Private securities class-action lawsuits spiked 16 percent from 2003 to 2004, with aggregate settlements topping $5 billion -- the largest amount on record, according to a securities litigation study by Big Four firm PricewaterhouseCoopers. The study said that the mammoth amounts were anchored by partial settlements at companies such as WorldCom, which has thus far paid out $2.7 billion, followed by Raytheon ($510 million) and Bristol Myers ($300 million). Excluding the partial WorldCom settlement, the average settlement value in 2004 was $26.6 million - up 18 percent over 2003, and 38 percent higher than the average settlement value of the 578 private securities class actions settled between 1996 and 2003. PwC said that, on average, the number of private securities class actions filed in the U.S. was 188 per year from 1996 through 2003. Defendant companies in the high technology and telecommunications sectors continue to be the most frequently sued. In 2004, high technology concerns were involved in 30 percent of private securities litigation cases filed -- a 15 percent rise from the prior year. Other significant areas of private securities class actions were: health services and pharmaceuticals, and banking and financial services.
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The Public Company Accounting Oversight Board plans to host a series of five in-person forums this year, with different members of the board visiting cities including Chicago, Los Angeles, Denver, Miami, and Jersey City.
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The first class members of the AICPA and NASBA's pilot Experience, Learn & Earn program are completing their inaugural semester.
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A phish, a mill and a stroll overseas are just three of the 12 major scams the Internal Revenue Service identified for this year's rogues gallery.
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The process of becoming a remote partner isn't much different from the traditional path — but it may take a little extra effort.
April 17 -
The Internal Revenue Service is extending tax relief on required minimum distributions from inherited retirement accounts not made in 2024 after providing similar relief in recent years.
April 16 -
Internal Revenue Service commissioner Danny Werfel testified at a hearing of the Senate Finance Committee to discuss this past tax season and the proposed budget for carrying out the agency's future plans.
April 16