Again, the Raceway plaintiffs relied on ’s reasoning, holding that the rule was not violated by the practice of backdating.
The Supreme Court pointed out that there was nothing in the first contract or the Acknowledgment that was not included in the second (operative) contract, and that in any event the Acknowledgment did not include any additional terms of payment.
The Mossack Fonseca law firm, at the center of the Panama Papers storm, says its document backdating for high net worth clients setting up offshore shells is not intended “to cover up or hide unlawful acts.” Backdating is back.
In so doing, the Supreme Court specifically overturned the Court of Appeal’s decision in the 2010 case of , which held that the backdating of contracts violated ASFA because it resulted in an illegal finance charge, and also violated ASFA’s “single document rule.” Importantly, the Court also affirmed the large award of attorney’s fees to Raceway Ford on the backdating claims.
Sometime the dealer has the consumer sign a document entitled “Acknowledgment of Rewritten Contract” along with the new vehicle sales or lease contract.
None of this would be illegal or amount to auto fraud if the dealership dates the second automobile sale or lease contract on the date that it is actually signed.
Kwall of Loyola University of Chicago’s law school, depends largely on which of the two actions has occurred.
Also see: 5 things to know about the Panama Papers In a written response to questions from ICIJ and its media partners, the firm said that backdating documents “is a well-founded and accepted practice” that is “common in our industry and its aim is not to cover up or hide unlawful acts.” Erik Lie, a finance professor at the University of Iowa, published an initial study in 2005 and then another in July 2006 that said more than 2,000 companies had used options backdating between 19 to reward senior executives.
Even though your motives are pure and the goal is to benefit your patients, backdating a chart entry is usually viewed by the licensing authorities as failing to maintain an accurate record. From a liability standpoint, the record would contain proof that you had contact with the patient on a date when in fact you had no interaction.