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KINGS COUNTY Supreme Court Justice Schack Plaintiffs allege legal malpractice by defend
Audit Committee Headaches: Lawyers Divided on SEC Proposal
Attorneys handling securities and financial reporting matters are buzzing about a Securities and Exchange Commission proposal that would require audit committees to tell shareholders of untrue or misleading statements in a company's annual report. Defense attorneys say the plan is misguided and creates significant liability for board members who serve on audit committees. Plaintiffs' attorneys say the move will ensure audit committees do more than rubber-stamp a company's audited financial statements.Tom, J.P., Sweeny, Nardelli, McGuire, DeGrasse, JJ. 4461-4462 Index 600804/04 600133/06 Union Carbide Corporation, Plaintiff-Respondent, v Affiliated FM Insu
Huge IPO Case Hits Big Snag at 2nd Circuit
The 2nd Circuit on Tuesday vacated class certification in six key cases in the litigation over dot-com era initial public offerings -- a potentially devastating setback for plaintiffs in the biggest consolidated securities class action in U.S. history. The decision leaves in doubt whether plaintiffs will ever certify a class against IPO underwriters in the more than 300 cases that make up In Re IPO Securities Litigation. It may also help to unravel a pending $1 billion settlement agreement.The fight over the validity of so-called unfinished business claims in law firm bankruptcies is heating up in courts on both coasts this week.
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