Corporations and securities brief ~ KPMG apologizes for illegal tax shelters News
Corporations and securities brief ~ KPMG apologizes for illegal tax shelters

[JURIST] Leading Thursday's securities and corporations law news, "Big Four" accounting firm KPMG [corporate website] has apologized for creating illegal tax shelters. The firm vowed to clean up its practices and culture. The apology is part of an effort by KPMG to avoid the type of criminal prosecution that seriously damaged rival firm Arthur Andersen. Read the KMPG press release. Reuters has more.

In other corporations and securities law news…

  • The SEC [official website] has subpoenaed Philadelphia Consolidated Holding Co. [corporate website] for information on its dealings with Berkshire Hathaway [corporate website]. The subpoena asks for information about reinsurance products, where one insurance company insures another. The subpoena is part of an ongoing government probe into the reinsurance industry. Philadelphia Consolidated has issued a press release. AP has more.
  • BJ’s Wholesale [corporate website] has settled with the FTC [official website] over charges that the company negligently allowed thieves access to customers financial information. The thieves gained access to the credit and debit card numbers for thousands of BJ’s customers, spending millions of dollars. Read the FTC press release. Reuters has more.
  • Yoshiaki Tsutsumi [Wikipedia profile], the Japanese railroad and resort tycoon who was once considered the world’s wealthiest man, pleaded guilty Thursday to corporate fraud in Tokyo District Court. Tsutsumi ran Seibu Railway [Japanese corporate website] for many years. AP has more.
THIS DAY @ LAW

Pope Urban II sparks First Crusade

Pope Urban II threw his support behind what would become the First Crusade on November 27, 1095 during the Council of Clairmont. The Pope urged the council's participants to render aid to the Byzantine Empire, which was being attacked by the Seljuks. Pope Urban called for a wide coalition of rich and poor to combat the threat, which eventually resulted in the conquest of much of the Muslim-controlled Levant by the Crusaders and the establishment of the Crusader States. Read Pope Urban's address.  

Catholic Code of Canon Law revised

On November 27, 1983, the revised Code of Canon Law of the Roman Catholic Church went into effect. Learn more about the history of Canon Law from Professor Kenneth Pennington of the Catholic University of America's Columbus School of Law.

Alfred Nobel creates Nobel Prize in his will

On November 27, 1895, Alfred Nobel signed his will, creating the Nobel Prize. Learn more about the history of the Nobel Prize and the Nobel Commission.