Apr 09

Fraud on the Rise

Economic crime is increasingly plaguing U.S. firms according to a recent survey by PWC.  Key findings include: “45% of organizations in the U.S. suffered from some type of fraud in the past two years, more than the global average of 37%. More than half of U.S. organizations that experienced fraud in the last two years reported an …

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Permanent link to this article: http://betweenthenumbers.net/2014/04/fraud-on-the-rise/

Apr 07

EU Requires 10-Year Auditor Rotation Amid Other Efforts to Improve Audit Quality

The European Parliament has adopted new rules regarding the statutory audit of public-interest entities in an effort to “considerably improve audit quality across the European Union and … ensure that auditors are key contributors to economic and financial stability….by strengthening of the independence of statutory auditors, making the audit report more informative, and improving audit supervision …

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Permanent link to this article: http://betweenthenumbers.net/2014/04/eu-requires-10-year-auditor-rotation-and-other-efforts-to-improve-audit-quality/

Apr 04

College Football Players Get Employee Status

The National Labor Relations Board (“NLRB”) regional director Peter Sung Ohr recently ruled that a group of Northwestern University football players on scholarship are properly classified as employees of the university and thereby have rights to unionize and engage in collective bargaining. The NLRB relied upon the common law definition of an employee and was …

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Permanent link to this article: http://betweenthenumbers.net/2014/04/9133/

Apr 03

Non-competitor can get false advertising damages

In Lexmark Int’l, Inc. v. Static Control Components, Inc., (U.S., No. 12-873, 3/25/14), the U.S. Supreme Court recently determined that a company can assert a false advertising claim against a non-competitor under Section 43(a) of the Lanham Act if it can “show economic or reputational injury flowing directly from the deception wrought by the defendant’s …

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Permanent link to this article: http://betweenthenumbers.net/2014/04/non-competitor-can-get-false-advertising-damages/

Apr 02

Disgorgement remedy potentially broadened by Second Circuit

In a sharply-divided 2-1 vote, the Second Circuit Court of Appeals found that a civil disgorgement amount can exceed the profit that the defendant received. Although the case facts and Opinion directly involved insider trading in an action brought by the Securities and Exchange Commission, the rationale could presumably be applied in other wrongful conduct. …

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Permanent link to this article: http://betweenthenumbers.net/2014/04/disgorgement-remedy-potentially-broadened-by-second-circuit/

Apr 01

FHA to Eliminate Phantom Interest Charges for Future Borrowers

Historically, loans insured by the Federal Housing Administration (“FHA”) that were paid before maturity were subject to interest charges for the full final month in which they were repaid.  Not surprisingly, home sellers with closing dates early in the month have long complained about this practice, which increases their transaction costs. In arguing against the …

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Permanent link to this article: http://betweenthenumbers.net/2014/04/fha-to-eliminate-phantom-interest-charges-for-future-borrowers/

Mar 29

Severance payments remain FICA taxable

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On March 25, the U.S Supreme Court ruled in favor of the IRS over whether certain severance compensation is subject to payroll taxes. My prior blog post on this Sixth Circuit case is here. The Supreme Court ruled 8-0 to overturn the Sixth Circuit decision. This case would have had huge tax impact had the …

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Permanent link to this article: http://betweenthenumbers.net/2014/03/severance-payments-remain-fica-taxable/

Mar 26

Quarter theft stacks up

A New Jersey man recently entered a guilty plea for his ongoing theft of quarters derived from parking meters.  The individual, who had access to the room where the parking meter change was kept, took “handfuls” of change on a regular basis over approximately two years.  At the end of the period, the theft had …

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Permanent link to this article: http://betweenthenumbers.net/2014/03/quarter-theft-stacks-up/

Mar 25

Internal Audit’s Top Priorities Include Social Media

Protiviti’s 2014 Internal Audit Capabilities and Needs Survey Report queried more than 600 internal audit professionals about the social media risks that threaten their businesses.  The five largest are: Financial loss Interrupted business continuity Loss of intellectual property Loss of employee productivity Viruses and malware However, despite this awareness of the risks, many companies are still not adequately …

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Permanent link to this article: http://betweenthenumbers.net/2014/03/internal-audits-top-priorities-include-social-media/

Mar 19

New Path for Accelerated Discovery Requires Immediate Expert Assistance

The Eastern District of Texas is well known for its intense patent activity and already provides early disclosure of infringement and invalidity contentions to facilitate faster resolution of these cases.  The Court has now taken similar action by providing an option for accelerated damage discovery, including requiring a two week turnaround between defendant’s production of …

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Permanent link to this article: http://betweenthenumbers.net/2014/03/new-path-for-accelerated-discovery-requires-immediate-expert-assistance/

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