In Friday's corporations and securities law news, New York Attorney General Eliot Spitzer has begun an inquiry into some of the world's biggest music firms. The inquiry focuses on how songs make it on radio station play lists. Spitzer has subpoenaed EMI, Universal Music, Sony BMG and Warner Music requiring the companies to hand over contracts, invoices, and other documents. EMI announced it will cooperate with the probe. BBC News has more.
In other news, Marsh & McLennan Cos. is expected to force Chief Executive Officer Jeffrey Greenberg to quit in the wake of New York Attorney General Eliot Spitzer's investigation of the insurance giant. The move is expected to clear the way for settlement talks. Jules Kroll, the former head of a private investigation group, is expected to take over as interim chief executive. Read the Spitzer complaint here [PDF]. The Financial Times has more.... As previously reported on JURIST's Paper Chase, Citigroup announced the SEC is considering charging two former employees and one current employee on charges relating to the creation and operation of an internal transfer agent for the Smith Barney family of funds. Transfer agents, which typically keep shareholder records and issue new share certificates, are governed by SEC regulations. AP has more.... US Airways' pilots' union accepted a new labor contract where the pilots will accept an 18% pay cut on average. The move is expected to save $300 million for the troubled airline. AP has more.