Corporations and securities brief ~ Chamber of Commerce files suit against SEC

In Wednesday's corporations and securities law news, the US Chamber of Commerce, representing 3 million businesses, has filed suit in US District Court for the District of Columbia and the US Court of Appeals for the DC Circuit against the SEC to stop a requirement that mutual fund boards have independent chairmen and majorities of independent directors. The SEC's general counsel, Giovanni P. Prezioso, indicated that the agency will fight the lawsuit. Accountingweb.com has more.

In other news, the US unit of Dutch financial services group ING Group NV announced isolated incidents of impropriety after its review of improper trading in its mutual funds. Read the ING press release here. Reuters has more.... Frank Quattrone, the investment banker convicted of obstructing a government probe, will learn his sentence today. He faces a sentence of 10 to 16 months in prison under federal sentencing guidelines. Quattrone faced 10 to 16 months in prison under federal sentencing guidelines. Read the indictment against Quattrone here[PDF]. AP has more.... British Airways has announced plans to sell its 425 million pound stake in Australia?s Qantas Airways to reduce debt and cut costs. Read the British Airways press release announcing the deal here. Read the Qantas press release here. BBC has more.... A WTO panel has ordered the US to withdraw some of its support programs for producers of cotton and other commodities. AP has more.... Canadian brewer Molson Inc.'s CEO Dan O'Neill indicated there may be a lack of shareholder support for the company's proposed merger with Adolph Coors Co. because there may be another offer to consider soon. Read the press release announcing the merger between Molson and Coors here. AP has more.

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