Bean counters in a bind: trade-off expands duties; Congress protected accountants from investor suits. But new 'whistleblower' obligations could make them squirm
Article Abstract:
Lawyers Andrew J. Pincus and Mark H. Gitenstein of Chicago's Mayer, Brown and Platt lobbied successfully for the Securities Litigation Reform Act and their accountant-clients are relieved that no class actions have been filed against the profession since the law was enacted. Accountants are, however, concerned about a provision in the law requiring outside auditors to report wrongdoing to the SEC without delay because defense lawyers warn that this provision goes beyond the Generally Accepted Auditing Standards. Plaintiffs' attorneys may file suits testing the new law.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1996
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Hurricane loans could mean work for banking firms
Article Abstract:
The Agriculture Department's Rural Development Authority will administer a new federally guaranteed loan program making $305 million available to Hurricane Andrew victims, according to a bill passed by Congress in late September. Loans of up to $5 million will be 80% government-guaranteed, and loans for more than that amount, up to $10 million, will be 70% guaranteed. Another bill, the Depository Institutions Disaster Relief Act of 1992, would ease restrictions in strict banking bills enacted due to the savings and loan crisis.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1992
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Big deals return; but they're not a cash cow for firms
Article Abstract:
Merger-and-acquisition activity has increased in 1993, with one example the proposed merger of Paramount and Viacom. The 1980s factors of hostile takeovers and leveraging are no longer present, however, which keeps a lid on the need for extensive legal involvement. Corporate counsel are also playing a larger role in these mergers than was formerly the case.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1993
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- Abstracts: Below-market loans offer tax arbitrage potential. Hold on to special-use valuation estate tax saviings. Give more and pay less tax by claiming valuation discounts
- Abstracts: Securities law changes debated: supporters say bill restores fairness; critics claim it cuts investor protections
- Abstracts: Deadline for CFC warning labels nears. Unless Congress authorizes the EPA to grant developers releases from liability, new inner-city cleanup programs may be of limited value
- Abstracts: Matters of timing: courts seek to sort out confusion over limitations periods in education act. Matters of life and death; debate grows over euthanasia
- Abstracts: Court clarifies indefinite issues in criminal cases. Criminal cases made no huge waves; but court issued major rulings on the confrontation clause, habeas corpus, other issues