According to PricewaterhouseCoopers research, 13 foreign companies have been sued in shareholder class actions through November 3, 2003.In 2002, PricewaterhouseCoopers Foreign Securities Litigation Study reported an unprecedented 22 foreign issuers who were named in securities class actions, an increase of 47 percent over the 15 cases filed in 2001. (Note: 2001 numbers exclude "IPO Laddering" cases).PricewaterhouseCoopers' research shows that since the start of 2002, foreign issuers have agreed to pay a total of approximately $700 million to settle shareholder class actions in the U.S.

The Securities and Exchange Commission found itself in the hot seat at a Senate hearing yesterday for failing to act sooner to clean up the mutual fund sector.Charges against the industry range from illegal—including 10 percent of the fund firms that allegedly have participated in late trading, which allows favored investors to trade after the 4 p.m. deadline-to questionable, including marketing timing, in which larger, more savvy investors trade in and out of a fund quickly to make a better profit.

After three years of market volatility, employees are now re-engaging with their retirement planning and, in turn, are asking their employers for more guidance in achieving their retirement goals, according to the latest survey commissioned by the Transamerica Center for Retirement Studies. The survey, conducted by Harris Interactive included 300 small business executives and 600 full-time small business employees ages 18 and older.

In the wake of a an economic downturn which has left those spared from layoffs either working daunting hours under stress or not busy enough to feel secure, firms need to foster community feeling and sense of purpose as well as facilitate positive communication. Morale and productivity, inevitably linked, need more attention.

Franklin C. Brown, former Rite Aid chief counsel, was convicted Friday after a jury found him guilty of conspiracy and other charges, the first jury verdict in the wake of corporate scandals. Brown was convicted of conspiracy to inflate earnings, several obstruction charges, witness tampering and five charges of lying to SEC investigators, in a case that came to light a year before Enron erupted. He was acquitted of wire fraud and is free until sentencing at a date to be named later."We're all satisfied. This jury did what one hopes juries will do.

For the sixth consecutive year, “finding and retaining qualified staff” is the top pressing issue for CPA firms, according to this year’s “Top Five MAP Issues” survey, conducted by the American Institute of Certified Public Accountants (AICPA).

Morgan Stanley, IBM Corp. and General Electric Co.’s GE Foundation will join forces and resources with Columbia University’s business school to create an academic think tank to take the lead in improving accounting standards and stock research.Called the Center for Excellence in Accounting and Security Analysis, the center will be chaired by Arthur Levitt, former chairman of the Securities and Exchange Commission.

John C. Klotsche, a former chairman with leading international law firm Baker & McKenzie, will join the Internal Revenue Service to help coordinate the agency’s efforts to combat abusive tax shelters and improve enforcement processes.He will serve as Senior Advisor to IRS Commissioner Mark W. Everson and will also work with Mark E. Matthews, the Deputy Commissioner for Services and Enforcement.

On Tuesday, October 7, the Public Company Accounting Oversight Board adopted final rules relating to inspections of registered public accounting firms. Section 104(a) of the Sarbanes-Oxley Act directs the Board to conduct a continuing program of inspections to assess the degree to which each registered public accounting firm and its associated persons are complying with the Act, the Board's and the Commission's rules, and professional standards in connection with audits, audit reports, and related matters involving U.S. public companies.