it would develop a proposed rule on determining employee or independent contractor status. It held forums in June to hear from workers and companies.

Gig company stocks were hammered on the news, with Uber (UBER.N), Lyft (LYFT.O) and DoorDash (DASH.N) all falling at least 10%. Employees can cost companies up to 30% more than independent contractors, studies suggest. U.S. Labor Secretary Marty Walsh in a statement said businesses often misclassify vulnerable workers as independent contractors. Those groups have said that any broad rule would hurt workers who want to remain independent and have flexibility. Worker advocacy groups have said that companies are increasingly misclassifying employees as independent contractors, depriving workers of fair pay and benefits to pad their profits.

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