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Legal news from Wednesday, September 15, 2004 |
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Corporations and securities brief ~ PIMCO to pay $20 million to settle charges
Amit Patel on September 15, 2004 1:39 PM ET

In Wednesday's corporations and securities law news, PIMCO mutual fund group's adviser and two affiliates have agreed to settle charges involving a failure to disclose payments made to brokers for promoting PIMCO funds by paying a fine of more than $20 million. As part of the deal, PIMCO and the two affiliates will neither admit or deny any wrongdoing. Read the PIMCO press release here [PDF]. Read the SEC press release here. Reuters has more.
In other news...
- Michael Felicissimo, a former Qwest Communications executive who the SEC has accused of hiding $112 million in accounting errors in the company, is negotiating a possible settlement. AP has more.
- As reported earlier on JURIST's Paper Chase, Martha Stewart has asked a federal judge to allow her to serve the prison sentence as soon as possible. Read the open letter from Martha Stewart here. Read the press release from Martha Stewart Living Omnimedia Inc. regarding the decision here. Read the indictment against Stewart here. Reuters has more.
- JPMorgan Chase has announced it is scrapping a $5 billion information technology outsourcing contract with IBM. The move which the company concluded can be better handled in-house will transfer 4,000 IBM staff back onto the JPMorgan payroll. Read the JPMorgan Chase press release announcing the move here. The Financial Times has more.
- Gary Van Waeyenberghe who is accused of using his company, First Choice Management Services, to defraud more than 600 clients of at least $24 million through phony investment schemes from November 1999 to July 2000 is named in a 54-count federal criminal indictment alleging conspiracy, fraud and money laundering. The South Bend Tribune has more.
- The SEC announced it has settled with Bridgeway Capital Management and its president, John Noland Ryan Montgomery, in connection with more than $4.4 million in illegal fees Bridgeway charged to three of its mutual funds. Read the SEC press release here. Read the letter from Montgomery to Bridgeway investors here[PDF]. Read the letter from the fund's independent chairman to shareholders here[PDF]. CBS MarketWatch has more.
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Docket ~ Legal agenda and webcasts for Wednesday, September 15
Jeannie Shawl on September 15, 2004 7:30 AM ET

Here's a run-down of law-related events and developments on JURIST's docket for Wednesday, September 15th.
In the federal courts, US District Judge Garrett Brown Jr. is set at 11 AM ET to deliver his ruling in a lawsuit that argues a special election should be held in New Jersey to choose the interim governor to replace Gov. James McGreevey. JURIST's Paper Chase has background on the case and AP has more.
On Capitol Hill, the US Senate will convene at 9:45 AM ET and begin consideration of the Military Construction Appropriations Act, 2005. Watch a live webcast here (via C-SPAN).... The US House Judiciary Committee will meet at 10 AM ET for markup of the Pledge Protection Act of 2003 (HR 2028) and the Postal Accountability and Enhancement Act (HR 4341). Watch a live webcast here.... The US House Judiciary Committee Subcommittee on the Constitution will meet at 12 PM ET to consider a motion to authorize the issuance of a subpoena to Custodian of Records, United States Commission on Civil Rights. Watch a live webcast here.
Internationally, the UN will host a 2:15 PM ET press briefing on "Focus 2004: Treaties on the Protection of Civilians." Palitha Kohona, Chief of the Treaty Section, Office of Legal Affairs, is among the scheduled speakers. Watch a live webcast here.... Also Wednesday, the UN Commission on Human Rights begins a two-day seminar on good governance practices for the promotion of human rights. Read the seminar's draft agenda [PDF].... Finally, Malaysia's Federal Court is expected to rule on whether it will set aside the corruption conviction of former Deputy Prime Minister Anwar Ibrahim. JURIST's Paper Chase has background and Bloomberg has more.


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