Using SOX 'Clawback' Against Uncharged Execs?

Law360, New York (August 13, 2009, 1:46 PM EDT) -- In a case that raises important questions about the nature and scope of the remedy provided in Section 304 of Sarbanes-Oxley Act of 2002, the U.S. Securities and Exchange Commission on July 22, 2009, filed a civil suit seeking to “claw back” compensation from a former chief executive officer who has not been accused of any securities law violation.

The case is SEC v. Jenkins, Case 2:09-cv-01510-JWS (D. Ariz. July 23, 2009) (available at sec.gov/litigation/complaints/2009/comp21149.pdf).

Background

Maynard Jenkins was formerly the chief executive officer of CSK...
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