In a decision that could lower costs for small businesses, the Supreme Court ruled against part of the Sarbanes-Oxley law, saying that an audit panel created in the aftermath of WorldCom and Enron violates the Constitution.
(Reuters) - When Peregrine Financial collapsed earlier this month, a nagging question resurfaced. As in the implosion of Lehman Brothers, the fall of Bernard Madoff and other cases in recent years, many asked: Where were the accountants? That this question still arises could be seen as an indictment of the 2002 Sarbanes-Oxley law, enacted 10 years ago on Monday. The law was a response to accountants' failures to sound the alarm about financial misconduct at Enron Corp, WorldCom and a host of other companies. But, lawyers and analysts say that for the most part Sarbanes-Oxley is working. ...
The U.S. Supreme Court ruled that Congress violated the Constitution when it set up an auditing board after the Enron Corp. and WorldCom Inc. collapses, saying the panel was too insulated from presidential control.
WASHINGTON (Reuters) - The Supreme Court on Monday struck down part of a law to prevent fraud committed by companies like Enron and WorldCom, saying a board to police public companies' auditors violated the Constitution.
A small Nevada accounting firm and an anti-tax group brought the challenge to the 2002 Sarbanes-Oxley law, arguing that the board created by the law violates the Constitution's separation of powers mandate because the president cannot appoint or remove its members.» E-Mail This » Add to Del.icio.us
The Supreme Court of Canada has upheld the right of the Ontario Energy Board to ensure consumers pay “just and reasonable” rates for electricity, even if that means challenging Ontario Power Generation on hot-button expenditures like collective bargaining labour agreements.
In a decision Friday, the high court ruled on a longstanding dispute that erupted after the energy board determined Ontario Power Generation’s labour costs were too high, and disallowed the full payment amount requested as part of its rate application covering 2011 and 2012.
WASHINGTON (Reuters) - The Supreme Court struck down on Monday part of the 2002 law that created a national board to police auditors of public companies, ruling that it violated the constitutional requirement on the separation of powers among the branches of government.
Four years back a group of dissident shareholders were elected to the board of Unique Broadband Systems, a holding company whose main asset was a 37% stake in Look Communications.
The dissidents – led by Grant McCutcheon, Robert Ulicki and Henry Eaton – swung into action because of the large payments made to insiders at both Look and UBS in the wake of the $80-million sale of Look’s spectrum. Net proceeds to the company were $64 million.