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In the Courts
Four Remaining KPMG Defendants' Motion to Dismiss Indictment Is Denied
The four remaining defendants in the KPMG tax shelter prosecution moved unsuccessfully to have the indictment against them dismissed because of alleged IRS violations of 26 U.S.C. ' 6103, which requires the IRS to keep tax return information confidential. (See analysis on page 1.) United States v. Stein, No. 05-CR-00888 (S.D.N.Y. Sept. 10, 2008) (Memorandum & Order). Section 6103 provides that returns and “return information shall be confidential” and shall not be disclosed except as authorized by federal law. Disclosures may be made only “if the Secretary [of the Treasury, or his designees] has referred the case to the Department of Justice.” The defendants claimed that KPMG's return information was disclosed in 2003 to government authorities, who at the time were conducting a civil investigation, without the necessary referral under the law from the Secretary of the Treasury.
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.
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.
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.