News

FTC’s Ban on Non-Competition Agreements

FTC’s Ban on Non-Competition Agreements

On April 23, 2024, the Federal Trade Commission (“FTC”) announced its final rule prohibiting employers from entering into, enforcing, or attempting to enforce post-employment non-compete clauses (the “FTC Rule”). Subject to a limited exception, the FTC Rule will also...

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DO YOU DO FBO?

DO YOU DO FBO?

The recent bankruptcy filing of Synapse Financial Technologies highlights the risks to banks of establishing “for the benefit of” or “FBO” accounts. Synapse operated a fintech platform used by over 100 different fintech partners. Using Synapse’s platform, the fintech...

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DOL Increases Salary Thresholds for Exempt Employees

DOL Increases Salary Thresholds for Exempt Employees

On April 23, 2024, the United States Department of Labor (“DOL”) issued its Final Rule regarding exempt workers under the Fair Labor Standards Act (“FLSA”). The Final Rule significantly raises the minimum salary thresholds for employees to be considered exempt from...

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Davenport Evans Welcomes 2024 Summer Associates

Davenport Evans Welcomes 2024 Summer Associates

Davenport Evans is pleased to welcome its 2024 summer associate class, (as shown, left to right:) Noah R. Reeves, Victoria M. Mendoza, Ann L. Madson, and Tyler J. Arend. Davenport Evans has a long history of hiring law students who participate in the firm’s summer...

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OFAC Compliance: A Risk-Based Approach

OFAC Compliance: A Risk-Based Approach

OFAC - “What is that, and do I care?” The answer to the latter question should be a resounding “Yes” if you are in bank management, compliance, account on-boarding, or transaction monitoring. OFAC, the acronym for the Office of Foreign Assets Control of the U.S....

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Using AI in the Workplace

Using AI in the Workplace

As the adoption of Artificial Intelligence (AI) continues to grow in workplaces, it's crucial to approach its integration with a critical eye. While AI offers potential benefits such as increased efficiency, it also presents significant challenges, particularly...

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DOL Releases Independent Contractor Final Rule

DOL Releases Independent Contractor Final Rule

Earlier this month, the Department of Labor’s Wage and Hour Division released its final rule regarding worker classification, entitled “Employee or Independent Contractor Classification Under the Fair Labor Standards Act.” The final rule, which was published on...

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Avoid Fines and Liability with CTA FinCEN Filings

Avoid Fines and Liability with CTA FinCEN Filings

The Corporate Transparency Act (CTA), which became effective on January 1, 2024, is a new federal law and regulatory scheme that will have a dramatic and widespread impact on millions of people. Millions of owners of LLCs, corporations, limited partnerships, and other...

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Managing a Buy Now, Pay Later Loan Program

Managing a Buy Now, Pay Later Loan Program

If you purchased something online this holiday season, you were likely given multiple payment options at checkout, including an option to “buy now, pay later (BNPL)”. A BNPL loan allows borrowers to defer payment on purchased items. Borrowers pay little to nothing at...

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Davenport Evans Announces New Partner Ashley Brost

Davenport Evans Announces New Partner Ashley Brost

Davenport, Evans, Hurwitz & Smith, LLP is pleased to announce that Ashley R. Brost has become a partner in the firm. Originally from Sioux Falls, Ashley Brost joined Davenport Evans in 2018. Ashley is a litigation attorney focused on commercial litigation with an...

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BSA Takeaways from Kingdom Trust Consent Order

BSA Takeaways from Kingdom Trust Consent Order

Earlier this year, FinCEN assessed a $1.5 million civil money penalty against South Dakota-chartered Kingdom Trust Company for willful violations of the Bank Secrecy Act.  This was FinCEN’s first enforcement action against a trust company, and the South Dakota...

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Davenport Evans Gives Back at the Holidays

Davenport Evans Gives Back at the Holidays

Around 40 Davenport Evans lawyers, staff, and family members continued the firm’s annual holiday tradition of volunteering at The Banquet, a feeding ministry, on December 19. The meal served 248 adults and 10 children. We also gave out winter gloves donated by...

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Davenport Evans Welcomes Elliot J. Knuths

Davenport Evans Welcomes Elliot J. Knuths

Davenport, Evans, Hurwitz & Smith, LLP is pleased to announce the addition of a new attorney, Elliot J. Knuths, to the firm. Elliot Knuths is a member of the Davenport Evans Trusts and Estates Practice group. Elliot is a native of Madison, South Dakota and joined...

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Davenport Evans Welcomes Pedro N. Assis

Davenport Evans Welcomes Pedro N. Assis

Davenport, Evans, Hurwitz & Smith, LLP is pleased to announce the addition of a new attorney, Pedro N. Assis, to the firm. Pedro Assis is a member of the Davenport Evans Trust & Trust Companies practice group. He is a native of Guaxupé, Minas Gerais, Brazil....

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Davenport Evans Welcomes Alex J. Hoffman

Davenport Evans Welcomes Alex J. Hoffman

Davenport, Evans, Hurwitz & Smith, LLP is pleased to announce the addition of a new attorney, Alex J. Hoffman, to the firm. Alex Hoffman is a member of the Davenport Evans Trusts and Estates Practice group. He is a native of Elk Point, South Dakota and joined the...

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