Judge Dismisses Challenge To PCAOB Authority

Law360, New York (March 22, 2007, 12:00 AM EDT) -- In a victory for the U.S. Securities and Exchange Commission, a federal judge dismissed on Wednesday a constitutional challenge to the audit oversight board created by the Sarbanes-Oxley Act of 2002.

The decision, by Judge James Robertson in federal court for the District of Columbia, said the case against the Public Company Accounting Oversight Board presented “nothing but a hypothetical scenario of an overzealous or rogue PCAOB investigator.”

The Competitive Enterprise Institute and the Free Enterprise Fund filed the lawsuit against the PCAOB in February 2006,...
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