Monthly Archives: December 2011

Record-Breaking Countrywide Settlement Highlights Rising Exposures of US Businesses To Discrimination Prosecution


The Obama Administration sent another sharp reminder to U.S. businesses about their growing exposure to prosecution for illegal discrimination practices when it filed its largest residential fair lending settlement in history this week.

The latest in a stream of discrimination enforcement actions taken by the Obama Administration against U.S. businesses for alleged violations of U.S. civil rights and other discrimination laws, the settlement agreement announced December 21, 2011 provides for payment of $335 million in compensation to the more than 200,000 qualified African-American and Hispanic borrowers that Federal officials allege were victims of the widespread pattern or practice of illegal discrimination against qualified African-American and Hispanic borrowers by Countrywide Financial Corporation and its subsidiaries (Countrywide) while Countrywide served as one of the nation’s largest single-family mortgage lenders and originated more than 4 million residential mortgage loans. Bank of America now owns Countrywide.

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IRS Releases Guidance on Foreign Financial Asset Reporting


The Internal Revenue Service in coming days will release a new information reporting form that taxpayers will use starting this coming tax filing season to report specified foreign financial assets for tax year 2011. US businesses with foreign assets or accounts need … Continue reading

Posted in Bankruptcy, CEO, D&O, Director Liabiloity, Employment, Fiduciary Responsibility, Fraud, Internal Controls, M&A, Officers, Reengineering, Shareholder Liability, Tax, Uncategorized | Tagged , , , , , , , , , , , , , , , , | Leave a comment

New School Racial Accommodation Guidance Gives Important Insights For Schools & Other Organizations On Obama Administration Affirmative Action Enforcement


Race One Of Many Enforcement Priorities On Administration Agenda Schools as well as U.S. private businesses and governmental agencies generally should examine two new guidance documents available here detailing what voluntary affirmative action and racial integration options that the Obama … Continue reading

Posted in Bankruptcy, CEO, D&O, Director Liabiloity, Employment, Fiduciary Responsibility, Fraud, Internal Controls, M&A, Officers, Reengineering, Shareholder Liability, Tax, Uncategorized | Tagged , , , , , , , , , , , , , , , , , , , , , | Leave a comment