PointofLaw.com
 Subscribe Subscribe   Find us on Twitter Follow POL on Twitter  
   
 
   

 

 

FASB retreats from disastrous litigation disclosure requirement proposal

| 1 Comment


Since July 2008, we've been warning about dangerous proposals from the Financial Accounting Standards Board to change its Standard No. 5, and require financial disclosures about litigation that (1) would provide roadmaps to plaintiffs' lawyers already suing publicly-traded defendants; (2) create collateral opportunities for litigation for alleged failure to meet the standard; and (3) to avoid such collateral litigation, force defensive disclosures that would depress the stock price while litigation was pending and deter meritorious defenses against litigation. Alison Frankel informs us that FASB has finally dropped the proposal. [Reuters]

1 Comment

Does all of this pertain to Asbestos exposure?

Leave a comment

Once submitted, the comment will first be reviewed by our editors and is not guaranteed to be published. Point of Law editors reserve the right to edit, delete, move, or mark as spam any and all comments. They also have the right to block access to any one or group from commenting or from the entire blog. A comment which does not add to the conversation, runs of on an inappropriate tangent, or kills the conversation may be edited, moved, or deleted.

The views and opinions of those providing comments are those of the author of the comment alone, and even if allowed onto the site do not reflect the opinions of Point of Law bloggers or the Manhattan Institute for Policy Research or any employee thereof. Comments submitted to Point of Law are the sole responsibility of their authors, and the author will take full responsibility for the comment, including any asserted liability for defamation or any other cause of action, and neither the Manhattan Institute nor its insurance carriers will assume responsibility for the comment merely because the Institute has provided the forum for its posting.

Related Entries:

 

 


Isaac Gorodetski
Project Manager,
Center for Legal Policy at the
Manhattan Institute
igorodetski@manhattan-institute.org

Katherine Lazarski
Press Officer,
Manhattan Institute
klazarski@manhattan-institute.org

 

Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.