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Compliance Hotline
Section 906 of SOX Ruled Constitutional in First Test
The US District Court for the Northern District of Alabama has issued the first ruling on the constitutionality of ' 906 of Sarbanes Oxley. The court ruled that ' 906 was not unconstitutionally vague and more specifically, that the terms “fairly presents, in all material respects,” contained in subsection 1350(b), and “willfully certifies” in ' 1350(c)(2) did not “lack sufficient clarity of meaning to inform citizens of their responsibility under the law.” The court further rejected the argument that the term “willfully certifies” in itself fails to define an illegal act. ' 906 establishes the duty of CEOs and CFOs of companies that issue publicly traded stocks to certify by written statement the accuracy of the company's periodic financial reports required under the Securities Exchange Act of 1934. United States v. Scrushy, No, CR-03-BE-0530-S (Nov. 23).
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.