FASB Faces Antitrust, IP Misuse Claims

Law360, New York (May 6, 2010, 1:14 PM EDT) -- The U.S. Financial Accounting Standards Board is facing allegations of antitrust violations and misappropriation of intellectual property in a new suit filed by Silicon Economics Inc., the developer of a method that improves on current accounting practices.

The technology company filed suit Wednesday in the U.S. District Court for the Northern District of California, claiming FASB “hijacked” its patented EarningsPower Accounting program after SEI disclosed the program during the board's 2006 request for public comment.

SEI also on Wednesday moved for a preliminary injunction barring FASB...
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