March 29, 2006

NEGOTIATORS INCH

TOWARD SETTLEMENT

 

Parties Closer on Trading Policy, But It Remains a Stumbling Block

 

Tuesday, Standard & Poor’s negotiators made movement in several areas of the controversial Personal Securities Trading System that has been the major stumbling block to reaching a contract settlement. But they refused to budge on their demand that employees covered by the policy hold a stock for 45 days after purchasing it before selling at a profit.

 

“Regarding short-term trading,” S&P’s lead negotiator, Steve Macri, a lawyer from the firm of Putney, Twombley, Hall & Hirson insisted, “the company feels it is imperative to maintain the 45 days and, no matter how many times I ask, the company isn’t likely to change it.”

 

“We feel it is imperative to reject the 45 days, so we have a problem,” the union’s lead spokesperson, N.Y. Guild President Barry Lipton said, and he asked to meet that day with those company representatives who are clinging to the “hold.” The meeting was held at 55 Water Street instead of Guild headquarters because the union had said in advance that it wanted to reach an agreement on the trading policy and perhaps on the entire contract, Tuesday, and wanted the company’s principles on hand.

 

The S&P officials were not available to meet, however, nor could apparently they be reached by telephone.

 

The company’s Negotiating Committee then cancelled today’s meeting, a date both teams had agreed to “hold” in case an accord wasn’t reached on Tuesday.

 

However, progress was made yesterday in other difficult areas of the policy and the Guild put “on the record” a proposal that it had informally presented to the company, regarding job security. The proposal would provide added protections and additional severance should S&P elect to subcontract any of our work.

 

The parties are arranging for another meeting, although it won’t be possible for several days. We will keep you posted.

 

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03/29/06