Nyse: udr udr, inc. Violates CA Labor Law By Neglecting to Maintain Workers' Compensation Insurance for Its Staff
07-30 18:21: 43 - NYSE: UDR UDR, Inc. Violates California Labor Code by Failing to Carry Workers' Compensation Insurance for Its California Employees Heavy Monetary Penalties and Possible Closure of Leasing Offices is Imminent
In accordance with California Labor Code Section 3700-3709.5, Every employer except the state shall secure the payment of compensation by being insured against liability to pay compensation by one or more insurers duly authorized to write compensation insurance in the State of California."
According to the California Department of Industrial Relations and California's State Compensation Fund, the Colorado-based Landlord/REIT, UDR, Inc., fails to comply with this regulation for its staff at 48 California properties.
According to the California Department of Industrial Relations and California's State Compensation Fund, the Colorado-based Landlord/REIT, UDR, Inc., fails to comply with this regulation for its staff at 48 California properties. As an out-of-state employer, it is particularly vital that UDR stay up-to-date and compliant with California laws. However, we have reported on numerous occasions that they do not.
This news should not come as a big surprise as we have previously reported that UDR, Inc. Also fails to comply with California state landlord-tenant law, California Public & Utilities Commission regulations, reporting requirements by the California Secretary of State, Orange County Recorder's Office guidelines, and Securities & Exchange Commission reporting, advertising, and website rules.
We have contacted the Division of Labor Standards Enforcement Unit to file a claim with the Bureau of Field Enforcement. Established by the California Legislature in 1914, State Compensation Insurance Fund is a self-supporting, non-profit enterprise that provides workers' compensation insurance to California employers at cost with no financial obligation to the public.
California Labor Code section 3700.5. (a) states: The failure to secure the payment of compensation as required by this article by one who knew, or because of his or her knowledge or experience should be reasonably expected to have known, of the obligation to secure the payment of compensation, is a misdemeanor punishable by imprisonment in the county jail for up to one year, or by a fine of up to double the amount of premium, as determined by the court, that would otherwise have been due to secure the payment of compensation during the time compensation was not secured, but not less than ten thousand dollars ($10,000), or by both that imprisonment and fine."
California Labor Code section 3700.5. (b) states: A second or subsequent conviction shall be punished by imprisonment in the county jail for a period not to exceed one year, by a fine of triple the amount of premium, or by both that imprisonment and fine, as determined by the court, that would otherwise have been due to secure the payment of compensation during the time payment was not secured, but not less than fifty thousand dollars ($50,000)."
California Labor Code section 3700.5. (c) states: Upon a first conviction of a person under this section, the person may be charged the costs of investigation at the discretion of the court. Upon a subsequent conviction, the person shall be charged the costs of investigation in addition to any other penalties pursuant to subdivision (b). The costs of investigation shall be paid only after the payment of any benefits that may be owed to injured workers, any reimbursement that may be owed to the director for benefits provided to the injured worker pursuant to Section 3717, and any other penalty assessments that may be owed."
This news will cut hard and deep into the bottom line of this publicly-traded company and will add to the already lagging confidence of investors and analyst predictions of the health and future of UDR, Inc. As a going concern.
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