PHILADELPHIA - (05/09/05) -- A federal judge rejected a plea todismiss a suit by a former executive at American Heritage FCU underthe Family and Medical Leave Act whose job was eliminated in acorporate restructuring. Dennis Heron, former vice president ofmarketing, claims he was demoted the day he returned in October2001 as punishment for taking a three-month leave for depression.Lawyers for the credit unions claim Heron took the leave due towork-related stress. Heron claimed when he returned he was given 24hours to decide whether to accept the newly created position ofmarketing manager at a $20,000 pay cut, so he refused the demotion.The credit union claims the job of vice president for marketing waseliminated as part of a restructuring of the marketing department.U.S. District Court Judge Petrese Tucker said in order to succeedin an FMLA claim Herron must prove he suffered an 'adverseemployment decision'; and that the adverse decision was 'causallyrelated' to his leave.
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A near-collapse of the global software vulnerability database exposed critical weaknesses that could leave banks unable to track cyber threats.
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Two former members of the Federal Open Market Committee said in interviews that they expect the Federal Reserve to keep rates steady amid uncertainty over the ongoing war with Iran and the resulting upward pressure on inflation.
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Goldman Sachs Chief Legal Officer Kathryn Ruemmler received an 11% pay hike last year, bringing her total compensation to $25 million; U.S. Bank promoted Toby Clements to chief operations officer; Klarna is expanding its forward-flow and whole-loan sale deal with Elliot Investment Management to $2 billion; and more in this week's banking news roundup.
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Carter Bankshares in Martinsville, Va., sold more than $200 million of loans made to companies controlled by Sen. Jim Justice and his family, closing out a once close relationship that later descended into rancor and litigation.
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The Federal Deposit Insurance Corp.'s Office of Inspector General said in a Thursday report that staffing cuts over the past year could strain supervision and the agency's response to a crisis.
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The latest rise in property tax collections at the end of last year continued a nine-quarter streak of increases, according to the National Association of Home Builders.
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