Washington, D.C., Nov. 26, 2007 – LAWFUEL – The Legal Newswire – The Securities and Exchange Commission announced today that Elizabeth G. Osterman has been named Associate Director of Exemptive Applications and Special Projects in the agency’s Division of Investment Management.

Ms. Osterman will oversee the Investment Company Act exemptive applications process that fosters mutual fund innovations to provide additional choice and opportunity for fund investors. Ms. Osterman also will oversee a new office in the Division of Investment Management dedicated to special projects.

Andrew J. Donohue, Director of the Division of Investment Management, said, “Liz is a highly regarded attorney and a well-respected leader in the Division of Investment Management. Liz has a passion for her work. I have appreciated having the benefit of her analysis on a variety of complex issues. The Division’s Offices of Investment Company Regulation have made significant recent strides in improving efficiency, reporting an 84 percent increase in the number of exemptive applications noticed in FY 2007 versus FY 2006. Under Liz’s strong leadership as Associate Director, I expect this positive momentum to continue for the ultimate benefit of America’s investors. In addition, Liz’s insights will be invaluable as the Division of Investment Management launches a new office to conduct in-depth special projects.”

Ms. Osterman said, “I am looking forward to leading the exemptive applications offices. I have great respect for the staff of those offices and am excited about having the opportunity to work with them directly. I am also looking forward to working with Buddy Donohue and other senior staff in launching the Division’s new Special Projects Office.”

Ms. Osterman has served as Assistant Chief Counsel, Financial Institutions in the Division of Investment Management’s Office of Chief Counsel since 2000. From 1997 to 2000, Ms. Osterman was Assistant Director in the Division’s Office of Enforcement Liaison. From 1994 to 1997, Ms. Osterman was Assistant Director in the Office of Investment Company Regulation. She joined that Office in 1991, becoming a Branch Chief of the Office in 1992. Prior to entering public service at the SEC, Ms. Osterman was an associate with Piper & Marbury in Baltimore, Md.

Mr. Osterman earned a J.D., cum laude, in 1986 from the University of Baltimore School of Law, where she was Business Editor of the Law Review. Mr. Osterman received her B.A. in German from Swarthmore College in 1977.

SACRAMENTO, Calif.–LAWFUEL – The Legal Newswire – Last week, Kershaw, Cutter & Ratinoff (“KCR”) filed a class action complaint against the nation’s fifth largest accounting firm, BDO Seidman, that seeks to recover millions of dollars in overtime pay for its past and present associate accountants.

The case against BDO Seidman alleges that it improperly classified its unlicensed associate accountants as “exempt” from receiving overtime pay and other benefits. Specifically, the lawsuit claims that under California law, accountants must be licensed in order to be properly classified as exempt. The complaint also alleges that the work duties of young associate accountants often consist of performing a wide variety of menial tasks that are highly supervised and controlled by accountants who are licensed. As such, the associates are not able to exercise “independent discretion and judgment;” a requirement under California law to be considered exempt.

Plaintiff’s attorney, Stuart Talley, noted that: “These young associates are often hired right out of college and are asked to work around the clock; especially during busy season. Given their lack of experience and the highly regulated environment in which they work, there is simply no way they can be exercising independent discretion and judgment on matters of significance as is required under California law. There is no way these accounting firms do not know they are violating the law.”

This lawsuit was filed on the heels of several similar class actions that have been pending against the four largest accounting firms, PriceWaterhouse Coopers, Ernst & Young, KPMG, and Delloite & Touche. This is the first action filed against what is considered a “second tier” accounting firm; an accounting firms that is large but not quite large enough to be considered one of the “Big 4.”

“This is just the first of many lawsuits we intend to file against accounting firms that are violating the law. It is our position that the law on this subject is very clear and that these firms must be held to account for their actions,” said Talley.

The lawsuit filed in the action is entitled Nguyen v. B.D.O. Seidman and is pending in the Central District of California, Case Number SACV07 1252.

Kershaw, Cutter, & Ratinoff prosecutes class actions and other complex litigation on behalf of a wide range of consumer and investor clients, in state and federal courts across the nation. To visit Kershaw, Cutter, & Ratinoff’s website, please go to www.kcrlegal.com. You can also contact William Kershaw or Stuart Talley at 916-448-9800 or by email at wkershaw@kcrlegal.com or stalley@kcrlegal.com, if you have any questions or would like more information.