Daily Report for Executives Index-Summary

S CORPORATIONS

– Accounting, Deloitte official discusses FIN 48 deferral for nonpublic entities, 60:G–11 (4/1/09)
– Cancellation of debt income, IRS working on guidance, 92:G–2 (5/15/09)
– Del. requires corporations to report, pay Del. taxes for nonresident shareholders, 83:H–2 (5/4/09)
– Income taxes, S corps have highest effective rate, 62:G–2 (4/3/09); SBA report, 62:TaxCore (4/3/09)
– Partnership conversion eligible as immediate S corporation, 87:G–4 (5/8/09); text of Rev. Rul., 87:TaxCore (5/8/09); ABA tax section panel addresses guidance, 88:G–4 (5/11/09)
– Sale of partnership common units, IRS deviates from single partnership interest basis approach, Viewpoint, 76:J–1 (4/23/09)
– State taxes, CBPP recommends “meaningful” levies, equal tax treatment of LLCs, S corporations, 67:H–2 (4/10/09)
– Utah exempts from corporate income tax as of 2012, 68:H–1 (4/13/09)

SARBANES-OXLEY ACT

– Inspections of audit firms

See ACCOUNTING

– Internal controls, CAQ to hold Webcast for auditors, 100:G–6 (5/28/09)
– PCAOB

See PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (PCAOB)

– Whistleblower protections, CPA's discharge did not violate Act (U.S., rev den), 74:K–1 (4/21/09)

SAVINGS AND LOAN ASSOCIATIONS (S&Ls)

– Failures

– – BankUnited, FDIC places new bank in hands of private investors, says it will soon release guidance for funds interested in buying banks, 97:EE–21 (5/22/09)
– – Winstar-related case, government counterclaims dismissed (Fed. Cl.), 74:K–1 (4/21/09); decision text, 74:TaxCore (4/21/09)

SBA

See SMALL BUSINESS ADMINISTRATION (SBA)

SCHOOLS

See COLLEGES AND UNIVERSITIES; EDUCATION

SECURITIES

– Accounting issues

See ACCOUNTING

– Annuities

See INSURANCE

– Arbitration claims expected to increase due to extreme market volatility and events surrounding auction rate securities and derivative contracts, FINRA says, 60:EE–14 (4/1/09)
– Auction rate securities

– – Arbitration claims for damages from losses, NASAA launches online guide to aide investors, 60:EE–8 (4/1/09)
– – California

– – – Wachovia Securities, Wachovia Capital Markets, and Citigroup Global Markets agree to return more than $4.7B to state investors, 61:EE–12 (4/2/09)
– – – Wells Fargo deceptively sold ARS to state investors, Atty. Gen. Brown seeks to recover $1.5B (Cal. Super. Ct.), 79:EE–7 (4/28/09)

– – Fraud, nationwide probes expand to include broker-dealers and investment advisers, BNA Special Report, 90:C–1 (5/13/09)
– – Mo. secretary of state enters into consent order with 2 Bank of America subsidiaries to provide relief to entities that purchased $400M of ARS, 92:EE–5 (5/15/09)

– Broker-dealers

– – Auditors, SEC focusing on PCAOB issues, Acting Chief Accountant Kroeker says, 83:G–4 (5/4/09)
– – “BrokerCheck” disclosure system, SEC approves proposed changes to FINRA Rule 8312, 95:EE–9 (5/20/09)
– – Disciplinary histories of brokers to remain online permanently, FINRA proposes to expand its BrokerCheck service, 79:EE–10 (4/28/09)
– – Financial holding company structure, Fed to seek some regulatory authority over broker-dealers, 74:EE–5 (4/21/09)
– – Leverage ratios, SEC's Sirri defends commission's handling, 67:EE–14 (4/10/09)
– – Regulation, group predicts SEC and FINRA will work more closely in future to regulate and supervise both broker-dealers and investment advisers, 94:EE–11 (5/19/09)

– Capital gains

See CAPITAL GAINS AND LOSSES

– Cease and desist orders, FINRA seeks SEC approval to make pilot program on authority permanent, 96:EE–6 (5/21/09)
– Corporate governance

See CORPORATE GOVERNANCE

– Credit default swaps

See DERIVATIVES

– Credit rating agencies

– – Competition needed, and SEC might have unwittingly created barrier through prior rulemaking, panelists say, 71:EE–13 (4/16/09)
– – European Parliament expected to approve compromise agreement to establish regulatory regime, including mandatory registration scheme, 73:EE–2 (4/20/09); EP gives formal approval to world's first set of stringent oversight rules, 77:EE–6 (4/24/09); code of conduct still not compliant in areas of conflict-of-interest and transparency principles, regulators say, 99:EE–5 (5/27/09)
– – House Financial Services Capital Markets panel to hold hearing to consider more effective regulation, Chrm. Kanjorski (D-Pa) announces, 92:EE–4 (5/15/09); Kanjorski calls for office at SEC dedicated to regulating agencies, 95:EE–12 (5/20/09)
– – SEC authority over industry to be considered by House Financial Services Comm., 86:EE–9 (5/7/09)
– – Term Asset-Back Securities Loan Facility program, Conn. Atty. Gen. Blumenthal calls on Sec'y Geithner to revise credit rating agency rules, 92:EE–15 (5/15/09)

– Custodial practices involving investor assets, SEC considering directly contacting investors to ensure advisers acting properly, 63:EE–11 (4/6/09)
– Cybersecurity, only 62 percent of publicly traded companies that handle personal data include privacy and data security as risk factor for their business in annual 10-K reports filed with SEC, report says, 74:A–5 (4/21/09)
– Derivative contracts

See DERIVATIVES

– Enforcement actions

– – American Skandia Investment Services consents to $68M SEC admin. order related to allegations it engaged in misconduct associated to market timing, 73:EE–9 (4/20/09)
– – Fifth Third Securities agrees to be fined $1.75M by FINRA and to pay more than $260K in restitution to settle series of violations related to variable annuity sales and exchanges, 70:EE–7 (4/15/09)
– – Foreign Corrupt Practices Act strong enforcement will not change under Obama admin., SEC Enforcement Division's Hodgkins says, 61:EE–15 (4/2/09); due diligence key for companies in climate of enhanced FCPA enforcement, panelists say, 75:EE–8 (4/22/09); SEC official reminds companies to heed books, records, and internal control issues, 75:EE–14 (4/22/09); orders freezing assets may raise questions of fairness and due process, attorney says, 75:EE–16 (4/22/09)
– – INTECH Investment Management and former COO settle SEC admin. charges they violated proxy voting rule for investment advisers by not describing adequately concern's voting policies, 88:EE–6 (5/11/09)
– – Merrill Lynch ordered to pay nearly $40M to Trustees of Masonic Hall and Asylum Fund for mishandling accounts, FINRA arbitration panel says, 60:EE–14 (4/1/09)
– – NYSER announces 6 disciplinary decisions involving representation, client contact, market making, and unsuitable product sales violations, 68:EE–4 (4/13/09); NYSER announces 13 actions taken since March, 93:EE–15 (5/18/09)
– – SEC Division of Enforcement outlines steps to streamline procedures, penalty guidance and manual under review, 80:EE–12 (4/29/09)
– – Settlements in SEC enforcement actions increased sharply in first quarter of 2009, report says, 69:EE–4 (4/14/09)
– – Shadow financial sector, SEC Chrm. Schapiro highlights agency's more aggressive approach to enforcement, 79:EE–14 (4/28/09)

– European Union issues

See EUROPEAN UNION (EU)

– Exempting from ICA requirements subsidiaries organized to finance operations of domestic or foreign companies, SEC asked to amend Rule 3a-5(b)(1) to include reference to LLCs and business trusts, 100:EE–12 (5/28/09)
– Fees that public companies and other issuers pay to register their securities will be set at $71.30 per million dollars, SEC announces, 83:EE–8 (5/4/09)
– Foreign investment in long-term securities, Feb., Treasury Intl. Capital (TIC) data, 71:EE–5 (4/16/09); overseas investors held about $10.32T worth of U.S. securities at end of June 2008, Treasury says, 82:EE–12 (5/1/09); March report, 93:EE–5 (5/18/09)
– Fraud

See SECURITIES FRAUD

– Indenture agreements, Affiliated Computer Services' late filing of Form 10-K with SEC did not violate Trust Indenture Act for notes it issued (5th Cir.), 75:EE–7 (4/22/09)
– Insider trading

– – Amkor Technology former general counsel's convictions reinstated (3d Cir.), 64:EE–6 (4/7/09)
– – Citigroup former investment banker and several others charged by SEC with participating in $6M-plus scheme involving merger deals (N.D. Cal.), 82:EE–15 (5/1/09)
– – Countrywide Financial shareholder class claims against 3 former officials dismissed (C.D. Cal.), 68:EE–7 (4/13/09)
– – Deutsche Bank Securities hedge fund portfolio manager and salesman charged with illegally trading on information about bonds issued by VNU (S.D.N.Y.), 85:EE–8 (5/6/09)
– – Ernst & Young former partner and lawyer convicted on violations (S.D.N.Y.), 94:EE–10 (5/19/09)
– – Increase in volume in cases involving insider trading rings discussed by SEC and DOJ officials, 81:EE–9 (4/30/09)
– – Lehman Brothers broker's friend pleads guilty over role in scheme (S.D.N.Y.), 85:EE–7 (5/6/09); N.Y. law firm associate pleads guilty to charges over his role in scheme, 88:EE–6 (5/11/09)
– – Lending Tree acquisition, SEC settles 5-year-old case (C.D. Cal.), 72:EE–8 (4/17/09)
– – Motorola's acquisition of TTP Communications, UK Financial Securities Authority secures jail terms for 2 men who profited on related information, 60:EE–15 (4/1/09)
– – Pequot Capital Management trading allegations, SEC Chrm. Schapiro gives Grassley (R-Iowa) detailed description of actions taken by SEC in response to 2007 report criticizing agency's handling of case, 90:EE–12 (5/13/09); CEO Samberg to close company due to ongoing probe, 101:EE–10 (5/29/09)
– – Qwest Communications former CEO Nacchio enters federal prison to begin serving 6-year term (U.S., rev den), 70:EE–11 (4/15/09)
– – SEC Division of Enforcement attorneys may have violated internal restrictions on securities trading and possibly misused material, nonpublic information gleaned from their work, IG report suggests, 93:EE–12 (5/18/09); SEC strengthens internal compliance program, 98:EE–9 (5/26/09)

– Investment advice

– – Auditors should not be required to evaluate whether fiduciary advisers satisfied their prudence obligations in providing investment advice, ABA Section on Taxation says, 100:EE–13 (5/28/09)
– – Conn. Senate approves bill providing for investment adviser disclosure rules, 101:EE–11 (5/29/09)
– – Custody of client assets, SEC schedules open meeting to consider proposing tighter restrictions on investment advisers, 88:EE–7 (5/11/09); SEC issues proposals to encourage independent custody of client assets, 92:EE–12 (5/15/09)
– – Exemption that permits brokers, unlike registered investment advisers, to provide advice without being subject to fiduciary standard, 2 investor groups urge SEC to revise interpretation, 72:EE–13 (4/17/09)
– – Financial advisors says investors need better information in wake of financial crisis, 83:EE–3 (5/4/09)
– – Regulation, group predicts SEC and FINRA will work more closely in future to regulate and supervise both broker-dealers and investment advisers, 94:EE–11 (5/19/09)
– – SEC Chrm. Schapiro says agency will name members to investor advisory committee within weeks, 64:EE–8 (4/7/09)
– – State pension funds, SEC to propose new rules that would ban investment advisers from managing for 2 years if advisers made certain political contributions, 90:EE–9 (5/13/09)

– Lending, Treasury attorney comments on §1058 ruling, 70:G–6 (4/15/09)
– Market structure issues arising from sponsored access systems and “dark pools” to be considered by SEC Division of Trading and Markets, 97:EE–14 (5/22/09)
– Money market funds

See MUTUAL FUNDS

– Mutual funds

See MUTUAL FUNDS

– Placement agents, N.Y. City Comptroller urges SEC to tighten federal regulation in connection with investments by public pension funds, 91:EE–15 (5/14/09)
– Privacy

– – Centaurus Financial fined $175K by FINRA over its failure to employ adequate safeguards to protect sensitive customer data, 84:A–4 (5/5/09)
– – Consumer comparisons, SEC reopens comment period on proposed model form that would allow, 72:EE–6 (4/17/09)

– Qualified intermediary program

See WITHHOLDING TAXES

– Registration

– – Application and notice of termination forms U-4 and U-5, SEC approves proposed changes, 95:EE–9 (5/20/09)
– – Exemptions under Reg. D, SEC's Division of Corporation Finance needs to improve its monitoring of issuers' compliance, OIG report, 61:EE–13 (4/2/09)

– Regulated investment funds

See MUTUAL FUNDS

– Regulation

– – American Enterprise Institute-sponsored Shadow Financial Regulatory Group endorses creating government entity to monitor financial system as a whole and identify areas of possible systemic risk, 85:EE–11 (5/6/09)
– – Broker-dealers and investment advisers, group predicts SEC and FINRA will work more closely in future to regulate and supervise both types of entities, 94:EE–11 (5/19/09)
– – Comm. on Capital Markets Regulation says only 3 regulators necessary to watch over financial sector, 99:EE–11 (5/27/09)
– – Comprehensive reform still not in sight for outdated regulatory system, former SEC Chrm. Pitt says, 95:EE–4 (5/20/09)
– – Kanjorski (D-Pa) calls for reform to mend “holes and weaknesses” in current system, 86:EE–11 (5/7/09)
– – SEC's Aguilar proposes group of regulators to act as nation's systemic risk regulator, 76:EE–10 (4/23/09); systemic risk regulator must not be empowered with expansive authority that would allow it to override federal securities laws, SEC Comm'r Paredes says, 84:EE–15 (5/5/09); SEC's Walter endorses harmonization that would have effect of merging agency's oversight regime of investment advisers and broker-dealers, 85:EE–10 (5/6/09); SEC's Parades says closing gaps may constrain private-sector innovation and entrepreneurism, 86:EE–11 (5/7/09); SEC entering one of the most active rulemaking periods in commission's history, Chrm. Schapiro says, 88:EE–4 (5/11/09); SEC must remain independent, state and local pension fund executives urge Treasury Sec'y Geithner, 98:EE–6 (5/26/09)

– Risk assessment, SEC announces new program to attract experienced industry professionals in order to identify and assess risks in financial markets, 82:EE–12 (5/1/09); Dodd (D-Conn) expresses interest in creation of high level council to detect potential systemic risk, 86:EE–15 (5/7/09); Fed most likely candidate to be systemic risk regulator, former SEC Comm'r Nazareth says, 87:EE–10 (5/8/09); council of state and federal regulators should be given job of identifying and managing systemic risk, groups say, 96:EE–8 (5/21/09)
– Russian law amended to allow listing and trading of foreign securities, 66:EE–2 (4/9/09)
– Shareholder access to proxy statements

– – Chamber of Commerce says SEC lacks legal authority to empower shareholders with proxy access, 81:EE–15 (4/30/09)
– – Del. governor signs into law amendments to Del. General Corporation Law that would greatly increase, 72:EE–8 (4/17/09)
– – Executive compensation shareholder approval

– – – Durbin (D-Ill) bill

See LEGISLATION, FEDERAL, S 1006

– – – Schumer (D-NY) expected to introduce bill, 92:EE–16 (5/15/09); Schumer and Cantwell (D-Wash) introduce bill, 95:EE–5 (5/20/09)

– – Nomination of corporate directors, Schumer (D-NY) expected to introduce bill to give shareholders greater say, 92:EE–16 (5/15/09); Schumer and Cantwell (D-Wash) introduce bill, 95:EE–5 (5/20/09)
– – SEC to hold open meeting to consider whether to propose proxy rule changes to facilitate director nominations by shareholders, 90:EE–10 (5/13/09); SEC agrees to propose shareholder proxy access rule amendments, 96:EE–14 (5/21/09)

– Short selling, senators pressure SEC to take aggressive stance toward abuses, 63:EE–11 (4/6/09); SEC votes to submit for public comment 3 main alternative proposals to restrict short sales, 66:EE–8 (4/9/09); Division of Trading and Markets to recommend extending interim final temporary measure that tightens delivery requirements, Dir. Sirri says, 67:EE–11 (4/10/09); early comments on proposals show investor anger, but little empirical data, 73:EE–9 (4/20/09); NYSE Euronext CEO Niederauer says SEC will adopt rule in 2009, 73:EE–13 (4/20/09); SEC announces May 5 roundtable to discuss proposals to curb short sales, 78:EE–8 (4/27/09); SEC study finds preborrow requirement on naked short selling curbs abuses, but increases costs of legitimate transactions, 84:EE–10 (5/5/09); Chrm. Schapiro says agency struggling with question of what action to take to restore investor confidence in securities markets, 85:EE–15 (5/6/09); SEC likely to reinstate uptick rule, and make permanent 2 measures requiring delivery of securities by settlement date and disclosure of short positions, former Comm'r Campos says, 87:A–13 (5/8/09); Securities Traders Ass'n offers alternative to SEC proposals, 89:EE–5 (5/12/09)
– Stock options

See STOCK OPTIONS

– Supreme Court reviews denied, 74:EE–7 (4/21/09)
– Viatical settlement providers and brokers, SEC to review market to determine if closer regulation required, Chrm. Schapiro says, 82:EE–15 (5/1/09)

SECURITIES AND EXCHANGE COMMISSION (SEC)

– Agenda for 2009 discussed by Division of Investment Management Dir. Donohue, 62:EE–6 (4/3/09)
– Enforcement recommendations, Chrm. Schapiro tells Grassley (R-Iowa) agency on track to address, 77:EE–11 (4/24/09); Division of Enforcement outlines steps to streamline procedures, penalty guidance and manual under review, 80:EE–12 (4/29/09); GAO report questions structure and use of resources in division, 86:EE–9 (5/7/09); division setting up specialized teams to investigate market fraud and misconduct in different areas, Dir. Khuzami says, 87:EE–14 (5/8/09)
– Financial statements, SEC has “significant deficiencies” in internal controls that could cause errors, GAO report, 62:EE–9 (4/3/09)
– FY2010 budget, Obama seeks nearly 7 percent increase, 87:B–6 (5/8/09); lawmakers ask for enhanced funding to make needed improvements, 88:EE–7 (5/11/09)
– Inappropriate employee securities trading, SEC announces steps to strengthen internal compliance program, 98:EE–9 (5/26/09)
– Personnel

– – Chief accountant search narrowed to 5 candidates, sources say, 101:G–1 (5/29/09)
– – Corporate Finance Division, Chrm. Schapiro names Cross director, 69:EE–2 (4/14/09)
– – Inspector general position made presidential appointment

See LEGISLATION, FEDERAL, HR 885

– – Trading and Markets Division Dir. Sirri leaving agency at end of April to return to academia, 60:EE–14 (4/1/09); Chrm. Schapiro names Brigagliano and Gallagher as acting co-directors, 79:EE–14 (4/28/09)

– Reconfiguring headquarters office space, OIG criticizes SEC over costly project, 62:EE–6 (4/3/09)
– Regulatory reform, Chrm. Schapiro says discussions still ongoing over agency authority changes, 96:EE–15 (5/21/09)
– Whistleblowing disclosures, Grassley (R-Iowa) questions Chrm. Schapiro about memo sent to employees that would discourage, 87:EE–9 (5/8/09)

SECURITIES FRAUD

– Acorn Capital Management and owner charged by SEC with allegedly defrauding investors of at least $23M (E.D. Pa.), 74:EE–8 (4/21/09)
– Aldus Equity Partners founder arrested on charges that he tried to steer investments from N.Y. state's $122B pension fund to his firm in exchange for kickbacks (N.Y. Crim. Ct.), 82:EE–23 (5/1/09)
– American Home Mortgage Investment executives charged by SEC with engaging in accounting fraud and making false and misleading statements to hide company's deteriorating financial condition (S.D.N.Y.), 80:EE–11 (4/29/09)
– Avaya and officials charged with affirmatively denying unusual price competition, and allegedly issuing baseless financial projections and positive portrayals to market, portion of suit reinstated (3d Cir.), 83:EE–10 (5/4/09)
– “Buy-sell” trading program based on foreign bank investments, SEC announces action against 4 individuals who raised more than $14M from 10 investors in U.S. and Canada (C.D. Cal.), 78:EE–11 (4/27/09)
– Cross-border enforcement, Intl. Org. of Securities Commissions announces that 52 members are now full signatories to its multilateral memorandum of understanding, 60:EE–17 (4/1/09)
– Dime Financial Group and official charged by SEC and DOJ in scam targeting senior citizens and church members (W.D. Wash.), 60:EE–12 (4/1/09)
– Dreier LLP law firm former managing partner pleads guilty to 8 counts of securities fraud and related criminal offenses (S.D.N.Y.), 89:EE–10 (5/12/09); bankruptcy trustee opinions sought in making Dreier bail revocation decision, 90:EE–8 (5/13/09)
– Enforcement

See LEGISLATION, FEDERAL, HR 1748, S 386*

– Financial statements, revenue inflation

See ACCOUNTING

– Friedman's jewelry store chain former CEO sentenced to 12 years in prison for his alleged role in accounting fraud scheme (E.D.N.Y.), 81:EE–15 (4/30/09)
– Hollinger Intl., ruling affirming fraud and obstruction of justice convictions of senior executives (U.S., rev grant), 94:EE–7 (5/19/09)
– Initial public offerings, parties to consolidated litigation over scheme to drive up prices agree to settle differences for $586M (S.D.N.Y.), 65:EE–4 (4/8/09)
– Investment advisor custodial relationships, AICPA backs stronger oversight, 79:G–5 (4/28/09)
– Kirlin Securities and 2 officials barred from industry by FINRA for scheming to inflate artificially stock price of parent company in bid to avoid being delisted from Nasdaq, 94:EE–4 (5/19/09)
– Kiselak Capital Group among 4 defendants charged over their alleged roles in scam that took in approximately $24M from investors (N.D. Tex.), 90:EE–10 (5/13/09)
– Logos Fund, Donum Fund, and 7 church leaders charged by SEC and DOJ with running hedge fund investment scheme that primarily targeted elderly parishioners (E.D.N.Y.), 70:EE–11 (4/15/09)
– Lucent Technologies massive revenue inflation scheme, SEC bid to hold former executives primarily liable rejected (D.N.J.), 82:EE–20 (5/1/09)
– Madoff Ponzi scheme

– – Charities' fiduciary duty, observers say N.Y. lawsuit against Merkin suggests attorneys general may tread lightly on defrauded groups (N.Y. Sup. Ct.), BNA Analysis & Perspective, 88:J–1 (5/11/09)
– – European Union to strengthen mutual fund regulation after Madoff scandal exposes problems, 101:EE–5 (5/29/09)
– – Pension plan breaches

See PENSIONS

– – Prominent financier Merkin sued by trustee to recover millions allegedly withdrawn despite several red flags of fraud (S.D.N.Y.), 88:EE–11 (5/11/09)
– – SEC disagrees that forcing Madoff into bankruptcy would maximize relief for victims (S.D.N.Y.), 66:EE–7 (4/9/09)
– – Sentencing of Madoff postponed (S.D.N.Y.), 92:EE–16 (5/15/09)
– – Trustee clarifies that effort to recover false profits would exclude investors that deposited more than they withdrew from their brokerage accounts, 78:EE–9 (4/27/09); trustee files 6 lawsuits to recover $10B, 92:EE–17 (5/15/09); trustee announces recovery of approximately $1.2B, 99:EE–9 (5/27/09)
– – Unregistered investment adviser Chais sued by trustee to recover more than a billion dollars from various accounts with “implausibly” high false profits (S.D.N.Y.), 84:EE–9 (5/5/09)
– – Victims using IRS safe harbor while refunds, lawsuits not ruled out, 90:G–9 (5/13/09); victims wishing to have views known should send written statements to U.S. Attorney's office (S.D.N.Y.), 92:EE–16 (5/15/09)

– Merck violated federal securities law by misrepresenting safety and commercial viability of pain reliever Vioxx (U.S., rev grant), 99:EE–6 (5/27/09)
– Mercury Interactive and officers intentionally backdated options to achieve more favorable price, Council of Institutional Investors says court order limited class objections to attorneys' fees (N.D. Cal.), 77:EE–10 (4/24/09)
– Minority group targets, SEC's Aguilar urges better education to combat fraud, 80:EE–9 (4/29/09)
– N.Y. State Common Retirement Fund “pay-to-play” kickback scheme, unregistered placement agent pleads guilty to charges stemming from his alleged role (N.Y. Sup. Ct.), 90:EE–10 (5/13/09)
– Novo Nordisk to pay $10M to resolve SEC and DOJ charges it paid unlawful kickbacks in connection with sale of humanitarian goods to Iraq under UN Oil for Food Program (D.D.C.), 89:EE–7 (5/12/09)
– 144 Opinions official and 2 attorneys charged over alleged use of phony legal opinion letters in pump-and-dump scheme (N.D. Ga.), 85:EE–7 (5/6/09)
– OppenheimerFunds accused by Or. Atty. Gen. of mismanaging §529 College Savings Plan by recommending bond fund that took risks typical of hedge fund (Or. Cir. Ct.), 70:EE–10 (4/15/09)
– Over-the-counter financial instruments, trading dropped sharply in second half of 2008, Bank for Intl. Settlements report, 94:EE–2 (5/19/09)
– Pharmaceutical and biotechnology companies, number of securities fraud class actions filed in 2008 remained constant compared with 2007, but nature of claims “differed dramatically,” survey finds, 74:EE–9 (4/21/09)
– Ponzi schemes

– – Conn. explains limited relief, 79:H–1 (4/28/09)
– – Due diligence, measuring losses, NYSBA outlines guidance for private foundations still needed, 88:G–4 (5/11/09); NYSBA tax section letter, 88:TaxCore (5/11/09)
– – Gemini Fund and DISP investment adviser faces millions of dollars in disgorgement and civil penalties, and up to 30 years in prison for his role in Ponzi scheme (E.D.N.Y.), 61:EE–11 (4/2/09)
– – Luminous Wealth Management owner pleads guilty to charges stemming from his operation of $14M Ponzi scheme (C.D. Cal.), 61:EE–9 (4/2/09)
– – Madoff

See Madoff Ponzi scheme, this heading

– – Mass. has not adopted federal guidance on losses, 62:H–2 (4/3/09)
– – Next Components owner Hsu pleads guilty in connection with $60M Ponzi scheme (S.D.N.Y.), 87:EE–11 (5/8/09); jury convicts Hsu, 95:A–1 (5/20/09)
– – Stanford Financial Group CIO indicted on federal conspiracy charges related to suspected $8B Ponzi scheme (S.D. Tex.), 90:EE–12 (5/13/09)
– – Targeted guidance helps government and investors deal with unprecedented situations, IRS official says, 82:G–4 (5/1/09)

– Private Equity Management Group and official accused by SEC of defrauding investors of hundreds of millions of dollars in alleged life insurance and timeshare real estate scheme, assets frozen (C.D. Cal.), 79:EE–15 (4/28/09); official arrested by FBI agents, 81:EE–4 (4/30/09)
– Reserve Primary Fund investment adviser and distributor charged by SEC with failing to tell investors and trustees about fund's vulnerability as Lehman Brothers Holdings sought bankruptcy protection (S.D.N.Y.), 85:EE–8 (5/6/09)
– Senior investor protection from unscrupulous financial advisers

See LEGISLATION, FEDERAL, S 906

– Sherbourne Capital Management officials charged by SEC with using Craigslist to sell unregistered securities (D.N.J.), 92:EE–15 (5/15/09)
– Smart Online stock manipulation, former registered securities brokers plead guilty to 2 criminal counts (S.D.N.Y.), 98:EE–12 (5/26/09)
– “Squawk boxes” that generated millions of dollars in ill gotten gains, federal jury convicts 6 defendants on charges related to exploitation (S.D.N.Y.), 76:EE–14 (4/23/09)
– Transaction Systems Architects and officials allegedly overstated earnings, investor challenge to class action settlement (U.S., rev den), 79:EE–9 (4/28/09)
– TXU Corp. and former CEO improperly failed to disclose impending dividend to secure plaintiff-shareholders' participation before stock price rose, dismissal of suit affirmed (5th Cir.), 72:EE–10 (4/17/09)

SHIPS AND SHIPPING

– Cargo coming into U.S., 100 percent scanning requirement needs to be reconsidered, CBP official says, 61:A–15 (4/2/09)
– Economic stimulus funds, DOT's competitive grant program expected to focus on ports and intermodal projects, Sec'y LaHood says, 81:A–7 (4/30/09)
– Emissions

– – Clean-trucks program at ports of Los Angeles and Long Beach, Federal Maritime Comm'n request for preliminary injunction to block portions denied (D.D.C.), 72:A–23 (4/17/09); portions of “concession agreements” to be blocked (C.D. Cal.), 80:A–34 (4/29/09)
– – Greenhouse gas emissions from ships could be reduced by as much as 75 percent through efficiency and operational improvements, Intl. Maritime Org. report says, 100:A–23 (5/28/09)

– Endangered species, Coast Guard regulation of ship traffic not necessarily “agency actions” that trigger ESA consultation requirements (N.D. Cal.), 61:A–31 (4/2/09)
– Harbor maintenance taxes, Esso Standard Oil could not receive refund for excess payments because it was not “correctable error” (Fed. Cir.), 62:A–6 (4/3/09)
– International shipping, filing with IRS required even for shipping from exempted countries, LMSB official says, 98:G–7 (5/26/09)
– Piracy attacks off coast of Somalia nearly doubled in first quarter of 2009, Intl. Chamber of Commerce's Intl. Maritime Bureau report, 75:A–3 (4/22/09)
– Rail equipment for unloading cargo not covered by rolling stock sales tax exemption, rehearing denied, opinion revised (Tex. App.), 68:K–1 (4/13/09); decision text, 68:TaxCore (4/13/09)
– Recycling old ships, Intl. Maritime Org. adopts international convention to require inventory of hazardous materials, and for parties recycling those ships to provide specific plan to handle materials, 94:A–15 (5/19/09)
– Repatriation of investment income

See LEGISLATION, FEDERAL, HR 2542

– Time charter of ship similar to lease, commission deductible (5th Cir.), 71:K–1 (4/16/09); decision text, 71:TaxCore (4/16/09); IRS Assoc. Chief Counsel Merrick discusses case, 78:G–6 (4/27/09)
– Valdez tax on large vessels docking, Supreme Ct. justices focus on Constitution's tonnage clause (U.S., oral arg), 61:K–3 (4/2/09)
– Water pollution

– – Consultores De Navegacion pleads guilty to criminal charges related to dumping of oil-contaminated waste and agrees to pay fine of $2.5M (D. Mass.), 65:A–18 (4/8/09)
– – European Parliament supports EC proposal that will require EU countries to criminalize serious discharges from ships, 85:A–2 (5/6/09)
– – Fleet Management, operator of ship that spilled fuel into San Francisco Bay, offers to plead guilty to 2 misdemeanor violations (N.D. Cal.), 92:A–6 (5/15/09)

SINGAPORE

– Customs and Border Protection Bureau optimistic it will sign trade security mutual recognition pact with Singapore in June or shortly thereafter, 86:A–8 (5/7/09)

SMALL BUSINESS ADMINISTRATION (SBA)

– Administrator, Senate approves nomination of Mills, 63:A–3 (4/6/09)

SMALL BUSINESSES

See also S CORPORATIONS
– Alternative lending markets must be strengthened to give small businesses capital they need to survive economic crisis, report says, 61:EE–5 (4/2/09)
– Economic stimulus

– – Assistance IRS could provide with tax provisions, 72:G–2 (4/17/09); letter from House Small Business Chairwoman, 72:TaxCore (4/17/09); Velazquez (D-NY) letter, 72:TaxCore (4/17/09)
– – IRS urges firms to use new, expanded tax deductions in ARRA, 96:G–2 (5/21/09); news release, 96:TaxCore (5/21/09); fact sheet on ARRA provisions, 96:TaxCore (5/21/09)
– – Losses, IRS updates guidance, clarifies 2008 NOL carryback election, 78:G–2 (4/27/09); text of Rev. Proc. 2009-26, 78:TaxCore (4/27/09)
– – Start-up expenses, losses, IRS provides guidance online, 83:G–1 (5/4/09)

– Employment taxes

– – Bankruptcy, IRS official says tax debt major cause, 92:G–2 (5/15/09)
– – Limited liability company, IRS may proceed in collection against sole LLC member (T.C.), 60:K–2 (4/1/09); decision text, 60:TaxCore (4/1/09)

– Estate tax, Obama plan to modify tax rules may set up battle with small businesses, 92:GG–1 (5/15/09)
– Health insurance

See LEGISLATION, FEDERAL, S 979

– Home office deductions

See LEGISLATION, FEDERAL, HR 1509

– International trade, USTR considers ways to expand opportunities for small businesses, including creating post of assistant USTR for small business, Kirk says, 100:A–3 (5/28/09)
– Lincoln (D-Ark) proposes tax relief for families, small firms, 85:G–3 (5/6/09); description of package, 85:TaxCore (5/6/09)
– Loans under 7(a) program, SBA expands eligibility through temporary alternative size standard, adding estimated 70,000 small businesses, 83:EE–4 (5/4/09); SBA says lending picking up, other witnesses testify that many rely on credit cards to finance their businesses, 91:A–20 (5/14/09)
– Product safety and liability, retroactivity of provisions on lead and phthalates poses problems for small businesses, acting Chrm. Nord says, 92:A–13 (5/15/09)
– Tax compliance costs, IRS Comm'r Shulman testifies at House panel hearing, 61:G–5 (4/2/09); prepared remarks, 61:TaxCore (4/2/09)
– Tax rate highest for S corporations, lowest for sole proprietorships, 62:G–2 (4/3/09); SBA report, 62:TaxCore (4/3/09)
– Tax simplification, business representatives urge measures at House panel hearing, 87:G–2 (5/8/09)
– Uncertain tax positions

See ACCOUNTING

SOCIAL SECURITY

– Automated wage reporting program, Social Security Admin. is revamping, 82:G–1 (5/1/09)
– Banking, arguments to be heard over whether Bank of America can tap into directly deposited benefits to satisfy charges on shortfalls (Cal.), 63:EE–8 (4/6/09); arguments heard, 65:EE–4 (4/8/09)
– Direct deposits, Treasury urges recipients of federal benefits to sign up, 67:G–6 (4/10/09)
– Entitlement, tax reform commission, Voinovich (R-Ohio) and Lieberman (I-Conn) propose, 86:G–7 (5/7/09)
– Medicare Part B premiums could increase if beneficiaries do not receive cost of living adjustment to their Social Security benefits in 2010, CRS report, 85:A–12 (5/6/09)
– Optimizing lifetime benefits, Boston College's Center for Retirement Research highlights strategy, 99:EE–11 (5/27/09)
– Recession adds to the worsening outlook of trustees report for 2009, 90:G–11 (5/13/09); Comm. to Preserve Social Security downplays recession's effect on trust funds, 91:G–5 (5/14/09)
– Reform options

– – House Majority Leader Hoyer (D-Md) cites opening to work on bipartisan basis, but says it should not displace current efforts to overhaul health care system, 86:A–19 (5/7/09); Hoyer discusses at Bipartisan Policy Center forum, 86:G–7 (5/7/09)
– – Raise tax cap on earnings, not retirement age, EPI advises in report, 86:G–2 (5/7/09)
– – Timetable for “equitable options” shrinking, trustees' report shows, 93:G–1 (5/18/09)

SOFTWARE

– Antitrust, trade group joins European Comm'n challenge to way Microsoft packages Internet Explorer with Windows operating system, 71:A–8 (4/16/09); DOJ seeks extension of parts of final decree in U.S. case (D.D.C.), 72:A–14 (4/17/09); EU gives Microsoft 3-week extension to answer charges, Ass'n for Competitive Technologies may intervene on Microsoft's behalf, 74:A–4 (4/21/09)
– Copyrights

– – Contracts involving sale or exchange of computer software, American Law Institute members vote to approve draft principles, 95:A–7 (5/20/09)
– – Piracy rate increase to 41 percent has led to billions of dollars in lost revenue, decrease in IT jobs, increases in risk of cybercrime and security problems, and lower tax revenues, study finds, 90:A–4 (5/13/09)

– Intel may face tax adjustment in Denmark for intercompany transfer of Giga rights, 70:I–2 (4/15/09)
– Tax software

– – Conference for developers set, 78:G–7 (4/27/09); IRS notice, 78:TaxCore (4/27/09)
– – IRS official discusses agency's modernization and software certification, 82:G–6 (5/1/09)
– – More IRS oversight needed, GAO reports, 62:G–5 (4/3/09)

– Temporary IT staff, sales tax exemption applies to client services (Tenn. Ct. App.), 91:K–1 (5/14/09); decision text, 91:TaxCore (5/14/09)

SOLAR ENERGY

See RENEWABLE ENERGY

SOUTH CAROLINA

– Consolidated groups, S.C. issues rules on state tax effect of making I.R.C. §338(h)(10) election, 72:H–1 (4/17/09)
– Economic stimulus, governor will accept discretionary portion of state's allotted funds, 63:A–8 (4/6/09)
– Real estate, Consolidated Multiple Listing Service would be required to allow low-priced and innovative brokers to compete with traditional brokers in Columbia, S.C., under terms of DOJ consent decree (D.S.C.), 84:A–14 (5/5/09)
– Tax legislation, sales tax and fuel blending provisions enacted together invalid (S.C.), 84:K–2 (5/5/09); decision text, 84:TaxCore (5/5/09)

SOUTH DAKOTA

– Storage businesses, time period for sales tax refunds limited, 60:H–2 (4/1/09)

SOUTH KOREA

– Customs and Border Protection Bureau begins negotiations on trade security mutual recognition pact South Korea, 86:A–8 (5/7/09)
– Economic stimulus spending, government plans to cut tax breaks to buttress finances, 100:I–1 (5/28/09)
– Free trade agreements with U.S. and EU, South Korea voices renewed confidence in launching, 64:A–8 (4/7/09); Obama admin. needs to begin work on agreement as soon as possible, Baucus (D-Mont) and Grassley (R-Iowa) say, 74:A–9 (4/21/09); Korean trade minister meets with Commerce Sec'y Locke to work together to advance talks, 91:A–28 (5/14/09); trade minister meets with USTR Kirk to discuss agreement, 92:A–19 (5/15/09); EU fails to resolve outstanding trade issues during political summit, 99:A–8 (5/27/09)
– Legal services market brought in line with global standards, country will recognize foreign legal consultants, 72:A–7 (4/17/09)
– Offshore tax evasion, tax agency seeks broader enforcement powers, 61:I–1 (4/2/09)

SPAIN

– Intellectual property, Congressional Intl. Anti-Piracy Caucus singles out China, Russia, Canada, Spain, and Mexico as places where copyright piracy has reached alarming levels, 97:A–3 (5/22/09)
– Job retention, housing market stimulus, prime minister announces temporary corporate tax reduction, restriction on mortgage deductions, 90:I–2 (5/13/09)

SPECIAL REPORTS

– Auction rate securities fraud, nationwide probes expand to include broker-dealers and investment advisers, 90:C–1 (5/13/09)
– Bank failures, experts expect more in Ga. and southeast following failure of Silverton Bank of Atlanta, 98:B–1 (5/26/09)
– Broadband infrastructure projects, “Buy America” provisions of stimulus act could prove problematic, 97:C–1 (5/22/09)
– Budget pay-go law, House proponents to push issue in June, rescission proposal delayed, 100:C–1 (5/28/09)
– Campaign finance, increasing prevalence of split FEC votes on key issues could shape next campaigns, 66:C–1 (4/9/09)
– Commercial mortgage-backed securities, government and industry try to build momentum behind plan to restart market under Term Asset-Backed Securities Loan Facility, 86:C–1 (5/7/09); TALF demand could be high, but banks hesitant to assume aggregation risk, 94:C–1 (5/19/09)
– Employee benefits, same-sex marriage legalization will have no effect on employers' obligations with respect to federally regulated workplace benefits, 79:C–1 (4/28/09)
– Employee Free Choice Act, some alternative proposals on forming and joining unions emerging, 84:C–1 (5/5/09)
– 401(k) plans

– – Fees, Wal-Mart case to be considered (8th Cir.), 67:C–1 (4/10/09)
– – Matching contributions, global recession causes employers to cut or reduce, 82:C–1 (5/1/09)

– Fy2010 budget, experts give Obama credit for changing terms of fiscal debate, question plan to tackle entitlement problem, 93:C–1 (5/18/09)
– Health insurance

– – Pay-or-play rules of San Francisco coverage program, employers adapting, 95:C–1 (5/20/09)
– – Retirees, “captive insurance” considered by employers as viable option for funding benefits, 99:C–1 (5/27/09)

– Intellectual property, Supreme Court Justice Souter responsible for numerous significant opinions over 20 years, 87:C–1 (5/8/09)
– Madoff Ponzi scheme, investor and pension plan participant class actions alleging gross negligence on part of banks and investment funds could take years to complete, but have lasting mark, 78:C–1 (4/27/09)
– Monetary policy, dramatic initiatives announced by Fed and Treasury Dep't during March should help economy begin to stabilize and improve by end of 2009, economists say, 60:C–1 (4/1/09)
– Motor vehicles, trading in old gas-guzzlers for new, fuel-efficient models, industry urges lawmakers to enact legislation that would reward car buyers, 74:C–1 (4/21/09)
– Newspapers becoming nonprofit entities, Cardin (D-Md) bill (S 673) to allow could pose dilemma for reporters trying to track down corruption, 91:C–1 (5/14/09)
– Worldwide fiscal stimulus: E&Y guide to tax opportunities, challenges in key jurisdictions, 98:SplRpt (5/26/09)

SPOUSES

– Joint tax returns, innocent spouse relief

See TAX COURT

– Same-sex couples

– – Benefits complicated by lack of IRS guidance, attorneys say, 79:G–2 (4/28/09)
– – Health care benefits

See LEGISLATION, FEDERAL, HR 2625

– – Md. offers domestic partners inheritance tax exemption, 96:H–1 (5/21/09)

STATE AND LOCAL GOVERNMENT

– Accounting

– – Derivative instruments, GASB issues guide for government entities on recent standards, 76:G–1 (4/23/09)
– – Pensions, GASB announces hearing on whether accounting changes needed, 67:G–2 (4/10/09)
– – Related party transactions, going concern, subsequent events, GASB codifies guidance in AICPA auditing standards, 73:G–3 (4/20/09)

– Air pollution, state and local air regulators seek 20 percent increase in federal funding for grant programs, 80:A–8 (4/29/09)
– Build America Bond program

See BONDS, TAXABLE

– 401(k) plans, state and local employees generally continued to contribute to their plans despite economic decline, Natl. Ass'n of Government Defined Contribution Administrators says, 70:A–7 (4/15/09)
– Medicaid

See MEDICAID

– Preemption of state laws by federal government should only be done “with full consideration of legitimate prerogatives of states,” Obama says in reversing Bush-era policies, 97:A–9 (5/22/09)
– Schools

See EDUCATION

– Unemployment

See UNEMPLOYMENT INSURANCE

– Water pollution, EPA withdraws rule linking grants to state water permit program fees, 67:A–13 (4/10/09)
– Withholding on government payments

See WITHHOLDING TAXES

STATE DEPARTMENT

– Appropriations and intellectual property enforcement authority

See LEGISLATION, FEDERAL, HR 2410

STATE TAX DEVELOPMENTS

– Ed. Note: This heading covers issues affecting many states. For entries on specific state taxes, see specific state headings.
– Apportionment, UDITPA study committee seeks more time to decide if revision of law should proceed, 99:H–1 (5/27/09)
– Budget shortfalls, over 30 states use tax hikes to balance ailing budgets, CBPP report says, 91:H–4 (5/14/09)
– Business activity nexus

– – Advertising income

See ADVERTISING

– – Boucher (D-Va), Goodlatte (R-Va) bill

See LEGISLATION, FEDERAL, HR 1083

– – Mass. cases

See SUPREME COURT, U.S.

– – Physical presence, substantial nexus, and the Commerce Clause, Viewpoint, 95:J–1 (5/20/09)

– Cancellation of debt income, CBPP warns states to decouple or suffer revenue impact from federal CODI provision, 95:H–5 (5/20/09)
– Cigarettes

See TOBACCO INDUSTRY

– Communications services

See TELECOMMUNICATIONS

– Film production credits

See MOTION PICTURES

– FY2008 tax data, IRS adds state tables to Web site, 89:G–13 (5/12/09)
– Health care provider taxes, CMS proposes further delay on enforcing parts of Medicaid rule, 84:G–2 (5/5/09); CMS proposed rule, 84:TaxCore (5/5/09)
– High-income taxpayers, CBPP report suggests tax increases as potential source of much revenue, 74:H–1 (4/21/09)
– LLCs, S corporations, CBPP recommends “meaningful” levies, equal tax treatment, 67:H–2 (4/10/09)
– Nexus policies, NOL treatment, Michigan, Ohio, Texas hybrid tax add-back, states respond to BNA survey, 79:H–1 (4/28/09)
– Nonresidents

– – Delinquent income taxes, federal offset

See LEGISLATION, FEDERAL, HR 2303

– – Workers, temporary stay

See LEGISLATION, FEDERAL, HR 2110

– Property taxes

See specific states

– Revenue reports

– – Decline in 2008, Rockefeller Inst. reports on 4th quarter, sales tax revenue decline worst in 50 years, 70:H–1 (4/15/09); revenues plummeted in 1st quarter of 2009, 91:H–1 (5/14/09)
– – Problems sweeping nation, NCSL reports in state budget update, 77:H–2 (4/24/09)

– Sales taxes

See specific state headings
– – Simplification project

See ELECTRONIC COMMERCE

– Tax expenditures, public reporting urged by CBPP, 67:H–1 (4/10/09)
– Taxpayer service, Cal. SBOE and Wash. revenue dep't receive awards from FTA, 68:G–5 (4/13/09)

STEEL INDUSTRY

– Chinese steel industry should be governed by market principles instead of government intervention, 8 steel trade associations from 3 continents say, 71:A–8 (4/16/09)
– Imports, March, Census Bureau report, 80:A–4 (4/29/09); April, 100:A–2 (5/28/09)
– Oil country tubular goods, China dumping

See CHINA

STOCK OPTION BACKDATING

– Broadcom ruling on privilege serves as warning to attorneys and prosecutors, observers say (C.D. Cal.), 70:K–2 (4/15/09)
– Discovery, court rejects bid by defendant in Maxim case (N.D. Cal.), 101:K–2 (5/29/09)
– Failure to show presuit demand excused under Del. law, shareholder suit against Am. Tower Corp. dismissed (Mass.), 72:K–2 (4/17/09)
– Monster Worldwide former executive convicted (S.D.N.Y.), 91:K–3 (5/14/09); company to pay $2.5M to settle SEC charges, 94:K–1 (5/19/09)
– Take-Two agrees to pay $3M, settling SEC charges (S.D.N.Y.), 61:K–2 (4/2/09)

STOCK OPTIONS

– Backdating cases

See STOCK OPTION BACKDATING

– Cost sharing regulations, appeals court reverses Tax Ct.'s Xilinx ruling (9th Cir.), 100:GG–1 (5/28/09); decision text, 100:TaxCore (5/28/09)
– WorldCom executive must reimburse Verizon for IRS tax shelter settlement (S.D. Miss), 68:K–2 (4/13/09); decision text, 68:TaxCore (4/13/09)

SUPERFUND

– Anaconda Copper site in Nev., Atlantic Richfield agrees to spend estimated $10.2M for cleanup, EPA announces, 77:A–24 (4/24/09)
– Asarco awarded $6B in compensatory damages over allegedly fraudulent transfer of holdings, enough to cover environmental liabilities (S.D. Tex.), 65:A–16 (4/8/09)
– Beede Waste Oil site in N.H., 2 Mass. state agencies agree to pay combined $2.85M to resolve liabilities arising from their shipment of contaminated soil to site (D.N.H.), 67:A–12 (4/10/09)
– Brown & Bryant site in Cal., “arranger” liability doctrine misapplied, Shell Oil and 2 railroads wrongly held jointly and severally liable for cleanup (U.S., rvs and rem), 84:A–10 (5/5/09); correction, 87:A–28 (5/8/09); opinion reverses EPA presumption in favor of joint and several liability, attorneys say, 93:A–20 (5/18/09)
– Brownfields redevelopment

See ENVIRONMENT

– Commencement Bay Nearshore/Tideflats site in Wash., Occidental Chemical to pay about $1.55M to federal agencies, state, and tribes for natural resource damages (W.D. Wash.), 86:A–25 (5/7/09)
– Cost recovery in program, EPA OIG calls for better controls, 81:A–5 (4/30/09)
– Dioxin contamination stemming from manufacturing at Dow Chemical plant in Mich., EPA accelerating efforts to clean up, 99:A–14 (5/27/09)
– Federally owned sites, GAO report urges Congress to amend superfund law to give EPA more authority, criticizes DOD for refusing to sign cleanup agreements with EPA for 11 military sites, 72:A–21 (4/17/09)
– FY2010 budget proposal for EPA by Obama admin. would reduce number of superfund cleanups, Boxer (D-Cal) says, 90:A–14 (5/13/09)
– Hudson River dredging project begins, ending years of delays over PCB removal, 93:A–14 (5/18/09)
– Innis Arden Golf Club may not introduce evidence of contaminated soil samples taken from its property because it failed to preserve samples and data associated with testing (D. Conn.), 100:A–4 (5/28/09)
– Kerr-McGee and Anadarko Petroleum fraudulently attempted to evade hundreds of millions of dollars in environmental penalties and cleanup costs through corporate restructuring, government says (Bankr. S.D.N.Y.), 98:A–18 (5/26/09)
– McColl site in Cal., Shell Oil, Union Oil, Atlantic Richfield, and Texaco awarded $84M to cover cost of cleaning up waste from companies' manufacture of aviation gasoline during World War II (Fed. Cl.), 65:A–19 (4/8/09)
– Midwest Metallics site in Ill., and H&H Enterprises site in Ind., EPA could recover almost $8.3M in response and cleanup costs under proposed consent decree with J.P. Investments and owner (Bankr. N.D. Ill.), 100:A–20 (5/28/09)
– Natl. Priorities List

– – EPA adds 9 sites in 7 states to list, and proposes 13 other sites be added, 66:A–28 (4/9/09)
– – Fort Meade in Md., 9-year stalemate between EPA and DOD over cleanup should be resolved when federal facilities agreement signed in summer of 2009, Cardin (D-Md) says, 70:A–16 (4/15/09)
– – Griffiss Air Force Base in N.Y., 23 parcels of land removed from list by EPA, 63:A–18 (4/6/09)
– – Lawrence Livermore Natl. Lab. in Cal., DOE to pay fine to EPA, resumes cleanup, 62:A–8 (4/3/09)
– – W.R. Grace vermiculite operations in Libby, Mont.

– – – Criminal trial to resume amid charges of prosecutorial misconduct and witness perjury (D. Mont.), 78:A–15 (4/27/09); charges against former executive dropped, bid to drop criminal charges against company denied, 80:A–37 (4/29/09); correction to 80:A-37, 81:A–25 (4/30/09); charges against second executive dismissed, 82:A–32 (5/1/09); arguments in criminal trial end, case goes to jury, 87:A–27 (5/8/09); jury finds Grace defendants not guilty on all counts, 88:A–22 (5/11/09)
– – – PEER files lawsuit alleging that EPA has improperly withheld IG report on efforts to clean asbestos (D.D.C.), 76:A–12 (4/23/09); EPA IG releases report, PEER to pursue questions it raises, 82:A–27 (5/1/09)

– Stimulus funds, EPA announces release of $600M for superfund cleanups, 71:A–22 (4/16/09); Natl. Institute of Environmental Health Sciences offering funding for jobs researching ways to clean up sites, 71:A–25 (4/16/09)
– Sycamore Industrial Park in Ill., cost recovery claim cannot be based merely on asbestos left in place when building sold (U.S., rev den), 74:A–18 (4/21/09)
– UGI Utilities not liable for cost of cleaning up tar and oil waste at plants that produced manufactured gas for use in fuel and lighting (D. Conn.), 101:A–9 (5/29/09)

SUPREME COURT, U.S.

– Accounting

– – Arthur Andersen's motion to stay tax shelter litigation pending arbitration, 6th Cir. has jurisdiction to review trial court's denial (judg rvs), 84:K–1 (5/5/09); decision text, 84:L–1 (5/5/09)
– – PCAOB's operations, constitutional challenge will be heard (rev grant), 94:K–3 (5/19/09); citation corrected, 95:K–5 (5/20/09); SOx challenge may be banks' first look at nominee Sotomayor, 99:K–1 (5/27/09)

– Ala. “add-back” tax statute does not violate Commerce Clause (rev den), 79:K–1 (4/28/09)
– Alaskan tax on large vessels docking, justices focus on Constitution's tonnage clause (oral arg), 61:K–3 (4/2/09)
– Ambiguous statutes, federal courts urged to defer to federal agency experience and technical expertise in interpretation, Justice Scalia calls for return to Chevron decision, denounces Mead's flexibility, 79:A–14 (4/28/09)
– Antitrust, removal by nonprofit standard setting organization of wireless communications technology from SSO's list of approved standards not part of conspiracy violative of Sherman Act (rev den), 79:EE–12 (4/28/09)
– Banking, state authority over alleged violations of law by federally chartered financial institutions (oral arg), 80:EE–7 (4/29/09)
– Bankruptcy, Chapter 7 trustee must object to debtor's claim of exempt property within 30 days to retain statutory authority to later sell property for benefit of creditors when values on debtor's list of assets and claim of exemptions equal (rev grant), 80:EE–5 (4/29/09)
– Beach erosion law in Fla. that property owners claim amounts to illegal “taking” (rev sought), 60:A–13 (4/1/09)
– Congressional ethics, Jefferson (D-La) argues his federal indictment was tainted by violations of Speech or Debate Clause (rev den), 95:A–18 (5/20/09)
– Courts, supplemental jurisdiction, federal district court's decision not to exercise over state law claims reviewable on appeal (rvs and rem), 84:A–9 (5/5/09)
– Disability benefits, Coca-Cola allowed to reduce 2 employees' benefits to account for their receipt of Social Security benefits (rev den), 64:A–1 (4/7/09)
– Drinking water for New York City, coalition of towns petitions for review of EPA waiver of filtration requirement for Catskill-Delaware water supply system (rev sought), 99:A–17 (5/27/09)
– Food safety, mercury poisoning victim may pursue claim against canned tuna producer, Tri-Union Seafoods (rev den), 74:A–7 (4/21/09)
– Identity theft, to convict illegal alien of aggravated ID theft, federal prosecutors must show that defendant knew that means of identification belonged to another person (rvs and rem), 84:A–23 (5/5/09)
– Intellectual property

– – Freelance authors' works digitally replicated, federal district court jurisdiction over settlement, law professor's brief invited (brief invited), 64:A–9 (4/7/09)
– – Machine-or-transformation test for patentable subject matter, U.S. Solicitor General opposes review of Bilski decision (brief filed), 86:A–3 (5/7/09)

– Justice Souter replacement who can be approved by Congress before Aug. recess, Obama to begin intensive effort to identify, 83:A–15 (5/4/09); White House plays down speculation of imminent nomination, 85:A–21 (5/6/09); Souter will be recalled for balanced approach to state tax issues, Univ. of Ga. professor Hellerstein says, 85:K–1 (5/6/09); Souter responsible for numerous significant intellectual property opinions, BNA Special Report, 87:C–1 (5/8/09); Senate GOP signals intention to delay action on nominee until Sept., 91:A–14 (5/14/09); Obama selects federal appeals court judge Sotomayor to replace Souter, 99:AA–1 (5/27/09); Sotomayor ruled for ISP in National Security Letters free speech case, 99:AA–2 (5/27/09); Sotomayor probably will not change basic alignment of Court on major issues, including campaign finance law, experts say, 99:AA–4 (5/27/09); Sotomayor does not have long track record in intellectual property jurisprudence, 99:AA–5 (5/27/09); rulings in class actions, product liability, toxic tort, hazardous waste, and expert evidence cases examined, 99:AA–6 (5/27/09); broad judicial role, but also restraint evidenced in opinions, 99:AA–9 (5/27/09); labor and civil rights groups praise Sotomayor, 99:AA–10 (5/27/09); securities law decisions offer no suggestions of policy leanings, 99:AA–11 (5/27/09); few cases in which Sotomayor wrote majority opinion or dissented involved health care issues, attorneys say, 99:AA–12 (5/27/09); Sotomayor authored 5 opinions dealing with ERISA as Second Circuit judge, 99:AA–13 (5/27/09); Sotomayor handed down decisions on range of bankruptcy issues, 99:AA–15 (5/27/09); Sotomayor wrote 2 notable tax opinions as 2nd Cir. judge, 99:K–1 (5/27/09); Sarbanes-Oxley challenge may be banks' first look at nominee, 99:K–1 (5/27/09); White House opens campaign to win Senate confirmation of Sotomayor, 100:A–18 (5/28/09)
– Mass. tax nexus

– – Bank excise tax, amicus briefs filed supporting Capital One Bank, 78:K–1 (4/27/09); by TEI, 78:TaxCore (4/27/09); COST, NAM, and Natl. Marine Mfrs. Assn., 78:TaxCore (4/27/09)
– – Trademark licenses, review of Geoffrey ruling sought, 78:K–1 (4/27/09); amicus brief by COST, NAM, and Natl. Marine Mfrs Ass'n, 78:TaxCore (4/27/09); TEI urges review, 81:K–1 (4/30/09); amicus brief, 81:TaxCore (4/30/09)

– Motor vehicle product safety and liability, baby killed by impact of Dodge Caravan driver's seat that collapsed when vehicle was rear ended, Chrysler's bid for review of $13M punitive award (rev den), 100:A–13 (5/28/09)
– Online cigarettes sales, whether New York City has standing to sue vendors for lost tax revenues (rev grant), 84:K–2 (5/5/09)
– Securities

– – Fraud

– – – Hollinger Intl., ruling affirming fraud and obstruction of justice convictions of senior executives (rev grant), 94:EE–7 (5/19/09)
– – – Merck violated federal securities law by misrepresenting safety and commercial viability of pain reliever Vioxx (rev grant), 99:EE–6 (5/27/09)
– – – Transaction Systems Architects and officials allegedly overstated earnings, investor challenge to class action settlement (rev den), 79:EE–9 (4/28/09)

– – Insider trading, Qwest Communications former CEO Nacchio enters federal prison to begin serving 6-year term (rev den), 70:EE–11 (4/15/09)
– – Reviews denied, 74:EE–7 (4/21/09)

– Superfund

– – Brown & Bryant site in Cal., “arranger” liability doctrine misapplied, Shell Oil and 2 railroads wrongly held jointly and severally liable for cleanup (rvs and rem), 84:A–10 (5/5/09); correction, 87:A–28 (5/8/09); opinion analyzed, 93:A–20 (5/18/09)
– – Sycamore Industrial Park in Ill., cost recovery claim cannot be based merely on asbestos left in place when building sold (rev den), 74:A–18 (4/21/09)

– Tax docket, review denied 2 cases, including refund for illegal Cal. fee, 64:K–1 (4/7/09); review denied tax protester, case involving CPA's firing, Sarbanes-Oxley claim, 74:K–1 (4/21/09); review denied in estate tax and “retaliatory” tax rulings, 84:K–2 (5/5/09)
– Tax lien foreclosure, notice and procedural review proper (rev den), 94:K–1 (5/19/09)
– Television and radio

– – “Fleeting” expletives, FCC adequately explained its 2006 policy shift to ban of even isolated uses (rvs and rem), 80:A–6 (4/29/09)
– – “Fleeting” indecency, Janet Jackson's brief breast flash during 2004 Super Bowl Halftime Show (judg vac), 84:A–7 (5/5/09)

– Tobacco products, punitive damage award that has grown to $150M against Philip Morris USA for death of lifelong smoker (rev den), 60:A–11 (4/1/09)
– Utilities

– – Cooling water intake structures, utilities allowed to apply cost-benefit analysis in deciding what technologies needed to protect fish from being killed (rvs and rem), 61:A–27 (4/2/09); environmental advocates expect EPA to issue more stringent regulations, 61:A–29 (4/2/09)
– – Ill., EnviroPower, Franklin County Power, and Khanjee Holding file joint petition to salvage their plans to build coal-fired power plant using circulating fluidized-bed technology (rev sought), 85:A–18 (5/6/09)
– – New England wholesale electricity market and whether parties that refuse to participate in settlement agreement can require power contracts to be modified (rev grant), 79:A–22 (4/28/09)

– Wine, Ind. statute requires consumers who want direct shipments from any winery, whether in or out of state, to visit that winery (rev den), 94:A–4 (5/19/09)

SWEDEN

– Income tax credits, new bill would establish minimum interest rate to stop firms from delaying tax payments, 71:I–3 (4/16/09)

SWINE FLU

See HEALTH CARE, subheading: A/H1N1 Influenza (swine flu)

SWITZERLAND

– Banking giant UBS imposes travel ban on advisers in wake of U.S. tax scandal, 64:I–1 (4/7/09); UBS announces more losses, job cuts, 71:I–2 (4/16/09)
– Families with children, government proposes tax breaks, 97:I–2 (5/22/09)
– IMF, Swiss Federal Dep't of Finance to establish bilateral credit line of up to $10B to reinforce lending capacity, 66:EE–5 (4/9/09)
– Tax haven list, Swiss minister decries inclusion on OECD's “gray list” for G-20 summit, 63:I–1 (4/6/09); OECD protests Swiss decision to veto its funding for G-20 cooperation, 68:I–1 (4/13/09)
– Tax treaty with Denmark signed based on OECD norms, 99:I–2 (5/27/09)
– Transparency and tax information exchange agreements will be subject to national referendum, Swiss government says, 66:I–2 (4/9/09)
– U.S. tax evasion

– – Credit Suisse ordering closure of offshore accounts held by U.S. clients, media reports, 70:I–2 (4/15/09)
– – Fla. accountant first to face charges based on information provided by UBS (S.D. Fla.), 62:K–1 (4/3/09); text of complaint, 62:TaxCore (4/3/09)
– – Information exchange pact, U.S.-Swiss talks set for Apr. 28, 64:I–4 (4/7/09); Swiss finance minister Merz expects resolution of UBS case before new treaty approved, 79:I–2 (4/28/09); new round of negotiations likely in June, American Citizens Abroad seeks certain provisions, 84:I–1 (5/5/09)
– – IRS summons against UBS violates tax treaty, threatens new agreement (S.D. Fla.), 83:K–1 (5/4/09); Swiss government's amicus brief with letter to U.S. State Dep't, 83:TaxCore (5/4/09); judge asks if IRS summons represents Obama administration's position, 89:K–1 (5/12/09); order response, 89:TaxCore (5/12/09); financial groups ask court to deny IRS request for summons, 95:K–2 (5/20/09); court order and amicus brief, 95:TaxCore (5/20/09)
– – UBS says U.S. tax case major cause of $21B outflow in first quarter, 85:I–1 (5/6/09)
– – Yacht broker pleads guilty to tax charge based on UBS-provided account information (S.D. Fla.), 70:K–1 (4/15/09); plea agreement, 70:TaxCore (4/15/09)

– Value-added tax, Swiss government begins campaign for affirmative vote on VAT increase, 95:I–4 (5/20/09)