Corporations and securities brief ~ EC threatens Microsoft with sanctions

[JURIST] Leading Friday's corporations and securities law news, the European Commission (EC) [official website] said Microsoft [corporate website] has failed to deliver on its commitment to comply with sanctions related to violations of European antitrust rules [JURIST Hot Topic news archive]. Microsoft was accused of using its monopoly position to prevent competitors' products from working with their products. The EC is threatening Microsoft with new fines. Read more about the sanctions against Microsoft [European Union press release]. BBC News has more.

In other news...

  • As previously reported on JURIST's Paper Chase, the US Immigration and Customs Enforcement (ICE)[official website] announced Wal-Mart Stores Inc. [corporate website], the world's largest retailer, will pay $11 million to settle allegations it used hundreds of illegal immigrants to clean its stores. Also, 12 businesses which provided contract janitor services to Wal-Mart will pay $4 million in fines. These businesses also pled guilty to criminal immigration charges. Wal-Mart avoided criminal charges with the settlement. Read the Wal-Mart press release. Read the ICE press release. Read more about ICE investigation into Wal-Mart. AP has more.

  • Victor Menezes, Citigroup Inc.'s former head of emerging markets, received a Wells Notice from the SEC [official website] over an alleged insider-trading stock sale of over a $29.8 million. The sale came 18 days before the bank announced a $2.2 billion loss in Argentina. Bloomberg has more.

  • The Federal Reserve [official website] has told Citigroup tighten its internal controls and address numerous regulatory problems at the company and delay any takeover plans. The order came as part of the Federal Reserve's unanimous approval of Citigroup's purchase of First American Bank SSB. Read the Federal Reserve order [PDF]. Reuters has more.

  • Citigroup [corporate website] filed a lawsuit against Italian dairy firm Parmalat [corporate website] for damages related to Parmalat's collapse in 2003. Citigroup is claiming Parmalat lied about financial position. The suit comes after Parmalat sued Citigroup, alleging the bank continued to do business with Parmalat even though it knew of the company's troubles. Yesterday, Italian prosecutors accused Citigroup and three other companies of aiding Parmalat in misleading investors. BBC News has more.

  • The Indian government has introduced new patents legislation in parliament as part of its effort to comply with WTO rules. The new measure is aimed to stop local firms from producing cheap generic versions of patented drugs. Opponents fear the bill will drastically cut India's share of the generic drug market. BBC News has more.

  • US District Judge Nancy Atlas rejected Russian oil giant Yukos' effort for protection while it appeals another decision not to give the company Chapter 11 bankruptcy protection from Russia. Judge Atlas felt Yukos [corporate website; JURIST Hot Topic news archive] would be unable to win its appeal for protection. BBC News has more.
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