Results matching “sarb”

CFOs flee Sarbox - PointOfLaw Forum

Larry Ribstein takes note of a New York Times article on how the tightening web of accounting liability and white-collar law enforcement is driving talented persons away from CFO (chief financial officer) jobs.

Sarbanes-Oxley implementation - PointOfLaw Forum

Another phase goes into effect, another wave of highly onerous costs gets piled onto businesses. And Prof. Bainbridge has a paper which we haven't linked previously on "The Creeping Federalization of Corporate Law".

Sarbanes-Oxley meets its match - PointOfLaw Forum

Law prof Larry Ribstein of the University of Illinois, whose Ideoblog is highly recommended as a resource on corporate law, has been collecting studies and reports critical of the Sarbanes-Oxley Act on this page. The latest is a working paper from Yale's Roberta Romano entitled "The Sarbanes-Oxley Act and the Making of Quack Corporate Governance".

More: the American Enterprise Institute has been doing a lot on Sarbox: its output includes a panel discussion from May (video/information/newsletter coverage), an article by Peter J. Wallison, and an earlier paper by Roberta Romano.

Sarbanes-Oxley: whistleblowers' delight? - PointOfLaw Forum

The Sarbanes-Oxley bill made it unlawful for companies to take negative employment action against staffers who blow the whistle on various improper financial practices, but one consequence may be to put a premium, among employees with potential disputes with their employers, on characterizing themselves as having raised such objections. Such claims are mounting rapidly in number and may become a significant sector within employment law in the future. (Tamara Loomis, "Whistle while you work", Corporate Counsel, Jun. 9; Alexei Oreskovic, "Fighting Fraud or Whistling Dixie?", The Recorder, Apr. 26; Charles H. Kaplan, Thelen Reid & Priest, Winter 2002-03.)

Here's an excerpt from Robert P. Riordan and Lisa Durham Taylor, "Sarbanes-Oxley Whistleblower Claims: Fast Start or Fizzle?", Alston & Bird LawMemo, undated: "So far, seven of the first 169 cases have reached federal court. Once in court, there is a significant risk that the plaintiff will try to burden the company with high-cost discovery aimed at putting the company´┐Żs accounting practices on trial. The employee will argue that he needs to discover such information in order to satisfy his obligation to show a good-faith basis for his belief that wrongdoing occurred. The true issue, however, remains whether the employee spoke out and was retaliated against as a result, not whether accounting improprieties occurred. Thus, companies may make a strategic decision not to contest the good-faith element, and thereby try to limit discovery to avoid expense and keep the dispute focused on alleged retaliation."

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