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Join the Securities Litigation and Enforcement Group on LinkedInBinance CEO brushes off $2.1 billion FTX clawback concerns
“Would you be able to handle it if somebody asked you for $2.1 billion back,” Quick asked him. “We are financially OK,” Zhao said, evading a straight answer. If bankruptcy proceedings can establish that a payment was made through proceedings of fraud or that an individual should have reasonably known that a payment was fraudulent, […]
SEC Chair Gary Gensler backs controversial clawback rule
A new Securities and Exchange Commission rule that would allow the agency to reclaim bonuses from certain executives should not discourage companies from going public, SEC Chair Gary Gensler said Friday. The “clawback rule” broadens SEC regulators’ authority to recover incentive-based compensation to current and former executives of public companies that was awarded based on […]
Accounting Errors to Cost Executives Their Bonuses Under SEC Rule – WSJ
Regulators will make public companies take back executives’ incentive pay if they find significant errors in financial statements, aiming to improve corporate accountability at a time of rising shareholder discontent over pay practices. The Securities and Exchange Commission voted 3-2 Wednesday to complete the so-called clawback rule, with all Democrats approving and Republicans dissenting. Required […]