Are you prepared to capitalize on the litigation against financial companies and accountants generated by the recent economic crisis? Are you prepared to provide the informed representation that accounting professionals need?
New federal securities class action filings surged in 2008 in the wake of the financial crisis. Almost half of the new filings targeted financial companies and more than 40% were related directly to the subprime/liquidity crisis. Most of the suits took aim at accounting irregularities, and many of the suits named accounting firms. The number of new federal class action filings tapered off in 2009, but the number and value of securities class action settlements ballooned in 2009 by 35% over the previous year, according to a recent report by the Stanford Law School Securities Class Action Clearinghouse.
If you’re involved in the litigation, or affected by it, you need this course to understand the issues that are driving it and to better counsel your clients.
Savvy practitioners appreciate the way this course addresses all the key challenges and hazards confronting the accounting profession today, including changes in the nation’s financial regulatory structures and their effect on the accounting profession, new auditing and accounting standards, the internationalization of accounting standards, the trend from “principle-based” to “rule-based” accounting, and the growing popular perception of accountants as watchdogs for the public.
This annual course of study provides an overview of the changing principles that govern the field of accountants’ liability, with particular emphasis on the developments that followed the major corporate failures that have been linked to fraudulent financial reporting and issues that the profession likely will face in the coming years.
Trustee Actions, the In Pari Delicto Defense, and Deepening Insolvency
As class actions have declined, they have been replaced by trustee actions. This past year has seen substantial case law developments regarding the in pari delicto defense and the related doctrine of deepening insolvency in cases brought by receivers and trustees against accountants.
Damages and Causation
The Supreme Court's decision in Dura Pharmaceuticals and other recent developments have placed new emphasis on theories of damages and causation in accountants' liability cases. Damage causation can even be an important class certification issue. It is therefore more important than ever to have a well-founded damages theory - legally, factually and statistically - or be able to attack the plaintiff's theory.
Ethical Considerations
This segment addresses ethical issues arising from the three-way relationship among the insurer, the accountant, and defense counsel; internal investigations; multiple representation; and former employees. Ethical issues involving the attorney-client, accountant-client, and work-product privileges are also considered.
If you intend to take a course for CLE credit, please make sure your state is listed in the "Accreditation" section to the upper right of the program description. Accreditation displayed is unique to the purchased program format (live conference, live webcast, on demand, podcast). Credit totals listed for live conferences are the maximum credits available. Credits issued will be based upon actual time in attendance. Credit totals for other formats are for complete programs. Partial credit is not available for any online or downloadable format.
West LegalEdcenter will not provide accreditation for states not listed.
This product is intended for individual use by the named purchaser. Group viewings for online programs may be arranged for five or more attorneys within the same organization prior to viewing by emailing sales@westlegaledcenter.com.
