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Has Anything Changed?
While securities litigation has been increasing as a long-term trend, there is no increase in the number of filings or the size of settlements as a result of either Enron or Sarbanes-Oxley. The only marked change is in the number of cases that judges dismiss.
This absence of change in no way suggests that the Act is ineffective. It was designed as a deterrent to fraud. To measure its success, the real question is whether it will reduce the amount of fraud committed, such that fewer filings occur in the future. The Act's major levers to deter fraud are increased accountability of management and board members, new criminal penalties, and increased oversight requirements. However, it also included an extension of the time to file securities class action suits to 2 years after the disclosure of fraud. Therefore, it may take several years of ongoing monitoring to assess The Act's effectiveness.
Did Enron or the Act Increase Filings?
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?