Corporations and securities brief ~ Berkshire Hathaway in SEC probe James Murdock at 6:38 PM ET
[JURIST] Leading Monday's corporations and securities law brief, Warren Buffett [Wikipedia profile] company Berkshire Hathaway has revealed that the management company is being investigated by the SEC and the state of New York, among others. In a filing [text] with the SEC, the company said that the government has been investigating Berkshire's activities related to its accounting practices and involvement in the re-insurance industry since January. Though it was known that there have been government investigations of several of Berkshire Hathaway subsidiaries involved in re-insurance [CNN report], this is the first public acknowledgement that Berkshire Hathaway was itself being investigated. The filing also said much of the investigation involves a transaction with AIG in 2000 [JURIST report]. Bloomberg has more.
In other corporations and securities law news...
The European Commission [official website] Monday approved Hong Kong-based TPV Technology's purchase of Dutch Royal Philips Electronics' television and monitor business. In a press release the commission said, "Although the parties' combined market share is ahead of that of competitors, TPV and Philips Monitors will continue to face strong competition post merger." The $350 million purchase makes TPV the world's largest monitor producer. Xinhua has more.
The SEC has filed suit against two former Citigroup [corporate website] executives in federal court. The government alleges that Thomas W. Jones and Lewis E. Daidone fraudulently diverted money towards the bank and away from investors. In a press release, the SEC accuses the former executives of orchestrating the fraud. The SEC also said that this action follows the agency's $208 million settlement with Citigroup in May [SEC release] over the same incident. Bloomberg has more.
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