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Professors Support SEC Rules to Deter Corporate Fraud
Dec. 26, 2002
(NEWSWISE/Business News)
Corporate law faculty across the United States have joined in support of a rule recently proposed by the U.S. Securities and Exchange Commission that would make lawyers involved in executing corporate transactions more accountable for addressing client fraud.
The rule would require corporate lawyers faced with evidence of a material violation of law to report this evidence up the corporate ladder. If there was no adequate response from corporate officers and the board or relevant board committee, ultimately the lawyers would withdraw from representing their client, notify the SEC of the withdrawal and disaffirm any materially false or misleading documents that they might have helped prepare.
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