Sheri Qualters of The National Law Journal reports that "gatekeeper" corporate counsel are increasingly starting to look over their shoulders – and not for keymasters from Zuul (finally, a chance to throw a Ghost Busters reference into InhouseBlog):
"When the U.S. Securities and Exchange Commission went after Biopure Corp. and its executives for misleading public statements about the U.S. Food and Drug Administration’s review of its products, the biopharmaceutical company escaped without financial repercussions.
But the Cambridge, Mass., company’s general counsel ended up with a $40,000 civil penalty this month.
The government’s cases against Biopure’s former president and CEO and former senior vice president of regulatory affairs and operations are ongoing. But the SEC’s settlement with general counsel Jane Kober illustrates the escalating government scrutiny of so-called "gatekeepers," including general counsel responsible for safeguarding shareholder’s interests."
Link: Gatekeeper GCs Increasingly Becoming Targets for Liability.
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