Suing for secrets.In a necessary and long overdue OVERDUE. A bill, note, bond or other contract, for the payment of money at a particular day, when not paid upon the day, is overdue. 2. The indorsement of a note or bill overdue, is equivalent to drawing a new bill payable at sight. 2 Conn. 419; 18 Pick. practice development, KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm) KPMG Kaiser Permanente Medical Group KPMG Keiner Prüft Mehr Genau (German) KPMG Kommen Prüfen Meckern Gehen Peat Marwick LLP LLP - Lower Layer Protocol has filed suit against three Connecticut banks to recover fees owed for tax advice provided to the banks. KPMG should be applauded for taking this important action to protect not just its practice, but the accounting profession. After research, KPMG concluded that Connecticut unconstitutionally exempted interest on state bonds from its franchise tax, but taxed interest on federal bonds. KPMG believed that, by exempting the interest on state bonds, the state also exempted the interest on federal bonds. KPMG then took this research, and a strategy for obtaining refunds, to various banks, all of which signed contractual agreements with KPMG that contained confidentiality provisions. In these agreements, each bank agreed to pay a fee if it used the ideas presented by KPMG. A number of banks successfully pursued the refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies strategy and compensated KPMG appropriately. Three banks, however, used the strategy but refused to pay the agreed-on fee. The research and tax refund Tax refund Money back from the government when too much tax has been paid or withheld from a salary. strategy developed by KPMG Peat Marwick is a form of intellectual property owned and exploited by the firm. Like trade secrets and secret processes, this intellectual property, needs to be protected and loses its value when in the public domain. By requesting that clients sign the confidentiality and fee agreements, KPMG took the appropriate step to preserve the integrity and value of its intellectual property. The development and use of intellectual property by an accounting firm is no different from intellectual property developed and exploited by other businesses. No one would look askance a·skance also a·skant adv. 1. With disapproval, suspicion, or distrust: "The area is so dirty that merchants report the tourists are looking askance" Chris Black. at a company suing to prevent the unauthorized disclosure or use of its intellectual property. Indeed, if in the course of an audit engagement, an auditor discovered that a client was not preserving the integrity of its intellectual property or collecting the fees for the use of this property, it would treat it as a serious matter and bring it to the attention of the client's audit committee. It is time for the accounting profession to wake up and realize what is happening to it in the real world. CPAs spend countless hours enhancing their skills, and using them to provide products and services of great value to clients. Unfortunately, in some cases, the clients listen to these ideas and profit from them, but refuse to pay the agreed-on fees. KPMG's lawsuit lawsuit: see procedure; tort. is not a mercenary mercenary Hired professional soldier who fights for any state or nation without regard to political principles. From the earliest days of organized warfare, governments supplemented their military forces with mercenaries. attempt to collect unjustified fees, but is meant to preserve the financial viability of the profession and ensure that it is compensated for its advice and expertise. |
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