A district judge should not have approved a $35.2 million settlement that would have insulated two former top executives of a Pompano Beach body armor company from liability under the Sarbanes-Oxley Act, a federal appeals court ruled.
The 2nd U.S. Circuit Court of Appeals ruled Thursday that only the Securities and Exchange Commission has the authority to exempt the executives from enforcement of the law requiring chief executive officers and chief financial officers to reimburse their companies for bonuses and profits from stock sales in the 12 months following the filing of a false financial report.
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