CEOs Must Pay Up Under SOX — Regardless Of Fault

Law360, New York (January 4, 2013, 9:55 AM EST) -- A Texas federal judge recently denied defendants ArthoCare CEO Michael A. Baker and CFO Michael T. Gluk’s motion to dismiss the U.S. Securities and Exchange Commission’s claim against them under Sarbanes-Oxley Section 304’s clawback provision. Section 304 requires CEOs and CFOs to reimburse their company for any bonus or similar compensations, or any profits realized from the sale of company stock, for the 12-month period following a financial report, if the company is required to prepare an accounting restatement due to material noncompliance committed as a...
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