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Nonprofit Corporate Governance
In an indictment dated October 29, 2003, former HealthSouth Corp. chief executive Richard Scrushy was charged with 85 criminal counts for a scheme that allegedly added $2.7 billion in fictitious income to the health-care company he founded. Scrushy is the first chief executive to be accused of violating the Sarbanes-Oxley Act of 2002 (the Act), which includes a requirement that top executives at publicly traded companies certify the accuracy of financial results.
In November, the Associated Press reported that HealthSouth's directors, outside auditors and investment bankers had been called to testify before Congress concerning why they failed to detect the massive conspiracy, allegedly led by Scrushy, to overstate earnings of the one of the nation's largest providers of health care services. The case has already seen more than a dozen former executives of the HealthSouth Corp. plead guilty. In his sentencing hearing in November, one such executive testified that during his employment at HealthSouth, he saw invoices for hand grenades, automatic weapons, and other munitions.
In this two-part article, we summarize the basic requirements of the Act, demonstrate the legitimate public interest in accountability of nonprofits, and explore the extent to which compliance with Act-like corporate governance standards is already required, de facto, of the nonprofit sector.
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?