United States Ninth Circuit

Evidence was not adduced to prove that the termination payments to high-level corporate officials are "extraordinary" and thus subject to involuntary retention in an escrow account under section 1103 of the Sarbanes-Oxley Act. The escrow order is vacated and remanded.

Appellate Information

• Argued 12/15/2004
• Decided 05/12/2004
• Published 05/12/2004

Judges

• Before:  SCHROEDER, Chief Judge, REINHARDT, TROTT, THOMAS, GRABER, McKEOWN, WARDLAW, FISHER, CLIFTON, CALLAHAN, and BEA, Circuit Judges.

Court

• United States Ninth Circuit

Counsel

• For Appellant:
  
• Michelle Rice, Arkin Kaplan LLP, for Yuen & Leung, New York, NY, for the intervenors-appellants.


• For Appellees:
  
• Richard M. Humes, Securities and Exchange Commission, Washington, D.C., for the plaintiff-appellee., Thomas J. Karr, Securities and Exchange Commission, Washington, D.C., for the plaintiff-appellee., Richard L. Stone, for Gemstar-TV Guide, for the defendant-respondent-appellee., Sean T. Prosser and Kimberly S. Greer, Morrison & Foerster LLP, San Diego, CA, for the defendant-respondent-appellee.