Are we seeing the start of a wave of executive compensation clawback suits by the Securities and Exchange Commission?
The SEC has filed two suits to recoup compensation from former top executives of two companies. These actions are the latest examples of the SEC’s increased use of §304 of the Sarbanes-Oxley Act, which has been interpreted to allow the SEC to recover incentive compensation paid to top executives at companies that restate their earnings as a result of wrongdoing, even if the executives aren’t the ones accused of the misdeeds.
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