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June 23, 2010

The most read article on knowledgemosaic today is a DLA Piper law firm memo, SEC v. Jenkins: No-Fault Clawbacks for Executive Compensation Take Hold. This essay by DLA attorneys Deborah Meshulam and Grayson Stratton, highlights the first court confirmation of clawback provisions under Sarbanes-Oxley that allow the SEC to recover incentive-based compensation from CEOs and CFOs at companies engaging in financial or accounting misconduct, even if those officers are not held responsible for this misconduct. Congress, TARP, and now individual companies are also adding no-fault clawback provisions as a way to encourage officers to implement and enforce effective financial controls.

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