A US Supreme Court has backed an 11-year-old law which maintains that
shareholders have the burden of proof in bringing cases of corporate fraud to
The decision was handed down in the High Court yesterday in an 8-to-1
decision, which upheld the law obliging shareholders to successfully prove that
a company intentionally misled its shareholders.
The decision said that shareholders must present the court with a ‘cogent and
compelling’ set of facts.
The court did acknowledge that personal economic gain is a compelling part of
a fraud case, necessary to prove that a company and its officers intended to
The new ruling, based on the Private Securities Litigation Reform Act (PSLRA)
of 1995, may not step the tide of shareholder litigation cases, but may give
shareholders a more accurate idea of what is necessary to pursue litigation
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements