Neer v. Pelino
- Case Date: 5/17/2006
- Project Name: Reining in the Plaintiffs' Bar
On May 17, 2006, WLF filed a brief in Neer v. Pelino in the U.S. Court of Appeals for the Third Circuit urging the court to affirm a lower court decision that a private litigant does not have the right under Section 304 of the Sarbanes-Oxley Act (SOX) to sue officers and directors of a publicly traded company to disgorge bonuses and profits for alleged errors in the company's accounting statements filed with the Securities and Exchange Commission (SEC). Instead, WLF argued that Congress intended that only the SEC has the authority to enforce the penalty provision; otherwise, a substantial portion of the funds would otherwise be awarded to plantiffs' attorneys instead of the shareholders as Congress intended.
More Information and Downloads:
5/18/2006: Download the Brief