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Boeing sued over program accounting

Feb. 29, 2016, (c) Leeham Co.: It was inevitable: a class action lawsuit was filed last week against The Boeing Co., its top officers and directors over the investigation by the US Securities and Exchange Commission of the company’s program accounting. The lawsuit was filed last Wednesday. ( More...

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esurk2001 5
Program accounting while endorsed by accounting standards is an insane desease as it shifts any early program problems outside the responsibility timeframe of the current management. Only their successors will have to deal with the "surprises" and ruin their career, while the perdecessors enjoy the sunshine. I have worked with more than this one aerospace company doing program accounting and necessary program, cost and calculatory adjustments are shifted to the next period and the enxt period and the next period... As a shareholder for this reason I always stayed away from aerospace manufacturers.
canuck44 2
This is not a lawsuit by the SEC but by a gaggle of lawyers who have convinced a number of clients to sign on to a get rich scheme or class action. The SEC involvement was to investigate and delineate the accounting processes by Boeing related to the two aircraft. The likely outcome is that it will be dismissed if Boeing followed procedures as delineated by both government and accounting societies which undoubtedly they did.

This type of suit would disappear if this country had loser pay laws for civil tort enhanced by a caveat that if the loser cannot pay, their lawyers would be obligated to do so. The fair part of this is even when a suit is won, the members of the class get very little compared to the lawyers who are the ones that get rich.
joel wiley 2
It's the usual 'legal lotto' South of the 49th parallel. The usual goal is compensation for billable hours in a negotiated settlement. Plaintiffs get $7.39 each, attorneys millions for hours billed at $500+/per.
This is an opinion piece, and not news. What was not considered is the actual facts collected by the SEC and it's legal judgement (which has yet to be concluded). What was written was mere supposition since the writer based his opinion on what he thought, and not what was fact. And court cases are based in facts (evidence) as they are presented.

There are many Class action lawsuits that prevail against big corporations, the larger the Class, the more chance they have at getting something out of it.
linbb -1
Another post that leads to no where its a common thing on here as its turned into nothing more than a facebook page for some so they can post.
jal6010 0
They have no chance against a big plane maker


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