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Supreme Court
Supreme Court Rules on the Privacy of Text Messages
Sort of. The Supreme Court issued its ruling in Ontario v. Quon regarding a police chief reviewing the content of a police officer’s text messages with consent or a warrant. Many commenters hoped that the Court would issue a broad statement on an employee’s privacy rights in this age of cloud computing and web 2.0…. » Read More
Quon Roundup on Employee Computer Privacy
Lots of discussion about the Quon case focused on the lack of technology expertise by the Justices on the Supreme Court. Actually, most people labeled them as Luddites. DC Dicta even claims that Chief Justice Roberts writes his opinions in long hand with pen and paper. This issue that I am hoping to see addressed… » Read More
Supreme Court Rules on When Mutual Fund Fees are too High
The Supreme Court issued its opinion in Jones v. Harris Associates, addressing the standard for when mutual fund fees are too high. Background Under §36(b) of the Investment Company Act of 1940 the “the investment adviser of a registered investment company shall be deemed to have a fiduciary duty with respect to the receipt of… » Read More
Tuesday Morning Quarterback of Free Enterprise v. PCAOB
On Monday, the Supreme Court listened to the oral arguments in Free Enterprise Fund v. Public Company Accounting Oversight Board (08-861). For me in the compliance world, the case is about the viability of PCAOB under Sarbanes-Oxley. For the constitutional scholars it is an important separation of powers case. Responding to concerns about accounting that… » Read More
Will the Supreme Court Affect Mutual Fund Fees?
On Monday, the Supreme Court heard the arguments on a case involving mutual fund fees. The case is trying to reconcile the standard for when mutual fund fees are too high. Under §36(b) of the Investment Company Act of 1940 the “the investment adviser of a registered investment company shall be deemed to have a… » Read More
A Flurry of Stories on Mutual Fund Fees
Over the last few days there has been renewed interest in the upcoming Supreme Court case that will should rule on the fees charged by mutual funds. Back in May, I published Supreme Court to Decide on Investment Company Act Case after they agreed to hear Jones v. Harris Associates, L.P. I didn’t expect much… » Read More
Supreme Court to Decide on Investment Company Act Case
There has been a lot of focus on the Supreme Court’s acceptance of the PCAOB case: Free Enterprise Fund v. PCAOB (08-861). It squarely addresses an interesting administrative law question. I also find it interesting that this case originates from the last bout of financial fraud in the press (the collapse of Enron) and comes… » Read More
Supreme Court to Rule on Sarbanes-Oxley
On Monday, the Supreme Court agreed to rule on the constitutionality of the Public Company Accounting Oversight Board. The Sarbanes-Oxley Act passed in 2002 created PCAOB as a new government agency to regulate firms that audit the books of publicly traded companies. The key question in the case is whether the Act violated the separation-of-powers… » Read More
“Proceeds” From Money Laundering
In US v. Santos (06-1005), the United States Supreme Court sent confusion into what is required for a conviction under the federal money laundering statue: 18 U.S.C. 1956.The problem is the use of the word “proceeds” in 18 U.S.C. 1956(a)(1). Does “proceeds” meean gross receipts or profits? The justinces could not get together in a… » Read More
Kay – Certiorari Denied
The U.S. Supreme Court will not be reviewing the Fifth Circuit’s decision in Kay v. U.S. (cert denied shows up page 8 of the Orders List from October 6, 2008.) Kay argued that the FCPA didn’t apply to bribes to reduce taxes, or that if it applied, the “obtaining or retaining” language in the law… » Read More
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Compliance Building is published by Doug Cornelius, focusing on compliance and ethical issues for private equity real estate companies. Read more in About.
