Corporations and securities brief ~ Charles Schwab settles trading charges Amit Patel at 5:02 PM ET
In Tuesday's corporations and securities law news, Charles Schwab Corp. has agreed to pay a fine of $350,000 to the SEC relating to the processing of mutual fund orders after the 4 PM ET market close. Schwab did not admit or deny any wrongdoing as part of the settlement. Read the SEC press release here. Read the Charles Schwab press release announcing the deal here. Read the SEC administrative proceeding release here. Reuters has more.
In other news...
The SEC has also announced that securities fraud charges against food distributor Fleming Cos. Inc. and several suppliers have been settled. The charges stem from earnings overstatements made by Fleming. Reuters has more.
The Securities and Exchange Surveillance Commission said it asked Japan's financial oversight body to discipline Citibank's Tokyo office and two senior executives for allegedly misleading investors about private bond sales. Read the Securities and Exchange Surveillance Commission press release relating to Citibank here. AP has more.
In other Citibank news, the bank has been under pressure for executing a jumbo trade of European government bonds in August. The trade prompted investigations by financial regulators in Europe. Read the Citibank memo relating to the European transaction here. The Financial Times has more.
Russia is set to merge its $45 billion state-controlled oil and gas interests into Gazprom. The government will still have a majority stake in the new company. However, the deal will eliminate restriction on foreign ownership of Gazprom stock. Read the Gazprom press release here. The Financial Times has more.
Pilots at Alitalia agreed to a deal with the troubled airline which will double their annual flying hours and lower their pay. The deal is seen as a crucial step toward approval of a wider rescue plan needed to save the airline. AP has more.
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