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The Other Side of the Cucuz Verdict

As previously discussed here, on Wednesday of last week a federal court jury in Detroit found the former CEO and CFO of auto supplier Hayes Lemmerz International Inc. liable on certain allegations in a case brought by the SEC.  The SEC said the jury verdicts against former CEO Ranko “Ron” Cucuz and former CFO William Shovers demonstrated that “senior executives who learn that…

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Wachovia Receives Wells Notice From SEC on Bidding Practices

Wachovia Corp. disclosed in its recently filed 10-Q that the SEC’s Division of Enforcement has notified Wachovia Bank that it may recommend that the Commission file charges against it related to alleged anti-competitive bidding practices in municipal derivatives and investment products. Wachovia stated that it “has been informed that in connection with the bidding of various financial instruments associated with…

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Goldman Sachs Settles with NY, Illinois

The Goldman Sachs Group, Inc. (GS) announced yesterday that Goldman, Sachs & Co. has entered into a settlement in principle with the Office of the Attorney General of the State of New York and the Illinois Securities Department regarding auction rate securities (ARS). Under the settlement, Goldman Sachs will offer to immediately repurchase at par the outstanding auction rate securities that are…

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Australia: Claims Against Centro Properties Back in Court

Duelling claims against troubled Australian company Centro Properties returned to court yesterday in the form of preliminary hearings that will help determine what direction two class actions against the company will take.  According to The Age, a “directions hearing” before the Melbourne Federal Court occurred concerning two separate class actions.  One claim filed by the law firm Maurice Blackburn action is an “opt-in”…

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DC Circuit Finds PCAOB Constitutional

In a highly anticipated opinion, the U.S. Appeals Court for the District of Columbia Circuit held today that the Public Company Accounting Oversight Board created by the Sarbanes-Oxley Act to oversee auditors is, in fact, constitutional.  As reported by Bloomberg, a Las Vegas accounting firm challenged the board’s legality in a 2006 lawsuit, arguing its makeup violated the Constitution’s separation…

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Canada: Expert Panel on Securities Regulation Working to Create Effective National Securities Regulator

In Canada, a group called the Expert Panel on Securities Regulation, established by Finance Minister Jim Flaherty in February, is working to create a new model for a national securities regulator, and a road map to replacing the country’s fragmented system of 13 provincial and territorial securities commissions. Canwest News Service reports that firms presenting to the panel include most…

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