Blog Entries tagged 'Supreme Court' Blog Entries tagged 'Supreme Court' Tue, 14 May 2013 18:05:54 +0100 FeedCreator 1.7.2 More trouble for banks

This trend has now reached California, so it's about to become a whole lot more meaningful.

Again, this may be a matter of paperwork, but at minimum, it seems like banks will have to spend time and money straightening out their claims to homes on loans they've securitized.

The problem has to do with the electronic record keeping system involved, known as the Mortage Electronic Recordkeeping System (MERS). But it's not just a technicality. How can anyone claim a right t [...] Thu, 19 Aug 2010 23:00:00 +0100 Supreme Court securitization Risk mortgages mortgage foreclosures loan losses compliance Citigroup Citi California Banks Banking SEC looks to fill auditor oversight board vacancies

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

Since the PCAOB is here to stay, the SEC figured it was probably best that they get some people sit on this thing to, ya know, help protect the investors, the public at large, so on and so forth.

The problem, as it appears to us, is that Mary Schapiro and the gang are plumb out of ideas for nominations. Accordingly, they're out there looking for help from some of the best and be [...] Sun, 25 Jul 2010 23:00:00 +0100 Supreme Court Public Company Accounting Oversight Board PCAOB compliance Big 4 audit Accounting Supremes rule against employers

The Supreme Court this week rejected a challenge by employers to San Francisco's universal healthcare program. The justices denied an appeal from the Golden Gate Restaurant Association of a lower court ruling that upheld the program's requirement that employers help pay the bill or give their workers health coverage.

The significance of the decision means foremost that San Francisco's health care mandate does not violate federal ERISA law allowing multi-state employers to de [...] Wed, 30 Jun 2010 23:00:00 +0100 Supreme Court health insurance health care reform health care benefits Court decision undermines PCAOB's independence

We're not quite as sure as others are that yesterday's Supreme Court decision regarding SarbOx is so utterly meaningless regarding the future of the Public Company Accounting Oversight Board.

Sure, the court said the law is still fully in effect, blah, blah, blah.

But letting the Securities and Exchange Commission fire PCAOB board members for any reason instead of "for cause" could easily subject the board to significantly more political influence.

While Fl [...] Mon, 28 Jun 2010 23:00:00 +0100 Supreme Court Securities and Exchange Commission Section 404 Sarbanes-Oxley Public Company Accounting Oversight Board PCAOB FASB compliance auditors auditing Accounting accountants Foreign companies escape US jurisdiction


A ruling by the US Supreme Court last Thursday effectively ended US jurisdiction in so-called foreign cubed cases. These lawsuits are where foreign shareholders in foreign companies listed in foreign exchanges seek to bring cases against those companies in US courts.
The Court threw out a case brought by three Australian shareholders against Aussie bank NAB. The shareholders claimed that they had been misled on the performance of the bank's US mortgage servi [...] Sun, 27 Jun 2010 23:00:00 +0100 Vivendi Supreme Court Porsche NAB Infineon EADS BP Alstom Aiders and abetters in cross-hairs

Good news for lawyers and bad news for companies.

The folks in Washington who are trying to piece together the details of the financial overhaul bill want to cast a wider net of potential defendants in a securities fraud.

According to published reports, there is a chance they will reverse the Supreme Court's landmark 2008 Stoneridge decision, which prevented third parties from being sued for securities fraud.

This means it would be easier to sue so-called aider [...] Wed, 16 Jun 2010 23:00:00 +0100 Supreme Court Stoneridge securities fraud Securities and Exchange Commission compliance aiders and abetters Hiring illegals costs carpet maker $18 million

So, you think you can save money by hiring illegals at lower salaries than U.S. citizens and legal residents are willing to take? Think again.

Just ask the folks at carpet maker Mohawk Industries.

The company-based in Dalton, Ga., the carpet capital of the world--agreed to pay $18 million to settle a six-year old lawsuit with legally-authorized, hourly-paid workers who alleged that their wages at Mohawk's facilities in Northwest Georgia were depressed by the hiring of [...] Tue, 13 Apr 2010 23:00:00 +0100 Supreme Court settlement rICO illegals compliance Maryland corporation plans to run for Congress

What's the logical conclusion of the recent Supreme Court ruling that corporations are legally individuals and, therefore, have the same rights to free speech given to the average Joe?

That corporations should be able to run for elected office, of course. And assume appointed judicial positions.

Thus, Murray Hill, a communications firm based in Silver Spring, Maryland, recently announced that it's running in the Republican primary for Maryland's 8th Congressional Dis [...] Thu, 04 Feb 2010 23:00:00 +0100 Supreme Court Murray Hill corporation Congress The Supreme Court's campaign finance ruling lets corporations have it both ways

The Supreme Court just obliterated long-standing restrictions on how much corporations can spend to support or oppose political candidates. And it did so, largely based on an astoundingly hypocritical and nonsensical issue.

 The 5-4 vote overturned a ruling that corporations can't use their own money for campaign ads, although it didn't allow them to  make direct contributions. Also, the court struck down the McCain-Feingold provision prohibiting corporations and labor [...] Wed, 20 Jan 2010 23:00:00 +0100 Supreme Court McCain-Feingold corporations campaign finance