Bass, Berry & Sims attorney Britt Latham offers insight for an article detailing voluntary payments made by Monsanto executives related to an SEC matter against the company and certain officers alleging accounting violations. Monsanto agreed to pay $80 million to settle the allegations and, although the executives were never accused of personal misconduct, the CEO and CFO paid $3,165,852 and $728,843, respectively, pursuant to Section 304 of the Sarbanes-Oxley Act. In discussing the evolving approach of the SEC on clawbacks, Britt stated: “If this case had been brought in 2008 or even 2009, I’m not sure [the Monsanto executives] would have stepped up and voluntarily paid these monies back, particularly given the substantial amounts we’re talking about.”
The full article, “In a Twist, Monsanto Execs Voluntarily Pay Up in SEC Deal,” was published by Corporate Counsel on February 10, 2016 and is available online (subscription required).