U.S. Stocks Fall as Small Shares Tumble Amid Home Sales
September 24, 2014 —
Joseph Ciolli and Callie Bost – BloombergU.S. stocks fell, led by a plunge among small companies, as sales of existing homes unexpectedly dropped and China’s finance minister damped stimulus hopes.
The Russell 2000 Index of small-cap stocks sank 1.6 percent, the most since July. Yahoo! Inc. (YHOO) dropped 2.3 percent to lead the Dow Jones Internet Composite Index to a one-month low. Alibaba Group Holding Ltd. slid 2.1 percent after surging in its trading debut Sept. 19.
The Standard & Poor’s 500 Index dropped 0.7 percent to 1,997.37 at 11:24 a.m. in New York, after closing at a record Sept. 18. The benchmark gauge hasn’t had a four-day slide this year and hasn’t fallen 10 percent in three years. The Dow Jones Industrial Average slid 58.40 points, or 0.3 percent, to 17,221.34.
Mr. Ciolli may be contacted at jciolli@bloomberg.net; Ms. Bost may be contacted at cbost2@bloomberg.net
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Joseph Ciolli and Callie Bost, Bloomberg
COVID-19 Response: California Occupational Safety and Health Standards Board Implements Sweeping New Regulations to Prevent COVID-19 in the Workplace
December 14, 2020 —
Peter Shapiro, Drake Mirsch & Jade McKenzie - Lewis BrisboisOn November 19, 2020, the California Occupational Safety and Health Standards Board (OSHSB) proposed sweeping and significant new emergency standards to reduce employee exposure to COVID-19. These standards have been accepted by the Office of Administrative Law and are effective as of November 30, 2020. Accordingly, it is critical that employers familiarize themselves with these new requirements and begin to implement these standards as quickly as possible.
The standards include COVID-19 prevention in the workplace, multiple COVID-19 infections and outbreaks in the workplace, “major” COVID-19 outbreaks in the workplace, prevention in employer provided housing, and prevention in employer-provided transportation to and from work. They apply to all California employers and places of employment, except places with one employee who does not have contact with others, employees working from home, or employees in specified health care facilities, services or operations when covered by section 5199.
COVID-19 Prevention Program
Employers are required to establish, implement, and maintain an “effective” written COVID-19 Prevention Program. Under the Program, an employer is responsible for developing a system for communicating about COVID-19, identifying and evaluating COVID-19 hazards, investigating and responding to COVID-19 cases, correcting COVID-19 hazards, providing training and instructions to employees regarding COVID-19, ensuring all employees are physically distanced, providing face coverings, implementing policies regarding personal protective equipment and recordkeeping, ensuring COVID-19 cases are excluded from the workplace, and prohibiting symptomatic employees from returning to work unless certain requirements are met.
Reprinted courtesy of
Peter Shapiro, Lewis Brisbois,
Drake Mirsch, Lewis Brisbois and
Jade McKenzie, Lewis Brisbois
Mr. Shapiro may be contacted at Peter.Shapiro@lewisbrisbois.com
Mr. Mirsch may be contacted at Drake.Mirsch@lewisbrisbois.com
Ms. McKenzie may be contacted at Jade.Mckenzie@lewisbrisbois.com
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COVID-19 Is Not Direct Physical Loss Or Damage
April 13, 2020 —
Joseph Blyskal, Dennis Brown & Michelle Bernard - Gordon & Rees Insurance Coverage Law BlogIs a cash register that is not being used damaged property? When you need to wash a table, a chair, or a section of flooring with readily available cleaning products to make them safe and useable, are you repairing damaged property? Is a spilled cup of coffee waiting to be wiped up actual damage to the premises? If your customers stay home to help stop the spread of a virus, has there been a physical loss inside your shuttered store or restaurant?
The insuring agreements typically found in commercial property insurance policies require “direct physical loss of or damage to” covered property as the triggering event. Without establishing direct physical loss or damage a policyholder cannot meet its burden to trigger coverage for a purely economic loss of business income resulting from shuttering its business due to concerns over exposure to—or even the actual presence of—COVID-19. Despite this well-understood policy language, it is already beyond question that insurers will confront creative—albeit strained—arguments from policyholder firms attempting to trigger coverage for pure economic loss. The scope of the human and economic tragedy we all face will be matched by the scope of the effort to force the financial harm onto insurance companies.
The plaintiffs in what appears to be the first-filed case seeking a declaratory judgment in the context of first-party insurance coverage rely on the assertion that “contamination of the insured premises by the Coronavirus would be a direct physical loss needing remediation to clean the surfaces” of its establishment, a New Orleans restaurant, to trigger coverage for business interruption.[1] See Cajun Conti, LLC, et. al. v. Certain Underwriters at Lloyd’s, London, et. al. Civil District Court for the Parish of Orleans, State of Louisiana. The complaint alleges that the property is insured under an “all risk policy” defining “covered causes of loss” as “direct physical loss.” The plaintiffs rely on the alleged presence of the virus on “the surface of objects” in certain conditions and the need to clean those surfaces. They go so far as to claim that “[a]ny effort by [the insurer] to deny the reality that the virus causes physical damage and loss would constitute a false and potentially fraudulent misrepresentation. . . .”
Reprinted courtesy of Gordon & Rees attorneys
Joseph Blyskal,
Dennis Brown and
Michelle Bernard
Mr. Blyskal may be contacted at tblatchley@grsm.com
Mr. Brown may be contacted at dbrown@grsm.com
Ms. Bernard may be contacted at mbernard@grsm.com
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Detect and Prevent Construction Fraud
August 28, 2018 —
Tiffany Couch - Construction ExecutiveWith construction ramping up in many markets, construction firms plan to hire more workers, indicating the industry's continued optimism about a healthy economy. It's news that is both exciting and perhaps a little daunting: hiring competent, qualified tradespeople is challenging under any conditions. No one wants to hire a poor employee—or worse, someone who turns out to be a thief.
While no industry is immune to occupational fraud, the construction industry is one of the harder hit. The average construction fraud scheme costs business owners $227,000 before it is detected. Worse, the fraudster is very often someone the employer implicitly trusts, making it even harder to believe the company has been the victim of insider theft. Fraud can hurt a business's reputation, cost thousands and betray trust. It may seem uncontrollable and unforeseeable unless employers know how to detect and deter fraudulent behavior.
Reprinted courtesy of
Tiffany Couch, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved.
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Ms. Couch may be contacted at
tcouch@acuityforensics.com
Connecticut Reverses Course for Construction Managers on School Projects
August 05, 2024 —
Anand Gupta - Construction Law Zone BlogOn June 6, 2024, Connecticut Governor Ned Lamont signed into law Public Act 24-151 (H.B. 5524) (Bill 5524). Bill 5524 authorized and adjusted bonds of the state and provisions related to state and municipal tax administration, as well as addressed school building projects. Notably, Bill 5524 removed the ban on construction managers self-performing work on public school construction projects, effective July 1, 2024. Allowing construction managers to self-perform certain portions of the work, such as general trades, subject to the standard bidding requirements, is a common industry practice that, theoretically, reduces total project costs by reducing the amount of subcontracted work. However, proponents of banning self-performance argue that construction managers have too much information to bid fairly and competitively.
Reprinted courtesy of
Anand Gupta, Robinson+Cole
Mr. Gupta may be contacted at agupta@rc.com
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Can Baltimore Get a Great Bridge?
June 21, 2024 —
James S. Russell - BloombergWhen the Francis Scott Key Bridge collapsed
after being struck by a massive container ship early in the morning on March 26, six highway workers were killed, a segment of the Baltimore Beltway was severed, the Port of Baltimore was largely shut down for two months — and the city lost an important piece of its identity.
Before its destruction made it famous, the Key Bridge was not really a landmark like San Francisco’s Golden Gate Bridge or other charismatic spans that serve as symbols for their host cities. Built in 1977, it was a more utilitarian structure, with brawny trusswork that evoked the city’s industrial past, and an important job to do: It could carry the fuel-hauling tanker trucks that are prohibited from traveling through two nearby tunnels. Its visibility at the mouth of Baltimore’s harbor marked it as a prominent link between the modest communities that line the blue-collar waterfront and the glass apartment and office towers that now define the downtown skyline.
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James S. Russell, Bloomberg
Recovering Unabsorbed Home Office Overhead Due to Delay
May 30, 2022 —
David Adelstein - Florida Construction Legal UpdatesIn the
preceding article, I discussed the use of a retrospective as-built delay analysis in a case before the Civilian Board of Contract Appeals (CBCA). This case also discussed a damages component in certain delay claims known as unabsorbed home office overhead—a challenging damages component to recover because this deals with indirect costs as opposed to direct costs.
Unabsorbed home office overhead is a damages component when the contractor is on standby, but this is NOT as easy as just claiming standby thereby you are automatically entitled to unabsorbed home office overhead. There are requirements that MUST be met.
To obtain an equitable adjustment for unabsorbed home office overhead as compensation for being on standby, [the contractor] must initially show “[1] a government-caused delay of uncertain duration,” that “[2] the delay extended the original time for performance” or precluded the contractor from finishing earlier than scheduled, and that “[3] the contractor [was] on standby and unable to take on other work during the delay period.
CTA I, LLC v. Department of Veteran Affairs, CBCA 5826, 2022 WL 884710 (CBCA 2022) quoting Nicon, Inc. v. U.S., 331 F.3d 878, 883 (Fed. Cir. 2003).
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David Adelstein, Kirwin Norris, P.A.Mr. Adelstein may be contacted at
dma@kirwinnorris.com
Spearin Doctrine 100 Years Old and Still Thriving in the Design-Build Delivery World
January 09, 2019 —
John P. Ahlers - Ahlers Cressman & Sleight PLLCThe Supreme Court’s ruling in United States v. Spearin, [1] also referred to as the Spearin doctrine, is a landmark construction decision.[2] The Spearin doctrine provides that the Owner impliedly warrants the information, plans and specifications which an Owner provides to a General Contractor. If a Contractor is bound to build according to plans and specifications prepared by the Owner, the Contractor will not be responsible for the consequences of defects in the plans and specifications.
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John P. Ahlers, Ahlers Cressman & Sleight PLLCMr. Ahlers may be contacted at
john.ahlers@acslawyers.com