Corporate Accountability Report Index-Summary

IAASB

See INTERNATIONAL AUDITING AND ASSURANCE STANDARDS BOARD (IAASB)

IASB

See INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)

IFRS

See INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

ILLINOIS

– Attorney-client privilege, dual representation, fiduciary breach as crime-fraud exception (Ill. App. Ct.), 379

INDEMNIFICATION

– Attorneys' fees advancement

– – CEO, counterclaims and bylaws (Del. Ch.), 191
– – Certification of reasonableness enough (Del. Ch.), 1318
– – Injunction vacated in criminal defense of fraud (10th Cir.), 991

– Director and office liability insurance, policy language (5th Cir.), 292
– Executive compensation clawback, derivative settlement provision violates Sarbanes-Oxley (2d Cir.), 1087

INJUNCTIONS

– Attorneys' fees advancement, vacated in criminal defense of fraud (10th Cir.), 991
– Bylaws provision, shareholder approval of “other business,” bankruptcy trigger (D.N.J.), 276
– Mergers and acquisitions

– – CNX Gas Corp., 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
– – Dollar Thrifty and Hertz, board reasonable (Del. Ch.), 989; reasonableness critical, documentation helps, 1134
– – PLATO Learning, disclosure correction needed (Del. Ch.), 549
– – QuadraMed, injunction sought by preferred shareholder (Del. Ch.), 327

INSIDER TRADING

– Cooperation agreement, company dropped, former VP pursued (N.D. Ga.), 1379
– Derivative suit can proceed (Del. Ch.), 305
– Disclosure, omission-based liability, duty to speak, BNA Insights, 581
– 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 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
– Goldman Sachs

See BANKING

– Mergers and acquisitions, insider information used to acquire shares in target (S.D.N.Y.), 174
– Qwest CEO retrial attempt, witness discrepancies (D. Colo.), 128; Nacchio sentence reduction, 719; settles with disgorgement, 956
– SEC enforcement policy, 2009 developments, BNA Insights, 355
– Sham entities to hide trading by Wyly brothers, SEC suit (S.D.N.Y.), 860
– Stock tip e-mailed by publisher subject to §10(b) (U.S., rev den), 679
– Witness discrepancies in Qwest CEO retrial attempt (D. Colo), 128

INSURANCE

– Aetna, misstatements to conceal underpricing to gain market share (3d. Cir.), 922
– AIG

– – Auditor liability, N.Y. in pari delicto protection (Del.), 279
– – Bonuses, Grassley (R-Iowa) seeks information from Geithner, 147
– – Counterparty payments, Geithner role, hearing, 94
– – Derivative litigation, fiduciary breach, demand futility not shown (S.D.N.Y.), 350
– – Federal loans, request for GAO review, 65
– – Information withholding urged by N.Y. Fed. Reserve, SEC investigation sought, 40
– – Market division scheme, Ohio AG settles class action (S.D.N.Y.), 765
– – Sham transactions, former executives liable (N.Y. Sup. Ct.), 1173
– – Subprime risk, material misstatements (S.D.N.Y.), 1089

– Assurant, reinsurance payment treatment, SEC fines for discovery noncompliance (S.D.N.Y.), 127
– Attorney-client privilege, insurance brokers, dependent on facilitating legal services (S.D. Tex.), 381
– Banking, FDIC premiums and executive compensation risk taking proposal, 34
– Contracts, FASB rules do not need change, 1386
– Deepwater drilling risk disclosure, coalition letter, 852
– Director and officer policies

– – Advancement and policy language (5th Cir.), 292
– – Bankruptcy issues, BNA Insights, 503
– – Claims and notice, 140
– – Complaint allegations do not determine coverage (9th Cir.), 1290
– – Foreclosure document execution, claims (M.D. Fla.), 1317

– Employers Mutual, consultant ability to stop company privilege waiver (9th Cir.), 765
– Executive compensation, health providers, limits, BNA Insights, 664
– General Reinsurance settles DOJ and SEC charges in sham reinsurance contracts (S.D.N.Y.), 70
– Nationwide Ins. revenue sharing class action, SLUSA bar (6th Cir.), 151
– Personal benefit to executive in merger not disclosed (S.D. Iowa), 252
– PXRE Group, scienter in loss exposure after hurricane (2d Cir.), 18
– Repurchase agreements, SEC seeks information about use by insurance companies, 334
– Southern Farm Bureau Life Ins., jury instruction flawed (11th Cir.), 858
– WellCare Health Plans, withheld funds included as revenue, class settlement (M.D. Fla.), 856

INTERNAL CONTROLS

– Broker-dealer audit reports, SEC guidance coming, 1056; rules proposed, 1353
– Disclosure

– – Data management, corporate culture to increase effectiveness, Action Memo, 238
– – Material weakness identification, 26

– Outside consultant payment, CFO dishonest (E.D. Mo.), 925
– Sarbanes-Oxley Act

– – Audit exemption for small companies urged, 526; uncertainty over status causes boards issues, 618; exemption should be dropped, says groups, 628; further action, see LEGISLATION, FEDERAL, HR 4173
– – Auditor attestation, SEC seeks public comments on reducing burden, 1148; benefits of complying, study, 1233
– – Benefits outweigh costs, survey, 659

– SEC weaknesses

– – Annual report identifies, 1255
– – GAO report, 348

– Self-audits, shielding company from retirement plan IRS penalties, 746
– Staff, supplement internal with temporary auditors, IIA suggests, 1263
– WikiLeaks shows risk assessment important, Action Memo, 1342

INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)

– Contracts with customers, revenue proposal, roundtables set, 1097
– Convergence with FASB

– – Conceptual framework project, first phase done, 1063
– – Delay, G-20 notified, 579; modified strategy and timeline, letter to G-20, 682; PCAOB advisory group says timeline unreasonable, 772; discussion paper on timelines coming, 1063
– – FCAG urges G-20 to participate and endorse, 26
– – Herz interview, 80
– – Leisenring outlines difficulties, 663
– – Memorandum of understanding project completion, feedback sought, 1063
– – Next steps in plan, 629
– – Priorities revisions affirmed in progress report, 1306
– – Revenue disclosure requirements, 74
– – Time to act critical to avoid fracturing support, 386
– – Timeline questioned after Herz departure announced, 958
– – Transition dates and methods, comments sought, 1149
– – U.S. global role questioned, says Advisory Council, 1354

– Fair value

See FAIR VALUE

– Financial statement presentation, joint FASB-IASB draft guidance, 721; work suspended, 1178
– Funding

– – Independence issues, 1203
– – U.S. contribution substantial, says Kroecker, 474

– IFRS

See INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

– Impairment, expected-loss approach pursued, 929
– Lease accounting, FASB-IASB proposal, 889
– Loan loss and credit impairments, approaches narrowing, 1264
– Revenue recognition guidance proposed with FASB, 684; FASB advisory panel positive, 746; retrospective application burdensome, 1232
– Rulemaking blitz should be followed by quiet period, 444

INTERNATIONAL AUDITING AND ASSURANCE STANDARDS BOARD (IAASB)

– eXtensible Business Reporting Language (XBRL), auditor liability Q&A, 75

INTERNATIONAL DEVELOPMENTS

– Australia's Basis Yield Alpha Fund says Goldman Sachs claim meets Morrison (S.D.N.Y.), 955
– European Union

See EUROPEAN UNION (EU)

– Financial crimes enforcement trends, BNA Insights, 605
– Foreign auditor risks, PCAOB staff alert, 742
– Foreign Corrupt Practices Act

– – Aluminium Bahrain case, intervention sought by DOJ (S.D. Tex.), 596
– – Compliance monitor costs, DOJ considers, 572
– – Cooperation effects, SEC may publish information, 1170; benefits may be published, 1193; cooperation credit unclear, 1194
– – Derivative litigation for violations, BNA Insights, 527
– – Electronically stored data, discovery issues, BNA Insights, 1390
– – Finance departments targeted, report, 325
– – GE violations (D.D.C.), 824
– – Mergers and acquisitions

– – – Due diligence importance, BNA Insights, 387
– – – Due diligence to protect against risks, Action Memo, 646

– – Prison terms, guidance must increase, hearing, 1277
– – Proactive SEC enforcement approach urged, 407
– – SEC enforcement policy, 2009 developments, BNA Insights, 355
– – Third party charges, other statutes used to reach corruption, 375
– – Whistleblowing

– – – Number of cases to grow, controls needed, 1370
– – – Self-reporting necessary, 1346

– France, proxy solicitation disclosure ordinance, 1375
– French American Depository Receipts claims, no U.S. jurisdiction (S.D.N.Y.), 1115
– Japan and SEC increase collaboration, 710
– Jurisdiction

– – Bahamian funds invested with Madoff, no U.S. jurisdiction (S.D. Fla.), 854
– – Credit Suisse misrepresentation claims, Morrison applies (S.D.N.Y.), 853
– – “Foreign-cubed” case, trade groups and SEC file amicus briefs (U.S.), 222; standard unlikely to change, panel, 271; prescriptive, not subject matter jurisdiction, conduct test, BNA Insights, 281; connection to U.S. questioned (oral arg), 322; no 10(b) application (judg aff), 641; decision may push global class actions to other opt-out countries, panel, 821; ramifications of decision, BNA Insights, 831; Wall Street law expands jurisdiction, 1080; effects of Wall Street law, BNA Insights, 1098; transactional test brings certainty, BNA Insights, 1182; impact of case on SLUSA questioned, 1376
– – Moody's Corp. European conduct, no SEC action, Dodd-Frank may change, 947
– – RICO application to extraterritorial conduct (2d Cir.), 1088
– – U.K. law applies in bribe claim against BAE Systems (D.C. Cir.), 50

– Litigation trends, study, 1191
– PCAOB foreign inspections, information access denied in some countries, 156; list of firms released, 525; Chinese refusal is risk to U.S., 552; redactions, consent requests helpful, 682; registration of foreign applicants, inspection or SOX compliance required, 1118; negotiations ongoing, 1118
– Short sales, proposals after SEC alternative uptick rule, 220
– Transnational fraud suits by private litigants, comments sought, 1171
– UBS, Swiss shareholders refuse to shield directors over losses, 410
– U.K. investigates Ernst & Young, PricewaterhouseCoopers bank auditing, 1122

INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

– Adoption

– – Convergence as condition, deadline, 253
– – Critical for global reporting, 1262

– Awareness increasing, AICPA survey, 553
– “Condorsement” model suggested, 1324
– Convergence, SEC priority, 156; SEC supportive statement, 204; minimizing costs important, 443; website to be unveiled, 473; Schapiro restates support for adoption, 525; comments sought on incorporation issues, 889; priority no longer given, says Advisory Council, 1094
– FASB role if incorporated by SEC, 1304
– Filings in foreign jurisdictions, SEC review, 603
– Reporting requirements, SEC will still enforce compliance, 1262
– Stable platform adjustment period, SEC considers, 471
– Suitability for U.S., SEC progress report, 1203; endorsement critical, says IASB chair, 1204
– Transition time lengthy if adopted, 1323

INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS (IOSCO)

– Principles for regulation released, 630

INTERNET

– Disclosures made only on the web, social media use issues, 1286
– DSL.net, short form merger after convertible notes issued (Del. Ch.), 497
– IAC/InteractiveCorp., disclosure omissions (S.D.N.Y.), 332
– LocatePlus Holdings, revenue recognition fraud with fictitious customer (D. Mass.), 1150
– Loss causation, internet advertising, class accounting case (2d Cir.), 273
– Twitter use, disclosure compliance issues, 1108

IOSCO

See INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS (IOSCO)