Ruling on Sarbanes-Oxley provision [9th Circuit] News
Ruling on Sarbanes-Oxley provision [9th Circuit]

Yuen, et al. v. Gemstar TV Guide International, United States Court of Appeals for the Ninth Circuit, Circuit Judge Trott, March 22, 2005 [upholding a district court's ruling which froze $37.6 million in termination pay and bonuses to two Gemstar TV Guide International officials]. Excerpt:

We conclude that the district court was correct in its understanding of the meaning of "extraordinary payments" and in the application of that flexible standard to the facts and circumstances of this case. Wisely, we believe, both Congress and the SEC have avoided creating a specific litmus test that determines what is or is not an "extraordinary payment." To do so for all possible situations would be next to impossible and would serve only to guide corporate scoundrels searching for ways to circumvent this salutary law.

Read the full text of the opinion here [PDF]. Reported in JURIST's Paper Chase here.

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