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Legal Liability of Audit Committees

SEC rules provide the following safe harbors in addressing the concerns about the increased liability of an audit committee member designated as a financial expert:

1. An audit committee financial expert is not deemed to be an “expert” for the purpose of liability under Section 11 of the Securities Act of 1933.

2. The designation of a member as a financial expert does not impose liability, obligation, or duties above and beyond those of other members of the audit committee or the board of directors, nor does the designation affect the liability, obligations, or duties of other members of the committee or board

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