In Monday's corporations and securities law news, the SEC is considering bringing charges against American International Group, Inc. (AIG) over three company press releases which included false and misleading statements about the company's involvement with PNC Financial Services Group, Inc. AIG is already facing a possible lawsuit by the SEC and Justice Department over helping PNC in hiding bad loans. Read the AIG press release announcing the SEC notification here. Read the press release announcing the Justice Department notification here [PDF]. Reuters has more.
In other news...
- Former Enron accountant, Eric Boyt, testified that he thought the Nigerian barge deal was wrong from the beginning. In more news from the trial, defense lawyers are contemplating calling former Enron CFO Andrew Fastow to testify. Fastow is now a government cooperating witness after agreeing to plead guilty to two counts of conspiracy in January. AP has more.
- In a follow-up to a story I reported last week on JURIST's Paper Chase, former PeopleSoft Inc. Chief Executive Craig Conway was fired last week after PeopleSoft's directors learned that Conway testified that he intentionally misled investors when he told analysts in September 2003 that Oracle's $7.7 billion hostile takeover bid was no longer chasing away customers. Bloomberg has more.
- The US Supreme Court, without comment, rejected appeals by Visa and MasterCard from a ruling which said the credit card associations violated federal antitrust law by barring their member banks from issuing credit cards to its main rivals. View the Appeals Court decision in this case here [PDF]. The Financial Times has more.
- In moves which should tighten its accounting controls, Freddie Mac announced that it is shutting down some of its debt-securities sales division. Read the Freddie Mac press release here. AP has more.
- Office Depot Inc. has announced the resignation of Chairman and Chief Executive Officer Bruce Nelson. Read the Office Depot press release here. Reuters has more.