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Ninth Circuit upholds key Sarbanes-Oxley provision

Ninth Circuit upholds key Sarbanes-Oxley provision

by Rick Turoczy on March 24, 2005

Leading Wednesday’s corporations and securities law news, a US Court of Appeals for the Ninth Circuit [official website] upheld a district court’s ruling which froze $37.6 million in termination pay and bonuses to two Gemstar TV Guide International [corporate website] officials. The SEC had settled with the two executives, former CEO Henry Yuen and former CFO Elsie Leung over their roles in the company overstating revenue by $223 million in January. The ruling is important in that strengthened the SEC’s power in curbing payments to executives who are being investigated for fraud. This is a major provision of Sarbanes-Oxley Act which is meant to keep the money in escrow to keep the money available for fines or repayment if the fraud is proved.

JURIST Ninth Circuit upholds key Sarbanes-Oxley provision

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