In a recent article for Law360 by Jeff Montgomery, Schulte Roth & Zabel partner Michael Swartz discussed the ongoing litigation between SRZ client Politan Capital and Masimo Corp, in which SRZ counsel recently claimed that change-of-control shields adopted in 2015 violate public policy and were void from the start.

Michael argued that boards cannot contract away their fiduciary duties, and said some of the change-of-control provisions “have no business being in the employment agreement of a public company.”

Michael added that the measure should be found void under the law and as a matter of public policy.

“A void act does not become un-void because shareholders were not focused on it at the time,” Michael said. “You don’t get a free pass once the statute of limitations passes and all of a sudden you get to preclude shareholder rights.”

Read the article here.

Schulte Roth & Zabel partner Martin Schmelkin recently spoke to Robin L. Barton from Hedge Fund Law Report to discuss the New York City wage transparency law that recently took effect. In the article, Marty touches on the goal of the law, the impact on private fund managers, the implications for private fund employees and more.

According to Marty, “[a]t its core, the law states that it is an unlawful discriminatory practice for an employer to advertise for a job, promotion or transfer without stating the minimum and maximum salary for that position in the advertisement. The employer is to base this range on ‘what the employer in good faith believes at the time of the posting it would pay for the advertised job, promotion or transfer.’ So, there’s a good faith standard here.”

Marty also explains that the law affects any employer with four or more employees in New York City and applies to any active job advertisements, regardless of whether they were posted prior to the law taking effect.

Read the article.