| Visit
the Press Room for more breaking news
Contact: Chris Mather
202-965-3500 x369
202-725-5252 (Cell)
Consumer Groups Ask Senate Committee to Side with Investors’
Rights over Corporate Interests
AAJ Issues Letter In Support Of Corporate Accountability Following
Enron Reforms
Tuesday, April 17, 2007 (Washington, DC)—A group of pro-consumer
organizations (consisting of Consumer Federation of America, Consumer
Action, U.S. Public Interest Research Group, Consumers Union and the
American Association for Justice) will tomorrow issue a joint letter
to the Senate Committee on Small Business and Entrepreneurship, focusing
on the positive influence of the Sarbanes-Oxley Act in protecting
shareholders’ interests. American Association for Justice (AAJ)
CEO Jon Haber issued the following statement:
“We are only five years removed from the scandals of WorldCom
and Enron that damaged shareholder confidence and sent ripples throughout
the economy, yet the SEC is backing away from the very reforms passed
after those devastating events. The SEC is charged with safeguarding
shareholders’ rights, but recent actions have proven they are
clearly siding with corporate interests seeking to evade accountability
for negligence.”
The AP (11/14/02) quoted SEC Commissioner Paul Atkins as saying the
string of accounting failures at big companies has cost U.S. households
nearly $60,000 each on average as some $5 trillion in market value
was lost. Commissioner Atkins continued, calling them “spectacular
failures” in the wake of the recent resignation of his successor
Harvey Pitt due to a crisis of public trust.
###
As the world's largest trial bar, AAJ (formerly known as the Association of Trial Lawyers of America) promotes justice and fairness for injured persons, defends the constitutional right to trial by jury, and strengthens the civil justice system through education and disclosure of information critical to public health and safety. Serving members worldwide, AAJ provides attorneys with the information and professional assistance they need to serve clients successfully and protect the democratic values of the civil justice system. Visit http://www.justice.org
|
