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An all-star challenge to Sarbanes-Oxley Act

An all-star challenge to Sarbanes-Oxley Act

by Rick Turoczy on April 3, 2006

Mallory Factor, who has sued to abolish the U.S. auditing- oversight board, does not hide his litigation’s real target: the Sarbanes-Oxley Act.

Sarbanes-Oxley, a 2002 law aimed at preventing accounting frauds like the ones that brought down Enron and WorldCom, “is purely and simply government at its worst,” said Factor, the founder of the New York merchant- banking firm Mallory Factor Inc.

Factor has assembled an all-star Republican team of lawyers including Kenneth Starr, the onetime independent counsel who investigated the former president Bill Clinton, to press his case. Their goal is to prompt the U.S. Congress to scale back the law and reduce compliance costs for companies.

“They are formidable and they are very fine lawyers, and I think they and their lawsuit have to be taken seriously,” said Harvey Pitt, a former chairman of the U.S. Securities and Exchange Commission.

An all-star challenge to Sarbanes-Oxley Act

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