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Executives Face SOX Disgorgement Uncertainty After Jensen

Law360, New York ( September 8, 2016, 12:33 PM EDT) -- The U.S. Court of Appeals for the Ninth Circuit held last week that the Sarbanes-Oxley Act's disgorgement provision — which purports to require disgorgement of certain CEO and chief financial officer compensation when an issuer restates its financial statements "as a result of misconduct" — applies even if the CEO and CFO were not personally involved in the misconduct. Although several district courts had previously reached that conclusion, the Ninth Circuit's Aug. 31, 2016, decision in U.S. Securities and Exchange Commission v. Jensen[1] appears to be the first appellate ruling on the issue....

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