Corporations and securities brief ~ Cox formally nominated as SEC Chairman James Murdock at 7:57 PM ET
[JURIST] Leading Friday's corporations and securities news, the White House Friday formally filed papers with the Senate for the nomination of Congressman Christopher Cox [official profile] as new Chairman of the SEC. Cox, a Republican from California, was informally tabbed [JURIST report] early last month. The filing follows former SEC Chairman William Donaldson's formal resignation [JURIST report] yesterday. Cox's remarks at the earlier White House announcement in June are available. AP has more.
In other corporations and securities news...
The SEC has sued online auto-trader Terry's Tips [corporate website] for misleading performance projections. In a press release, the SEC said that Terry's Tips has boasted 100% annual returns while its accounts have actually taken heavy losses. The SEC also warned investors to be careful using auto-trading firms. Auto-trading is a relatively new practice where investors give advisors, such as Terry's Tips, permission to control the investors' brokerage accounts. Reuters has more.
As reported earlier on JURISTS's Paper Chase, Microsoft has agreed to pay IBM $775 million to settle a long-running lawsuit. The settlement resolves most of IBM's antitrust claims against Microsoft and prohibits IBM from bringing any other claims for two years. In a joint press release, the companies said they look forward to cooperating and competing in the future. Bloomberg has more.
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