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NEW YORK (Reuters) - A federal judge dismissed a whistleblower lawsuit by a former JPMorgan Chase & Co. private banker who said she was fired for questioning the dealings of a lucrative client. S. District Judge Robert Sweet nonetheless offered a broad view of protections offered to whistleblowers under the Sarbanes-Oxley corporate governance law, saying they cover cases involving alleged wrongdoing by a third party, not just by an employer.
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This Article examines the factors contributing to the decline of the derivative suit and evaluates whether corporations and their shareholders are better off as a result. To assess the state of derivative litigation today, it surveys opinions involving derivative suits involving Delaware corporations brought in federal and Delaware courts. In all, 294 cases are considered. Corporate control has substantial value, as recognized by both the law and the marketplace. Yet the legal limitations on that value depend on the vague precepts of fiduciary obligation. Derivative litigation performs not only the task of righting particular wrongs but also of translating these general precepts into tangible rules. These rules well may be the most exportable part of US corporate governance. Outside the...
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NEW YORK, July 18, 2011 /PRNewswire/ -- While Foreign Corrupt Practices Act (FCPA) prosecutions in the United States continued apace, the first half of 2011 showed some signs that judicial decisions and congressional scrutiny were leading to more - or, in some cases, less - clarity concerning the scope of the statute and the government's enforcement policy, according to global law firm Shearman & Sterling's semiannual report, "Recent Trends and Patterns in FCPA Enforcement," part of the firm's widely distributed FCPA Digest. Although the US government continues to collect record and headline-making fines in some FCPA prosecutions, the average corporate penalty continues to be relatively moderate, the analysis found. At the same time, overseas developments, particularly the coming into f...
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When unknown scammers set up phony bank accounts in the name of legitimate state vendors and snagged nearly $2 million in West Virginia funds, they perpetrated a rare variation of a familiar scam: They stole the identities of companies rather than individuals. It's rare enough that federal law enforcement agencies don't have separate statistics for cases of corporate identity theft, but when they do occur they can involve millions of dollars in potential losses.
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If there's one lesson to be learned from Harriet Miers' doomed Supreme Court nomination, it's this: Do not pick anyone unless he or she has a clear judicial philosophy that can endure the grueling punishment of a senatorial gauntlet. I admired the story of Miss Miers' extraordinary climb up the career ladder in the male-dominated world of law to head the Dallas bar, the Texas bar, the head of a major, 400-member law firm and even come close to heading the ABA itself. There was also her remarkable work ethic, her ability to master complicated legal cases in corporate law and the sweeping issues, judicial and otherwise, that she had to deal with as chief White House counsel to President Bush, not to mention her deep religious values.
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This article explores the competing interests between director authority and accountability within the doctrinal developments underpinning the arguments for and against director oversight liability. The historic losses suffered by companies entangled in the web of subprime mortgages, collateralized debt holdings, and the ensuing credit crisis have brought the role of corporate directors as risk managers under renewed public scrutiny. Directors' authority and their accountability to shareholders are two critical pieces to striking the appropriate balance among the roles, rights, and responsibilities of directors, officers, shareholders, and other corporate constituencies who operate within the corporate power puzzle. Numerous shareholder derivative suits brought in the wake of such losse...
... authority and accountability in oversight cases. Part V applies the proposed red flags test to thr...
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Barnes underlines the fact that these trusts, with their institutional independence and wide circle of beneficiaries, would be far better equipped than typical tax-funded welfare programs to endure shifts in political power. * Pres. Obama will appoint numerous federal judges and, very likely, one or two Supreme Court justices. [...] judicial nominees whose records indicate support for gay rights or abortion rights can't be assumed to be any less corporate-centric in their approach to cases involving corporate power, labor law, or environmental and consumer protection than their social-issue opponents.
