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Compliance Hotline
Pension Fund Sues HP
Two institutional investors have brought suit against Hewlett-Packard, objecting to the combined $42 million in total severance benefits paid to departing HP CEO Carly Fiorina. The suit, brought as both a derivative and class action on behalf of the company and other HP investors, alleges that the board of directors breached corporate policy not to approve severance packages exceeding 2.99 times the sum of an executive's annual base salary (plus target bonus) without first seeking shareholder approval. Filed in U.S. District Court for the Northern District of California, the complaint seeks and also to impose a constructive trust on the $21.4 million that HP paid to Ms. Fiorina in direct severance.
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.