Monday, 20 October 2014
Last updated 4 hours ago
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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...