[JURIST] In Tuesday's corporations and securities law news, Marsh & McLennan Cos., the large insurance broker currently under investigation by New York Attorney General Eliot Spitzer, has announced that the company will reform its business practices and stop accepting fees that Spitzer complained amounted to bid-rigging. The new plan comes one day after chairman and chief executive Jeffrey Greenberg resigned. Read the Marsh press release announcing the reform here [PDF]. Listen to Marsh's investor conference call here. Read Spitzer's complaint against the company here [PDF]. Reuters has more.
In other news, telecommunications giant AT&T Corp. has announced an agreement in a shareholder class action suit currently underway in New Jersey. Under the settlement which is still subject to court approval, the company will pay $100 million in damages. Read the AT&T press release here. AP has more.... As previously reported on JURIST's Paper Chase, the Federal Communications Commission Tuesday approved the proposed merger of Cingular and AT&T Wireless, only a day after the acquisition was approved by the Department of Justice (see this Paper Chase report). Cingular has a press release on the merger here. An FCC press release [PDF] is also available. Documents related to the FCC adjudication, including statements from each commissioner, are available here (scroll down). Read the complete FCC order here [PDF]. AP has more.... The SEC voted 5-0 to allow for public comment related to a proposal which loosens restrictions on comments made by executives prior to their company's IPO. Read the agenda for the SEC meeting here. AP has more.... A federal judge has ordered Drake Tempest, a former general counsel and vice president for legal affairs at Qwest Communications, to testify before the SEC about possible violations of federal securities laws at the company. AP has more.... Health insurer Anthem Inc. received a subpoena from Connecticut Attorney General Richard Blumenthal, who is seeking information about commissions and bonuses at the company. AP has more.... As previously reported on JURIST's Paper Chase, the European Commission Tuesday announced that Oracle can go ahead with its hostile takeover bid for PeopleSoft today. Read more about the hostile bid here. JURIST's Paper Chase has background on the European Commission's consideration of the takeover. AP has more.