US court to review accounting oversight board case
Business Law
The Supreme Court said on Monday it would decide a constitutional challenge to the 2002 law that created a national board to oversee U.S. public company auditors.
The justices agreed to review a ruling by a U.S. appeals court that upheld the Sarbanes-Oxley Act of 2002, which set up the private sector Public Company Accounting Oversight Board.
A conservative activist group called the Free Enterprise Fund and a small Nevada accounting firm appealed to the Supreme Court in arguing that the law violated constitutional requirements on separation of powers because it failed to allow adequate control of the board by the U.S. president.
The board polices the U.S. audit industry, including the Big Four firms that review the books of major corporations: Ernst & Young LLP, KPMG, PricewaterhouseCoopers and Deloitte & Touche LLP.
A board spokeswoman said: "We remain confident that the PCAOB's structure is constitutional and look forward to our opportunity to demonstrate that in the Supreme Court."
Related listings
-
Credit Suisse CEO facing his own late fee
Business Law 05/15/2009Even the chief executive of banking giant Credit Suisse Group is complaining about late fees these days. As Congress and the president talk about ending so-called abuses in the credit card industry like sudden rate hikes and late fees, Brady Dougan i...
-
GM, Chrysler Dealer Groups Retain Law Firms
Business Law 05/01/2009National groups representing thousands of General Motors Corp. (GM) and Chrysler LLC auto dealers have hired law firms to protect them against potential bankruptcy filings by the auto makers. Lawyers also will advocate for GM franchise owners, who ar...
-
Court Revives Rendition Lawsuit Against Boeing Unit
Business Law 04/30/2009A federal appeals court Tuesday revived a lawsuit alleging that a unit of Boeing Co. (BA) helped the Central Intelligence Agency seize terrorism suspects abroad and secretly transfer them to other countries for interrogation. The ruling reinstates al...
Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.