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In brief

COVID-19 was officially declared a pandemic in the U.S. on March 13. Yet, even now, as we are over six months into the crisis, employers still continue to face challenges when navigating the sometimes daily changes in health and safety orders, updates from federal agencies, court decisions, and the proliferation of lawsuits.

Some of the key decision points for many employers include when to reopen, what should drive that decision, the legal risk of getting it wrong, and how to mitigate that risk. Unlike retailers and restaurants, companies in the financial industry have largely avoided shutting down operations. However, that does not mean they have fully reopened.

Where does the financial industry stand in its reopening? What should financial services companies be concerned about in terms of COVID-19-related guidance and recommendations and legal claims by employees? How can companies mitigate these claims? What are specific COVID-19-related compliance issues unique to investment advisers and broker-dealers?


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Original article published in Law360

Author

Susan Eandi is the head of Baker McKenzie's Global Employment and Labor Law practice group for North America, and chair of the California Labor & Employment practice group. She speaks regularly for organizations including ACC, Bloomberg, and M&A Counsel. Susan has been published extensively in various external legal publications in addition to handbooks/magazines published by the Firm. Susan has been recognized as a leader in employment law by The Daily Journal, Legal 500, PLC and is a Chambers ranked attorney.

Author

Paul Evans is a partner in the Employment & Compensation Practice Group in Baker McKenzie's New York office. For over 20 years, Paul's practice has included representation of employers at the US state, federal and appellate level in employment discrimination class actions, employment testing and validation matters, wage and hour class and collective actions, multiplaintiff and other complex labor and employment litigation.

Author

Amy serves as the Co-chair of Baker McKenzie’s North American Financial Regulation and Enforcement Practice, which provides our clients with a full range of regulatory advice and enforcement counseling. Previously, Amy has served as chief litigation counsel at the US Securities and Exchange Commission's (SEC) Philadelphia regional office and managed a team of lawyers overseeing a wide variety of enforcement matters and investigations.

Author

Jennifer L. Klass serves as the Co-chair of Baker McKenzie's Financial Regulation and Enforcement Practice in North America. Jen is an experienced investment management lawyer with particular focus on investment adviser regulation and the convergence of investment advisory and brokerage services. She regularly represents clients before the US Securities and Exchange Commission (SEC), both in seeking interpretative guidance and in managing examination and enforcement matters. Jen is a leading practitioner in digital investment advice and the use of FinTech in the asset management industry. Jen provides practical advice that is informed by her experience as Vice President and Associate Counsel at Goldman, Sachs & Co., where she represented the asset management and private wealth management businesses.

Author

Autumn Sharp is a Knowledge Lawyer, in Baker McKenzie's Chicago office.