Corporate Accountability Report Index-Summary

ELECTION OF DIRECTORS

ENERGY

– Apache Corp. exclusion of shareholder proposal, stock ownership proof (S.D. Tex.), 98; court allows exclusion from proxy, 243
– Applied Minerals and former CEO settle SEC fraud charges (D. Idaho), 47
– Atlas Energy Resources, controlling unitholder fiduciary merger claims proceed (Del. Ch.), 1294
– BP Deepwater Horizon oil spill

– – Class action to be filed by N.Y. Comptroller, 679
– – Derivative suit (Del Ch.), 542
– – Dividends, Democrats urge suspension, 592
– – ERISA “stock drop” class action (N.D. Ill.), 681

– Climate change

See CLIMATE CHANGE

– CNX Gas Corp. injunction, post-closing damages remedy for tender offer (Del. Ch.), 597; unilateral two-step freeze-out, standard of review goes to high court, 711; interlocutory appeal denied (Del.), 737
– Coal-ash risk management disclosure, shareholder resolutions, 245; MDU Resources vote, 465
– Constellation Energy Group “stock drop,” riskier business model not covered (D. Md.), 925
– Deepwater drilling risk disclosure, coalition letter, 852
– Dynegy executive criminal fraud conviction elements (U.S., rev den), 68
– Enron

– – Attorneys' fees, challenge to award rebuffed (5th Cir.), 1297
– – Double jeopardy, Enron Broadband executive, colorability necessary (5th Cir.), 466; claims not colorable (U.S., rev den), 1199
– – Honest-services fraud, CEO, vagueness (U.S., oral arg), 247; bribery and kickback limitation (dec), 642; effects of ruling limited, BNA Insights, 864; case will limit fraud prosecutions, 984; Senate committee chair wants legislative fix, 1057
– – Merrill Lynch, former executive settles aiding and abetting charges (S.D. Tex.), 524

– Hydraulic fracturing risks, shareholder disclosure request, 93
– ISO New England utility, executive compensation plan, FERC approval (D.C. Cir.), 826
– KD Resources, whistleblower, estoppel tolls statute of limitations (DOL ARB), 411
– Norex Petroleum, no RICO application to extraterritorial conduct (2d Cir.), 1088
– Oil and gas extraction, estimation and disclosure, FASB guidance, 52
– Oil sand extraction risk, 519
– Quest Energy Partners, former CFO fraud sentence (W.D. Okla.), 1300
– Quest Resources, stay under PSLRA, requirements to lift (W.D. Ohio), 19
– Resource extraction companies, disclosure of payments to foreign and U.S. governments, 762
– SulphCo market manipulation pleading deficiency (S.D.N.Y.), 738
– Teppco merger settles derivative claims (Del. Ch.), 152
– TETRA Tech., attorney-client privilege of communications with insurance brokers (S.D. Tex.), 381

ENVIRONMENT

– Climate change

See CLIMATE CHANGE

– Coal-ash risk management disclosure, shareholder resolutions, 245; MDU Resources vote, 465
– Conflict minerals mining disclosure, application, 1286; SEC rules coming, 1347
– Water risks, inclusion in filings, Ceres report, 166

ERISA FIDUCIARY DUTY

– Lehman Bros. class action, Fidelity failure to sue auditors (D. Mass.), 1024
– Potential sale, duty not implicated in (W.D. Mich.), 659
– “Stock drop”

– – Am. Express, employer stock mandated, dismissed (S.D.N.Y.), 1231
– – Amgen Inc., off-label drug uses (C.D. Cal.), 250
– – Bank of America dismissed (S.D.N.Y.), 950
– – BP oil spill class action (N.D. Ill.), 681
– – Exhaustion of administrative remedies required (M.D. Fla.), 1117
– – Fannie Mae, preliminary settlement (D.D.C.), 658
– – Ford Motor Co., settlement (E.D. Mich.), 957
– – Home Depot, dismissal granted (N.D. Ga.), 656
– – KB Home, final settlement approval (C.D. Cal.), 993
– – Lehman Brothers, directors not fiduciaries (S.D.N.Y.), 176
– – Marsh & McLennan, class settles (S.D.N.Y.), 175
– – Oneida, preliminary settlement (N.D.N.Y.), 658
– – Riskier business model not covered (D. Md.), 925
– – Schering-Plough, presumption of prudence overcome (D.N.J.), 715; court approves settlement, 1382
– – Statute of limitations, tolling for fraud (D.D.C.), 624
– – SunTrust failure to diversify claim (N.D. Ga.), 1201
– – Wachovia class action (W.D.N.C.), 857
– – Washington Mutual settlement (W.D. Wash.), 926

– Tax penalties, self-audits to shield companies, 746

EUROPEAN UNION (EU)

– Attorney-client privilege, communication between in-house counsel and corporate employees (ECJ), 1021
– Auditing regulatory framework, review launched, 475; overhaul of auditor oversight needed, 1119
– Bank market abuse, sanctions coming, 1172
– Bonus rules for banks enacted, 709
– Corporate governance, shareholder rights, green paper, 594
– Disclosure, reporting issues, 1059

EVIDENCE

– Brady claims in U.S. Food Services new trial request (S.D.N.Y.), 67; new trial granted for jury instruction, hearsay (2d Cir.), 717
– Expert testimony, handwriting and corporate governance, accounting fraud (E.D.N.Y.), 127
– Fifth Amendment unavailability, using earlier testimony (E.D.N.Y.), 652
– Galleon Mgmt. insider trading case, DOJ inadvertently gives wiretap evidence to SEC (S.D.N.Y.), 124; timing of criminal and civil trials, 170; wiretap evidence order stayed (2d Cir.), 172; SEC urges no stay, 202; defendants respond, 221; case shows DOJ and SEC insider trading trends, 300; stay ordered pending appeal (2d Cir.), 328; judge wants more information on proposed Schottenfeld settlement (S.D.N.Y.), 348; amicus filings, 467; Schottenfeld settlement approved, 469; suppression of wiretap evidence sought, 499; leaks of confidential information under investigation, 543; fairness requires disclosure to both sides, says SEC (2d Cir.), 546; oral argument set, 598; extension granted to DOJ for opposition to motion (S.D.N.Y.), 656; DOJ says wiretaps appropriate (S.D.N.Y.) and SEC tries to prevent amicus filing (2d Cir.), 718; DOJ omissions from affidavit, hearing set (S.D.N.Y.), 885; remand for balancing test of need and privacy (2d Cir.), 1090; defendant claims DOJ should have disclosed SEC investigation (S.D.N.Y.), 1142; Goel settles, 1230; separate trials for Rajaratnam and Chiesi allowed, 1299; SEC renews request for wiretap evidence, 1382
– Scienter, persons who must be shown to have, BNA Insights, 775

EXECUTIVE COMPENSATION

– Advisory votes more successful than say-on-pay, 165
– Banks

– – Bank of America merger with Merrill Lynch, expert testimony relying on media reports, admissibility (S.D.N.Y.), 9; new SEC suit alleges proxy violations (N.Y. Sup. Ct.), 39; N.Y. AG charges bank and former executives with disclosure violations, 142; judge asks N.Y. AG for witness transcripts, 168; settlement approved, 193; correction, 224; proposed settlement rejection, SEC enforcement developments, BNA Insights, 355; IG Kotz investigating $33M settlement rejected by court, 569; former CEO Lewis denies allegations (N.Y. Super. Ct.), 921
– – FDIC premiums and risk taking proposal, 34
– – Long-term performance measures not included, CII study, 1278
– – Risks

– – – Consideration increases after Feinberg, 1168
– – – Guidance, 651

– Bonuses

– – AIG, Grassley (R-Iowa) seeks information from Geithner, 147
– – Delay for highly paid bank employees (SEC No-Action Letter), 244
– – EU enacts new bank rules, 709
– – Increases, survey, 246; CEO bonuses larger than predicted, 297
– – TARP recipient data, N.Y. AG seeks, 40
– – Taxation of bonuses from TARP companies

– – – Conn. House passes, 462
– – – Federal

See LEGISLATION, FEDERAL, HR 4426

– – Tribune paying during bankruptcy (Bankr. D. Del.), 378

– Committees, framework to assess pay plans, publication, 295
– Communication with shareholders, Action Memo, 212
– Decline in pay, increase in wealth for CEOs, 2009, 541
– Derivative litigation

– – Hewlett-Packard CEO severance after false expense accounts (Cal. Super. Ct.), 920; SEC investigating CEO departure, 1381
– – Special litigation committee, equity incentive plan, independence issues (Del. Ch.), 326

– Disclosure

– – Amendments to incomplete filings may be required, 564
– – Analysis issues, 1344
– – Risk assessment, first efforts, 648
– – Risk-taking, survey, 877
– – Wall Street reform law provisions, BNA Insights, 1036; executive compensation assessment plan should be developed, Action Memo, 1131

– Escrowed share arrangements, FASB update, 73
– Excessive pay, caps, researcher solutions, 463
– Federal agency subawards, OMB interim final guidance, 1020
– Financial reform legislation, regulators incorporating key goals, 346
– Fortune 100 firms, perks reduced, Equilar analysis, 981
– Golden parachute tax gross ups, survey, 167
– Health insurance providers, limits, BNA Insights, 664
– Issues in current practices, report, 93
– Outside directors, fiduciary duty to investigate red flags before disclosure, Action Memo, 371
– Peer group selection for benchmarks, research, 763
– Proxies, ISS releases draft voting policies, 1190
– Reforms

See LEGISLATION, FEDERAL, HR 4173

– Regulation S-K, guidance, 168; revision, 224; interpretations, 268; updated guidance issued, 648
– Regulator authority, hearing planned, 946
– Review process, role of internal auditors, others, 944
– Risk management

– – Design and review process needed, BNA Insights, 476
– – Incentive plans, impact assessment program, Action Memo, 262
– – Internal audits to assess risk, Action Memo, 512
– – Link not addressed, 92
– – Pay practices, Mercer survey, 36

– Say-on-pay

– – Corporate Executive Accountability Act

See LEGISLATION, FEDERAL, S 3049

– – Fears not valid, study, 980
– – Financial institution adoption, institutional investors letter, 121
– – Legislation, 264; risk-retention, SEC funding may delay support, 301; committee hearing, 402; business groups oppose corporate governance measures, 403; further action, see LEGISLATION, FEDERAL, S 3217
– – Momentum, more companies adopting, 216
– – Shareholder approval requirement

See LEGISLATION, FEDERAL, HR 3269

– – Shareholder proposals, 2011 expected activity, 875
– – Small companies need more time, modifications, 1283
– – Support still strong despite vote decline, 565

– Shareholder rights allow voice, says professor Bebchuck, 616
– SOX clawback application

– – CEO not accused of company fraud, argument (D. Ariz.), 374; wrongdoing not required, 615; clawbacks on innocent executives expected to continue, 791; SEC to file for summary judgment, 821; summary judgment filed, 1023; CEO says SEC failed to show misconduct, 1196
– – Innocent executives, future use possible, 851

– Stock option plan, proxy solicitation to approve, claim direct, late (9th Cir.), 170
– Survey, Mercer, 166
– Troubled Asset Relief Program

See TROUBLED ASSET RELIEF PROGRAM (TARP)

– Utility compensation plan, FERC approval (D.C. Cir.), 826
– Wall Street reform law

See WALL STREET REFORM AND CONSUMER PROTECTION ACT