Implications Of SEC V. Jenkins

Law360, New York (July 12, 2010, 12:21 PM EDT) -- Providing the first judicial gloss on the so-called “clawback” provision of the Sarbanes-Oxley Act of 2002, a federal district court has ruled that the U.S. Securities and Exchange Commission could maintain an action to compel a company’s former chief executive officer to reimburse his company for over $4 million in bonuses, incentive compensation and trading profits as a result of a financial restatement although there was no allegation that he had engaged in personal wrongdoing. SEC v. Jenkins, Slip op., No. CV-09-PHX-GMS (D. Ariz. June 9,...
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