The Foreign Corrupt Practices Act (FCPA) had been a relatively obscure law since it was passed in 1977. As part of a series of reforms stemming from the Watergate scandal, the act was created to regulate U.S companies and stop any unethical bribery meant to influence foreign officials and obtain or retain business in foreign [...]
Chances are, the last time you got a direct mail notification about a class action, you threw it away. And why wouldn’t you? Why bother with signing a totally indiscernible document that, at best, will net you a hundred bucks? Besides – class actions don’t seem to have much impact. After all, the “issues” are [...]
In the largest settlement to date in shareholder suits involving the mortgage crisis, Countrywide Financial Corp. has agreed to pay $600 million to end several class action lawsuits. The company’s accounting firm, KPMG, will also pay $24 million to settle claims. The lawsuits alleged that Countrywide fraudulently concealed risks stemming from its loose mortgage-writing standards [...]
A proposed amendment to the Senate finance regulatory bill would permit shareholders to bring lawsuits against aiders and abettors of corporate fraud, including professional corporate advisors. Such “secondary actors” are immune to private lawsuits under current law; only the Securities and Exchange Commission or the Justice Department can bring claims against them.
