“Fair Value” Accounting: Strategies and Substantive Law in Government Investigations

On April 10, 2008, Morvillo, Abramowitz Partners Stephen M. Juris and Jonathan S. Sack conducted a CLE program for JPMorgan Chase concerning issues that commonly arise in the context of governmental investigations relating to the valuation of illiquid securities, and have been raised with increasing frequency as regulators react to investment banks’ writedowns of mortgage-backed securities. Using the recent subprime crisis as a backdrop, Messrs. Juris and Sack discussed the various types of potential liability under the securities laws, as well as practical considerations concerning the role of corporate counsel and the representation of individual employees.