My first case occurred early in October of this year. The New York office of the Attorney General has found state laws from 1921, which could possibly turn the office into somewhat of a corporate watchdog. With the Martin Act in hand, Attorney General Elliot Spitzer filed a 1.5 billion dollar lawsuit against five current and former telecom executives. The lawsuit was made in order to return the 1.5 billion dollars that was accumulated through unlawful stock sales. According to the online edition of the Wall Street Journal, Spitzer is using the less com

employees claimed the company miscalculated lump-sum retirements. Xerox says that the pension plan, which is a separate legal body, would be filing an appeal with in the coming weeks. It has been my observation that, more often than not, when a company tries to screw over its employees, they get caught. They start by taking little bits away, almost unnoticeable. But then they tend to get greedy and go for broke. This is when they get caught, and in cases where it’s big business against the little guy, the little guy will prevail. He may not win the case, but he will get a nice settlement that gives others the idea to file the same suit. Then they get paid off, and so on, until the government will step in and file it’s own suit against the company. In this case though, the size of the class, that will benefit from the filings has not been determined. However, the case will cover approximately thirteen thousand former Xerox employees, who received the “lump sum” benefits package. As I mentioned earlier accounting schemes are becoming more prevalent in the business world. This suit is just one of several that is dealing with fraud concerning “lump sum” retirements.

My fifth and final case, in this essay, is one that takes a different look at the Securities and Exchange Commission. The article by Jonathan Weil and John Wilke from the October 7th edition of the Wall Street Journal, deals with the investigation, by the US Senate, of the SEC’s dealings with Enron. Apparently the Senate probe has uncovered “systematic and catastrophic failure” by the SEC in its regulation of Enron. The staff

There is it is. The preceding contains the lessons that I feel a business student, law student, or a business-law student should be aware of. Remember that everyone is susceptible to fraud. Whether be corporation to corporation, or corporation to individual. If you think it can happen, chances are it is happening, or already has happened. And yes, even the people who are supposed to uphold the regulations are vulnerable.

Some topics in this essay:
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