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Could Settling Cost You $1,000 Per Day?
Imagine settling an employment discrimination claim for $450,000 and then getting a bill for $90,000 more than three months later! As of Jan. 1, 2012, this has been possible, and most private employers have no idea it could happen. Employers need to report details of certain settlements to the federal government. This requirement has been in existence for years, but now it may apply to the settlement of employment-related cases. And to make sure the government has your attention, Section 111 of the Medicare, Medicaid, and SCHIP Extension Act imposes a $1,000 per day penalty for any failure to report such settlements or other claim resolutions to the federal government.
Medicare, the federal health insurance program for those over 65 or who meet certain disability standards, makes “conditional” payments for medical treatment when a Medicare beneficiary is injured by a third party. If the injured party later receives payments related to the injury, Medicare can exert a lien on the funds to recoup its payouts. Thus, if you pay an employment settlement to a Medicare beneficiary, it is possible Medicare has a lien on the settlement funds. If you fail to advise Medicare of the payment you made (and thus allow them to secure their lien), they may come after you for that hefty $1,000 per day fine. Here is what you need to know to avoid heavy penalties.
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Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.