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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JPMorganChase and Bank of America raised concerns about the proposed removal of risk-weighted assets from the denominator of the short-term wholesale funding component of the GSIB surcharge — changes backed by Goldman Sachs and Morgan Stanley.
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House Speaker Mike Johnson, R-La., reportedly plans to send the recently passed housing bill to the White House on Monday, starting a 10-day clock for the president to sign the bill.
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The global payments platform, which recently expanded to the U.S., also plans to build new autonomous finance and agentic commerce products.
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A new lawsuit seeking class-action status alleges that FirstBank Puerto Rico knowingly facilitated Jeffrey Epstein's sex trafficking operation by failing to enforce basic anti-money-laundering and know-your-customer rules.
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Pinnacle Financial Partners' headquarters is moving to a new 25-story office tower in Midtown Atlanta; New Jersey-based Provident Bank appoints Adriano Duarte to succeed Thomas Lyons as chief financial officer; Binance will shut down services for customers in France, Italy, Spain and Poland after the exchange withdrew its MiCA licence application in Greece; and more in this week's banking news roundup.
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The bank is part of a trend of financial institutions trying to streamline a complicated industry that paper has dominated for years.
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