FASB Dodges Accounting IP, Antitrust Suit

Law360, New York (August 18, 2011, 2:34 PM EDT) -- The Financial Accounting Standards Board on Tuesday beat Silicon Economics Inc.’s Delaware antitrust suit accusing the FASB of misappropriating an accounting standards patent and stifling competitors, with a federal judge finding SEI lacked standing and hadn’t sufficiently pled its claims.

Finding that the plaintiff had “offer[ed] only bald assertions of injury” and failed to show that it had standing, U.S. District Judge Michael M. Baylson granted the motion in part, allowing SEI to file an amended complaint.

“SEI has not offered any factual allegations on which...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.