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Compliance Hotline
FormerHealthSouth CEO Challenges Constitutionality of SOX
Former HealthSouth Chairman and CEO, Richard Scrushy, who is the first person to have been charged criminally under ' 906 of the Sarbanes-Oxley Act, has filed a motion to have three of the 85 charges filed against him dismissed. He claims that the requirement that a CEO certify the accuracy of a company's financial statements is unconstitutional because it imposes criminal liability on an act that is derivative of another act that may not be criminal. He argues that technical non-compliance with the 1934 Securities Exchange Act does not necessarily result in criminal liability unless it involves willingly or knowingly making false statements of material fact. Under SOX, however, technical non-compliance now invokes criminal liability for a CEO. U.S. v. Scrushy, N.D. Ala., Case No. CR-03-BE-0530-S (April 5).
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.