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Here’s what the region’s top media outlets are saying about the Valley Industry & Commerce Association:
“One of the more notable barometers…in the court of public opinion may come from the Valley Industry and Commerce Assn.”
“The Valley's most powerful business group”
“VICA, the most powerful business group north of Mulholland…”
“Kudos to VICA…[It] really does take a hard look at issues and isn’t afraid to take controversial stands as it tries to act as an advocate for business.”
LA Considers Divesting Millions from Wells Fargo Bank Over Scandal, Dakota Access Pipeline
June 26 | My News LA
On June 26, a City Council committee explored the idea of divesting Los Angeles’ funds from Wells Fargo over a fake accounts scandal and its support of the Dakota Access Pipeline. The city does the majority of its banking with Wells Fargo through 800 accounts and holds more than $40 million in securities with it. The motion cites the bank’s support of the Dakota Access Pipeline as a reason for possible divestment, as well as a lawsuit the city settled with Wells Fargo last year after some of its employees created more than two million unauthorized accounts as a way to meet aggressive sales goals set by management. Some businesses and nonprofit groups including the Los Angeles Boys and Girls Club, United Way, the Valley Industry and Commerce Association and the Los Angeles Area Chamber of Commerce spoke in favor of Wells Fargo and asked the committee to not recommend divestment due to the charity work the bank supports.
PAGA's Heavy Price
May 1 | San Fernando Valley Business Journal
A state labor law passed in 2004 has grown into a financial nightmare for small businesses such as Town & Country Event Rentals, who recently settled a potential $29 million lawsuit over missed lunch breaks. The suit was filed by two disgruntled former employees represented by a lawyer who utilized the Private Attorneys General Act (PAGA). The state law "authorizes aggrieved employees to file lawsuits to recover civil penalties on behalf of themselves, other employees and the State of California for labor code violations." So under PAGA, any employee can sue for breaches - such as missed lunch breaks or unpaid overtime - even if he or she wasn't directly affected by them. The Valley Industry & Commerce Association (VICA) is advocating against PAGA in Sacramento. VICA formed a committee to specifically address the PAGA problem and work with legislators on reforming the law. Many business regulations include a "right to cure" clause, meaning that once a violation is identified, the employer has an opportunity to fix the problem before facing financial penalties. But "under PAGA there is no right to cure," noted Stuart Waldman, president of VICA.