The impact of SOX on securities fraud class action dismissals

2008 ◽  
Vol 5 (2) ◽  
pp. 104-111 ◽  
Author(s):  
Robert Houmes ◽  
Denise Dickins
Keyword(s):  
Class Action ◽  
Securities Fraud ◽  
The Impact

FATCA violation underlies latest US tax and securities fraud charges

2015 ◽  
Vol 16 (1) ◽  
pp. 74-76
Author(s):  
Miriam Fisher ◽  
Brian McManus
Keyword(s):  
Law Enforcement ◽  
Service Providers ◽  
Task Force ◽  
Tax Compliance ◽  
Financial Fraud ◽  
Securities Fraud ◽  
Content Type ◽  
The Impact ◽  
First Time ◽  
Practical Implications

Purpose – To explain the details and implications of a September 9, 2014 federal indictment, US v. Robert Bandfield, the first time a Foreign Account Tax Compliance Act (FATCA) violation has been charged as an “overt act” in furtherance of a tax conspiracy and securities fraud. Design/methodology/approach – Provides background, including the enactment of FATCA and the details of the indictment; describes an undercover investigation conducted by President Obama’s Financial Fraud Enforcement Task Force; and discusses the warnings this indictment sends to the global financial community. Findings – The indictment confirms the coordinated and aggressive tactics US law enforcement is now employing to investigate and prosecute offshore financial fraud. Practical implications – Banks and financial service providers need to be aware of the impact of enhanced US regulatory obligations and implement appropriate compliance measures. These institutions must also remain sensitive to risks presented by unscrupulous customers. Finally, they must be ready to manage appropriately information-gathering and investigatory inquiries originating with US authorities. Originality/value – Practical guidance from experienced tax controversy lawyers.

scholarly journals Litigation Dilemmas: Lessons from the Marcos Human Rights Class Action

2017 ◽  
Vol 42 (02) ◽  
pp. 479-508
Author(s):  
Nate Ela
Keyword(s):  
Human Rights ◽  
Social Movement ◽  
Supreme Court ◽  
Analytical Framework ◽  
Class Action ◽  
Legal Mobilization ◽  
The Us ◽  
Us Supreme Court ◽  
The Impact ◽  
Alien Tort Statute

How do activist plaintiffs experience the process of human rights litigation under the Alien Tort Statute (ATS)? Answering this question is key to understanding the impact on transnational legal mobilization of Kiobel v. Royal Dutch Petroleum Co., in which the US Supreme Court sharply limited the scope of the ATS. Yet sociolegal scholars know remarkably little about the experiences of ATS litigants, before or after Kiobel. This article describes how activist litigants in a landmark ATS class action against former Philippine President Ferdinand Marcos faced a series of strategic dilemmas, and how disagreements over how to resolve those dilemmas played into divisions between activists and organizations on the Philippine left. The article develops an analytical framework focused on litigation dilemmas to explain how and why activists who pursue ATS litigation as an opportunity for legal mobilization may also encounter strategic dilemmas that contribute to dissension within a social movement.

Insider trading surrounding securities class action litigation and settlement announcements

2017 ◽  
Vol 43 (1) ◽  
pp. 124-140 ◽  
Author(s):  
Frederick Davis ◽  
Behzad Taghipour ◽  
Thomas J. Walker
Keyword(s):  
Insider Trading ◽  
Private Information ◽  
Stock Prices ◽  
Class Action ◽  
Market Model ◽  
Trading Activity ◽  
Content Type ◽  
Sarbanes Oxley ◽  
Abnormal Profits ◽  
The Impact

Purpose The purpose of this paper is to investigate the trading patterns of corporate insiders, both managing and non-managing, around the announcement dates of securities class action lawsuits and related legal settlements. Design/methodology/approach The authors use market model event study methodology to examine the impact of class action litigation and settlement announcements on the stock prices of sued firms. The authors then determine the extent of abnormal insider trading surrounding such announcements by comparing insider trading activity (volume and transaction counts) to prior insider trading in the same firm, and to a matched sample of firms not experiencing such litigation announcements. A multivariate framework is utilized to provide further insight into the determinants of such abnormal insider trading. Findings The authors establish that class action litigation and settlement announcements have a significant impact on the stock prices of sued firms, and that foreknowledge of these events appears to be used by insiders to earn abnormal profits. Moreover, results indicate that managing insiders exhibit higher opportunistic abnormal trading activity than non-managing insiders. Multivariate analysis shows that size, prior firm returns, and the implementation of the Sarbanes-Oxley Act are important determinants of such insider trading. Originality/value This appears to be the first paper to analyze insider trading surrounding class action settlement announcements, and raises concerns about the ethical conduct of certain insider groups while highlighting the importance of access to private information, even amongst insiders themselves.

scholarly journals Keterampilan Berpikir Kritis melalui Penerapan Model Pembelajaran Inkuiri Terbimbing di Kelas XI IPA

2021 ◽  
Vol 5 (10) ◽  
pp. 1397
Author(s):  
Ana Rizka Falentina ◽  
Murni Saptasari ◽  
Sri Endah Indriwati
Keyword(s):  
Critical Thinking ◽  
Inquiry Learning ◽  
Thinking Skills ◽  
Class Action ◽  
Critical Thinking Skills ◽  
Guided Inquiry ◽  
Data Presentation ◽  
The Times ◽  
High Level ◽  
The Impact

<pre><strong>Abstract:</strong> Education aims to prepare students to become independent generations who are able to face the challenges of the times by having 21st century life skills, one of which is critical thinking, in fact contrary to the low critical thinking skills that occur in SMAN 2 Probolinggo. The purpose of this study was to describe the application of guided inquiry learning in improving critical thinking skills. This type of research is Class Action Research (CAR). Data is analyzed by triangulation through the process of data reduction, data presentation, and conclusion drawing. Research Results guided inquiry learning model can change the way students learn to practice high-level thinking through learning syntax so that it gives the impact of increasing critical thinking skills by 18.75% students of class XI IPA 1 Probolinggo 2 High School.</pre><strong>Abstrak:</strong><em> </em>Pendidikan bertujuan menyiapkan siswa menjadi generasi mandiri yang mampu menghadapi tantangan zaman dengan memiliki keterampilan hidup abad 21 salah satunya berpikir kritis, faktanya bertolak belakang dengan rendahnya keterampilan berpikir kritis yang terjadi di SMAN 2 Probolinggo. Tujuan penelitian ini adalah mendeskripsikan penerapan pembelajaran inkuiri terbimbing dalam meningkatkan keterampilan berpikir kritis. Jenis penelitian ini adalah Penelitian Tindakan Kelas. Data dianalisis secara triangulasi melalui  proses reduksi data, penyajian data, dan penarikan kesimpulan. Hasil Penelitian model pembelajaran inkuiri terbimbing dapat mengubah cara belajar siswa untuk berlatih berpikir tingkat tinggi melalui sintaks pembelajaran sehingga memberikan dampak meningkatkan keterampilan berpikir kritis sebesar 18,75% siswa kelas XI IPA 1 SMA Negeri 2 Probolinggo.

scholarly journals Auditors’ Duty to Respond to “Red Flags” Indicative of Overvaluation of Inventory: A Case Study of Sanchez v. Deloitte & Touche

2021 ◽  
Vol 04 (08) ◽  
Author(s):  
Stephen Errol Blythe ◽  
Keyword(s):  
Control System ◽  
Internal Controls ◽  
Red Flags ◽  
Securities Fraud ◽  
Securities Litigation ◽  
Accounting Principles ◽  
Legal Case ◽  
Legal Justification ◽  
The Impact

This is a legal case study of Sanchez v. Deloitte & Touche. It covers: (a) legal elements of a securities fraud claim; (b) the effect of the Private Securities Litigation Reform Act upon the pleading of an auditor’s complicity in securities fraud; (c) how SEC Rule 10b-5 affects auditors; (d) potential red flags pertaining to an audit client’s deficient inventory control system; (e) the failure of a client’s internal controls to detect a gross overvaluation of inventory; (f) the failure of an auditor to ensure that the client’s inventory is valued at the lower of cost or market, as required under General Accepted Accounting Principles; (g) the court’s decision as to whether the auditor in this case was liable for complicity in securities fraud, the court’s legal justification for the decision, and the impact of the red flags on the court’s decision.

scholarly journals Politics, Identity, and Class Certification on the U.S. Courts of Appeals

2020 ◽  
pp. 231
Author(s):  
Stephen Burbank ◽  
Sean Farhang
Keyword(s):  
African Americans ◽  
Strong Association ◽  
Product Liability ◽  
Racial Diversity ◽  
Class Action ◽  
Courts Of Appeals ◽  
Access To Justice ◽  
Procedural Law ◽  
Panel Effects ◽  
The Impact

This Article draws on novel data and presents the results of the first empirical analysis of how potentially salient characteristics of Court of Appeals judges influence class certification under Rule 23 of the Federal Rules of Civil Procedure. We find that the ideological composition of the panel (measured by the party of the appointing president) has a very strong association with certification outcomes, with all-Democratic panels having dramatically higher rates of procertification outcomes than all-Republican panels—nearly triple in about the past twenty years. We also find that the presence of one African American on a panel, and the presence of two women (but not one), is associated with procertification outcomes. Our results show that, contrary to conventional wisdom in scholarship on diversity on the Courts of Appeals, the impact of diversity extends beyond conceptions of “women’s issues” or “minority issues.” The consequences of gender and racial diversity on the bench, through application and elaboration of certification law, radiate widely across the legal landscape, influencing implementation in such areas as consumer, securities, labor and employment, antitrust, insurance, product liability, environmental, and many other areas of law. In considering possible explanations for our findings on the procertification preferences of women and African Americans, we note that class action doctrine, as transsubstantive procedural law, traverses many policy areas. As strategic actors, it would be rational for judges to take into consideration how class-certification doctrine in a case that does not implicate issues on which they have distinctive preferences might affect certification in cases that do. Alternatively, or in addition, our results may be the first evidence that transsubstantive procedural law affecting access to justice is itself a policy domain in which women and African Americans have distinctive preferences. In either case, the results highlight the importance of exploring the effects of diversity on transsubstantive procedural law more generally. Our findings on gender panel effects in particular are novel in the literature on panel effects and the literature on gender and judging. Past work focusing on substantive antidiscrimination law found that one woman can influence the votes of men in the majority (mirroring what we find with respect to African Americans in class-certification decisions). These results allowed for optimism that the panel structure—which threatens to dilute the influence of underrepresented groups on the bench because they are infrequently in the panel majority—actually facilitates minority influence, whether through deliberation, cue taking, bargaining, or some other mechanism. Our gender results are quite different and normatively troubling. We observe that women have substantially more procertification preferences based on outcomes when they are in the majority. However, panels with one woman are not more likely to yield procertification outcomes. Panels with women in the majority occur at sharply lower rates than women’s percentage of judgeships, and thus certification doctrine underrepresents their preferences relative to their share of judgeships and overrepresents those of male judges.

Thomas Paine

2018 ◽  
Author(s):  
J. C. D. Clark
Keyword(s):  
Class Action ◽  
Modern World ◽  
Thomas Paine ◽  
Political Discourses ◽  
Large Numbers ◽  
Obvious Association ◽  
Number Of Publications ◽  
Ideological Change ◽  
The Impact

Thomas Paine (1737–1809) was England’s greatest revolutionary: no other reformer was as actively involved in events of the scale of the American and French Revolutions, and none wrote such best-selling texts with the impact of Common Sense and Rights of Man. None combined his roles as activist and theorist, or did so in the ‘age of revolutions’, fundamental as it was to the emergence of the ‘modern world’. But his fame meant that he was taken up and reinterpreted for current use by successive later commentators and politicians, so that the ‘historic Paine’ was too often obscured by the ‘usable Paine’. This book attempts to explain Paine against a revised background of early and mid-eighteenth-century England. It argues that he knew and learned less about events in America and France than was once thought. It de-attributes a number of publications, and passages, hitherto assumed to have been his own, and detaches him from a number of causes (including anti-slavery, women’s emancipation, and class action) with which he was once associated. And it argues that his formerly obvious association with the early origin and long-term triumph of natural rights, republicanism, and democracy needs to be rethought. As a result, it offers a picture of radical and reforming movements as more indebted to the initiatives of large numbers of men and women in fast-evolving situations than to the writings of a few individuals who framed lasting, and eventually triumphant, political discourses. Delivering ideological change was much harder than used to be supposed.

Workers' Politics and the Mill Districts in Bombay between the Wars

1981 ◽  
Vol 15 (3) ◽  
pp. 603-647 ◽  
Author(s):  
Rajnarayan Chandavarkar
Keyword(s):  
Textile Industry ◽  
Class Action ◽  
Slight Improvement ◽  
Labour Movement ◽  
Industrial Action ◽  
Political Relations ◽  
Post War ◽  
The Impact ◽  
Wage Cuts ◽  
The City

Between the wars, the development of a labour movement in Bombay reflected a growing polarization in social and political relations in the city. This period, which saw an intensification of social conflict, also witnessed changes in the character of industrial action. Until 1914, strikes in the cotton textile industry were largely confined to particular departments and mills; increasingly after the war, they were coordinated across the industry as a whole. Rising prices and unprecedented profits which accompanied the post-war boom led to the demand for higher wages supported by two general strikes. In the mid 1920s, as the industry's markets slumped, attempts to cut wages were once again strongly resisted. With a slight improvement in their fortunes in the later 1920s, the millowners introduced ‘rationalization’ schemes; for the workforce this meant more work, less wages and higher chances of unemployment. Between April 1928 and September 1929, two general strikes crippled the industry for about eleven months, and the extension of these schemes and a further round of wage cuts led to another strike wave in 1933-34. Apart from several one-day closures, eight general strikes occurred in the industry between 1919 and 1940. The impact of this militancy was felt not only in other occupations in Bombay but also in other industrial centres, such as Sholapur and Ahmedabad. As Bombay became the scene of militant working-class action in India, its labour movement, under communist leadership since 1928, acquired an explicitly political direction.

The Role of Directors’ and Officers’ Insurance in Securities Fraud Class Action Settlements

2015 ◽  
Vol 58 (4) ◽  
pp. 747-778 ◽  
Author(s):  
Dain C. Donelson ◽  
Justin J. Hopkins ◽  
Christopher G. Yust
Keyword(s):  
Class Action ◽  
Securities Fraud ◽  
Directors And Officers
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