FASB Faces New Accounting IP, Antitrust Suit

Law360, New York (February 24, 2011, 3:41 PM EST) -- An accounting research company accused the Financial Accounting Standards Board on Wednesday in Delaware of misappropriating an accounting standards patent and trying to stifle competitors, reviving a suit recently dismissed in California for lack of jurisdiction.

In a complaint filed in the U.S. District Court for the District of Delaware, California-based Silicon Economics Inc. argues that the FASB, which is responsible for setting accounting standards for public companies in the U.S., improperly laid claim to SEI's patented EarningsPower Accounting method after SEI shared its ideas with...
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