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Financial Information Failure and Lawyer Responsibility


Steven L. Schwarcz


Duke University - School of Law


Journal of Corporation Law, Vol. 31, No. 4, September 2006
Duke Law School Legal Studies Paper No. 106

Abstract:     
When public firms collapse amid allegations of financial information failure - such as misleading financial statements - society looks beyond the role of accountants to see who else should be held responsible. Lawyers advising the firm increasingly are charged with responsibility, perhaps because modern financial and business complexities, as well as rules that make accounting determinations turn in part on legal conclusions, have blurred the boundary between legal and accounting duties. Lawyers should want to satisfy this responsibility not only to avoid liability but also to safeguard their reputation and integrity. The difficult question, which this article attempts to answer, is what that responsibility should be.

Number of Pages in PDF File: 27

JEL Classification: M41, M49, K22

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Date posted: April 4, 2006 ; Last revised: June 5, 2012

Suggested Citation

Schwarcz, Steven L., Financial Information Failure and Lawyer Responsibility. Journal of Corporation Law, Vol. 31, No. 4, September 2006; Duke Law School Legal Studies Paper No. 106. Available at SSRN: http://ssrn.com/abstract=894929

Contact Information

Steven L. Schwarcz (Contact Author)
Duke University - School of Law ( email )
Box 90360
Duke School of Law
Durham, NC 27708
United States
919-613-7060 (Phone)
919-613-7231 (Fax)
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