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2nd Circuit Rejects $35M Pact's 'End Run' Around Liability for Former Executives
A district court should not have approved a $35.2 million settlement that would have insulated two former top executives of a body armor company from liability under the Sarbanes-Oxley Act, a federal appeals court ruled Thursday. The 2nd Circuit ruled that only the SEC has the authority to exempt the executives from �304 of the act, which requires CEOs and CFOs to reimburse their companies for bonuses and profits from stock sales in the 12 months following the filing of a false financial report.Hours after news reports that Barnes & Noble had settled Burkle's Delaware Chancery Court challenge to its draconian poison pill, B&N announced that talks had collapsed. And soon after that, the other shoe dropped: Vice-Chancellor Leo Strine found Barnes & Noble's poison pill is a legitimate takeover defense.
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