Corporations and securities brief ~ Raytheon puts CFO on leave, offers to settle with SEC News
Corporations and securities brief ~ Raytheon puts CFO on leave, offers to settle with SEC

[JURIST] Leading Friday's corporations and securities law news, defense contractor Raytheon Company [corporate website] has announced that it's placed chief financial officer Edward S. Pliner and another employee on administrative leave and also offered to settle a SEC inquiry into accounting practices of its commuter aircraft business. Raytheon offered to pay $12 million as part of the settlement with the SEC [official website]. The SEC's preliminary decision recommended the full commission bring action against two employees at Raytheon. Read the Raytheon press release. Also today, Raytheon has agreed to pay $39 million to settle a shareholder lawsuit [class action directory] related to the sale of its engineering and construction business to Washington Group International [corporate website] in July 2000. Read the Raytheon press release. AP has more.

In other news…

  • The European Union (EU) [official website] approved a ban on US shipments of suspect corn gluten animal feed unless they are convinced the imports are free of non-authorized genetically modified corn. The decision may affect millions' of dollars worth of corn gluten exports. The ban would come into force next week. Read the EU press release. AP has more.
  • Citigroup [corporate website] announced a $15 billion share buyback. The bank would purchase about 6% of its own stock and then cancel them, making the remaining shares worth proportionately more of the company. Read the Citigroup press release. AP has more.
  • UK Prime Minister Tony Blair's [official website] Labour government has offered an aid package of 150 million pounds to help the 5,000 workers who will lose their jobs as a result of the collapse of MG Rover Group Ltd [corporate website]. The money will be used to retrain workers, stimulate investment in the Longbridge and wider Birmingham area, and help companies which supplied Rover find new customers. Rover collapsed after Shanghai Automotive Industries Corp. [corporate website], China's largest automaker, decided not to enter into a joint venture with the company. BBC News has more.

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THIS DAY @ LAW

UN Security Council called for Israeli withdrawal from territories occupied in Six Days' War

On November 22, 1967, the UN Security Council called for Israeli withdrawal from territories occupied during the Six Days' War, and for respect of the right of all States in the area to "live in peace within secure and recognized boundaries." Read Resolution 242, which remains a cornerstone of efforts to achieve peace in the Middle East.

President Kennedy assassinated, VP Lyndon Johnson sworn inin

On November 22, 1963, President John F. Kennedy was assassinated in Dallas, Texas. Later that day, Vice-President Lyndon Johnson was sworn in as the 36th President of the United States. Earl Warren, the Chief Justice of the Supreme Court, was later tasked with leading a commission to investigate the assassination. President Johnson received the final report of the Warren Commission on September 24, 1964. Read the Warren Commission Report.