Broadening Enforcement Of Exec Compensation Clawbacks

Law360, New York (December 5, 2011, 12:38 PM EST) -- Last month, Maynard Jenkins, former CEO and chairman of CSK Auto Corporation (CSK), agreed to return nearly $2.8 million he was paid in bonuses and other compensation to settle an enforcement action the U.S. Securities and Exchange Commission brought against him.

The SEC had brought the case under Section 304 of the Sarbanes-Oxley Act of 2002, the so-called executive compensation “clawback” provision. The SEC has had authority to pursue such clawbacks since SOX was enacted, but did not bring any enforcement actions at all under Section...
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