Posts Tagged ‘accounting’

Litigation accounting disclosures

There’s a fairly big controversy under way about a proposed FASB (Financial Accounting Standards Board) standard that would require public companies to provide much wider disclosures of where, how and by whom they are being sued or might be sued in the future, and to attach dollar signs to the possible exposures. I’ve got a write-up at Point of Law.

June 29 roundup

  • New FASB regulation may provide fodder for trial lawyers: publicly disclose your internal analysis of liability (thus giving away crucial settlement information and attracting more lawsuits), and/or face lawsuits when your disclosure turns out to be incorrect. [CFO.com; CFO.com; NLJ/law.com ($); FASB RFC]
  • NBC settles a “You-made-me-commit-suicide-by-exposing-my-pedophilia” lawsuit. [LA Times; WSJ Law Blog; Conradt v. NBC Universal]
  • A victim of overwarning? 17-year-old loses hat on Six Flags Batman roller-coaster ride, ignores multiple warning signs to jump multiple fences into unauthorized area, retrieves hat, loses head. [FoxNews/AP; Atlanta Journal-Constitution; TortsProf]
  • Lots of Ninth Circuit reversals this term, as per usual. [The Recorder/law.com]
  • A no-Twinkie defense doesn’t fly in a maid-beating case. [CNN/AP via ATL]
  • The Chinese government demonstrates that it can enforce laws against IP piracy when it wants to [Marginal Revolution]
  • “Justice Scalia said he thought that the United States was ‘over-lawed,’ leading to too many lawyers in the country. ‘I don’t think our legal system should be that complex. I think that any system that requires that many of the country’s best minds, and they are the best minds, is too complex. If you look at the figures, where does the top of the class in college go to? It goes into law. They don’t go into teaching. Now I love the law, there is nothing I would rather do but it doesn’t produce anything.'” [Telegraph]
  • Above the Law commenters decidedly unimpressed by my looks. Looking forward to feminists rushing to my defense against “silencing insults.” [Above the Law]