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Join the Securities Litigation and Enforcement Group on LinkedInU.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 […]
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 […]
Seeing Red Flags Where None Exist – NYTimes.com
“20/20 hindsight” detrimental to ensuring that board members do their jobs.
SEC Charges Diebold and Execs With Fraudulent Accounting Scheme
SEC also charges former CEO under “clawback” provision of Section 304 of SOX
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 […]