Corporations and securities brief ~ UK fines Citigroup for disruptive bond trading James Murdock at 7:10 PM ET
[JURIST] Leading Tuesday's corporations and securities law news,the UK's Financial Services Authority [official website] has fined Citigroup [corporate website] $25 million for flooding the market with bonds. Though the transaction was not illegal, it was against standard practice for European bond trading. In a press release, the FSA said that the transaction caused a sharp drop in bond prices. Reuters has more.
As reported earlier on JURIST's Paper Chase, former HealthSouth CEO Richard Scrushy [Wikipedia profile] was acquitted by a federal jury today following weeks of deliberations [JURIST archives]. Scrushy was originally charged with 85 counts of corporate fraud. He was ultimately tried on 36 charges and could have faced up to life in prison if found guilty of $2.7 billion in accounting fraud. Following his criminal acquittal, the AP is reporting that Scrushy now faces civil charges from the SEC. Reuters has more.
Also as reported earlier on JURIST's Paper Chase, AMD [corporate website] has filed an antitrust complaint against Intel [corporate website]. In its suit, AMD claims that Intel bullied manufacturers into signing exclusive contracts. AMD is seeking billions of dollars in damages in its suit. In a press release, AMD said customers "pay the price in cash every day for Intel's monopoly abuses." AP has more.
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