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GAAP.RUNewsDecision in Free Enterprise Fund vs. PCAOB

Decision in Free Enterprise Fund vs. PCAOB

Publication date: 29 June 2010

The U.S. Supreme Court today issued its decision in the constitutional lawsuit challenging the PCAOB, affirming in part and reversing in part the judgment of the Court of Appeals in favor of the PCAOB.

The Supreme Court held that the Sarbanes-Oxley Act’s provisions making PCAOB Board members removable by the Securities and Exchange Commission (SEC) only for good cause were inconsistent with the Constitution’s separation of powers.