Tag: Sarbanes Oxley

U.S. Supreme Court to examine whistleblower claims against financial firms in UBS case | Reuters

The U.S. Supreme Court on Monday agreed to examine how difficult it should be for financial whistleblowers to win retaliation lawsuits against their employers as the justices took up a long-running case involving Switzerland’s UBS Group AG. The justices will hear an appeal by Trevor Murray, a former UBS bond strategist, of a lower court’s decision to throw out his…

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Sarbanes-Oxley Law’s Big Weapon Sits Idle

As the Sarbanes-Oxley Act turns 10 years old, the law’s biggest hammer—the threat of jail time for corporate executives who knowingly certify inaccurate financial reports—is going largely unused. After the financial crisis, the certification rules seemed like a strong weapon against executives suspected of misleading investors. But prosecutors haven’t brought any criminal cases for false certification related to the crisis….…

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Court rules clawback provision of SOX applies only when restatement actually filed

On December 12, 2008, U.S. District Judge Jean Hamilton (E.D. Mo.) ruled that the “clawback” provision of Section 304 of the Sarbanes-Oxley Act of 2002 only applies where an accounting restatement actually is filed.  The court found that it is not enough that an accounting restatement should have been filed because of a company’s material non-compliance with SEC financial reporting…

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