RenTech Battles Unemployment Ruling

Jan 25 2011 | 11:03am ET

Renaissance Technologies is fighting to hold on to about $100,000 after the New York State Department of Labor ruled it should have treated its security guards as employees.

The state Unemployment Insurance Appeal Board will hear RenTech's appeal today. The case stems from the 2008 unemployment filing of former security guard Louis Marsicovetere, who worked at RenTech's Manhattan office. Marsicovetere's filing was first rejected. But after several months, the state ruled in his favor, telling RenTech it should classify its security guards in both Manhattan and at its Long Island headquarters as employees, not independent contractors, and that therefore it should be paying more unemployment insurance for them.

Employment-law experts told the New York Post that the ruling could cost RenTech about $100,000.

But the hedge fund rejects the Labor Department's decision, alleging that Marsicovetere set his own hours, working as little as eight hours a week, too few to be considered an employee. But Marsicovetere says he was an employee and notes he had to wear a RenTech uniform while on the job.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.