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Federal Courts Adopt Narrow Constructions of Sarbanes-Oxley Legislation

By Robert S. Reder and Matthew A. Thiel

Complex and systemic, the current financial crisis is nearly certain to yield extensive legislation regulating everything from the financial markets to mortgage brokers to ratings agencies. Any such legislation may raise interpretive issues similar to those that have arisen in recent Federal Court decisions interpreting section 304 and section 1514A(a)(1) of the sweeping Sarbanes-Oxley Act of 2002 (“SOX”). Although these sections cover very different subjects, the manner in which the courts strictly construed, and thereby limited the reach of, these sections may provide insight into how Federal Courts will apply any broad powers granted by the looming round of legislation.

SOX Section 304

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