US Judicial Developments -
Receiver can be subject to arbitration. The court-appointed receiver for hedge funds used as part of a Ponzi scheme sued the scheme’s “net winners” in an effort to claw back their gains....more
In this issue:
- SEC Publishes Rules for Reporting Security-Based Swaps
- SEC Proposes Rules for Disclosure of Companies’ Hedging Policies
- CFTC Extends Relief From Certain OCR Requirements
On February 10, 2015, the SEC announced settlements with two former chief financial officers of Saba Software, a Silicon Valley software company, that require the CFOs to repay Saba more than $500,000 in bonuses and profits...more
As Compliance Week reports, this study from PwC showed that many companies are adopting clawbacks related to their executive compensation arrangements, even before the SEC acts to implement the Dodd-Frank clawback provisions....more
Two former CFOs have agreed to return nearly a half-million dollars in bonuses and stock sale profits they received while their Silicon Valley software company, Saba Software, was committing accounting fraud.
The Commission filed a settled administrative proceeding against two former CEOs of Saba Software, Inc. under the Sarbanes-Oxley claw back provisions. The action is based on the fact that the company has announced it will be...more
Academics in Hong Kong have found that companies that have adopted executive compensation clawback provisions tend to substitute one type of earnings manipulation for another, and that this trend is more pronounced in...more
In this issue:
- SEC Division of Corporation Finance Issues New C&DI Related to Resales Under Regulation S
- SEC Announces Proxy Voting Roundtable
- CFTC Staff Issues No-Action Relief From Certain...more
Supreme Court Justices Scalia and Thomas indicated that the High Court may at some point consider a question regarding the application of insider trading law in criminal cases and the deference due, if any, to the...more
The Commission announced its largest whistleblower action this week – an award to a person overseas of over $30 million.
The agency also filed a series of actions this week....more
Clawbacks have been around for more than a decade.
- Beginning in 2002, Sarbanes-Oxley required CEOs and CFOs to reimburse incentive or equity compensation received or profits from the sale of company securities during...more
Executive compensation is a topic that just won’t go away, particularly with pay disparity and pay for performance regulations still looming. We highlight below some of the matters directors should be considering as they...more
The U.S. Securities and Exchange Commission held its annual SEC Speaks program in Washington, D.C. on February 22-23, 2013. In the postfinancial crisis, post-Dodd-Frank world, it is clear that the Commission and its staff are...more
On November 13, 2012, a federal district court in Austin, Texas, denied a motion to dismiss in the Securities and Exchange Commission's (SEC) Sarbanes-Oxley Act (SOX) Section 304 clawback suit against two former executives of...more
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