Annual Report 2002 - Cornell University
003 Selected Faculty Research

05 Holding corporate lawyers more accountable

Roger C. Cramton, Law, and colleagues analyzed the newly proposed reporting requirements of the U.S. Securities and Exchange Commission (SEC), which make corporate lawyers more accountable for client fraud. They issued the analysis, The Law and Ethics of Lawyering, in response to the SEC's draft rules proposing the new standards, and received wide endorsement from law faculty—cutting across all political and academic ideologies—throughout the U.S. The rule requires lawyers who are involved in executing the transactions of a corporation to report any malfeasance —evidence of a material violation—to the corporate officers and board. If there is not an adequate response from the corporate leaders, a lawyer withdraws from representing the client, notifies the SEC of the withdrawal, and repudiates misleading documents with which the lawyer may have assisted.

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