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A recent Appeals Court decision addressed what level of evidence is required to demonstrate business value in a divorce proceeding. In Hugh v. Hugh, 2014, the wife in a divorce proceeding filed a cross-appeal on a number of issues, including the trial court’s failure to value her husband’s business (“E-Tech”). The Appeals Court agreed that while …
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Permanent link to this article: https://betweenthenumbers.net/2014/09/performing-a-valuation-with-limited-information/
Jones v. ConAgra Foods, Inc. is a recent case that demonstrates the damages-based hurdles to obtaining class certification. Despite Plaintiff’s presentation of three different damages models (“full refund,” “price premium,” and “regression”), Judge Charles R. Breyer concluded each failed to demonstrate class-wide damages. Because of this failure, Judge Breyer denied class certification. The case involved …
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Permanent link to this article: https://betweenthenumbers.net/2014/08/three-strikes-damages-out-in-recent-ca-class-certification/
The Northern District of California recently denied class certification related to claims of improper marketing and advertising of Fresh Step cat litter (In Re Clorox Consumer Litigation, Case No. 12-00280-SC (N.D. Cal. July 28, 2014) (ECF No. 129)). One of the reasons was a failure to establish a class that was sufficiently ascertainable, as plaintiffs …
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Permanent link to this article: https://betweenthenumbers.net/2014/08/lack-of-receipts-sinks-class-action-certification/
The U.S. Government Accountability Office (“GAO”) testified before Congress to describe the breakdown of over $100 billion of improper federal payments in 2013. Such errors included tax credits for those not entitled to them, unnecessary Medicare payments, and unemployment benefits for “under the table” workers, among others. Shockingly, these types of monumental errors are generally repetitive and …
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Permanent link to this article: https://betweenthenumbers.net/2014/07/over-100-billion-in-improper-federal-payments-occur-each-year/
Ernst & Young (E&Y) audits of Ventas, a real estate investment trust (REIT) in the healthcare sector, will have to be redone for the years ended December 31, 2012 and 2013, along with a review for the quarter ended March 31, 2014. This unfortunate and costly required effort results from E&Y’s determination that the work …
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Permanent link to this article: https://betweenthenumbers.net/2014/07/audit-re-do-required-because-of-inappropriate-relationship/
The U.S. Government Accountability Office (“GAO”) recently issued “Management Report: Improvements Are Needed to Enhance the Internal Revenue Service’s Internal Controls”, describing how the Internal Revenue Service (“IRS”) continues to have internal control deficiencies, both new and old. The purpose of the report is to present internal control deficiencies identified during the GAO’s audit of …
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Permanent link to this article: https://betweenthenumbers.net/2014/07/internal-control-failings-at-the-irs/
The 8th Circuit Court of Appeals has reversed a district court decision to grant summary judgment based on excluding three plaintiff experts regarding causation. While the district court ruled the experts did not reliably exclude alternative causes of injury and therefore their testimony was inadmissible under Daubert, the Court of Appeals concluded that this was …
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Permanent link to this article: https://betweenthenumbers.net/2014/07/daubert-provides-for-liberal-admission-of-expert-testimony/
In a recent case involving the City of Pomona (“Pomona”) v. SQM North America Corporation (“SQM”), Pomona alleged that SQM’s importation of sodium nitrate for fertilizer caused a perchlorate contamination in the city. Although the district court excluded under Daubert the expert testimony of Pomona’s expert witness on causation, the Ninth Circuit reversed the ruling, …
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Permanent link to this article: https://betweenthenumbers.net/2014/06/ninth-circuit-issues-reminder-on-daubert-trial-court-is-a-gatekeeper-not-a-fact-finder/
With its new audit standards and amendments aimed at specific transaction types, the Public Company Accounting Oversight Board (“PCAOB”) has targeted three critical areas in its ongoing efforts to combat financial reporting fraud. A more comprehensive article found here describes the new rules to heighten auditor scrutiny regarding (i) related-party deals, (ii) significant unusual transactions, …
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Permanent link to this article: https://betweenthenumbers.net/2014/06/new-rules-aimed-at-increasing-auditor-scrutiny-of-critical-fraud-areas/
The Washington Redskins’ trademark registration has been cancelled by the Patent and Trademark Office (“PTO”) after petition by members of the Navajo Nation, Paiute Indian Tribe of Utah, Kiowa Tribe of Oklahoma and Muscogee Nation of Florida. The PTO found that the Redskins’ six registrations were obtained contrary to Section 2(a), 15 U.S.C 1052(a), which …
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Permanent link to this article: https://betweenthenumbers.net/2014/06/washington-redskins-trademark-in-flux/
Jul 18
Over $100 Billion In Improper Federal Payments Occur Each Year
July 18, 2014
The U.S. Government Accountability Office (“GAO”) testified before Congress to describe the breakdown of over $100 billion of improper federal payments in 2013. Such errors included tax credits for those not entitled to them, unnecessary Medicare payments, and unemployment benefits for “under the table” workers, among others. Shockingly, these types of monumental errors are generally repetitive and …
Continue reading