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Corporations and securities brief ~ SEC to vote on mutual funds rule

[JURIST] Leading Wednesday's corporations and securities law news, the SEC [official website] has announced that its five-member panel will vote again on a controversial rule requiring mutual funds to be overseen by independent chairmen. The announcement comes after a federal appeals court ruled that the SEC had not adequately investigated the cost [JURIST report] of implementing the plan. The panel will vote June 29th, the day before current SEC chairman William Donaldson [Wikipedia profile] is to step down from his post. Reuters has more.

In other corporations and securities law news...

  • Wall Street firm Bear Stearns [corporate website] is under investigation for its mutual fund trading activities. In a filing Wednesday with the SEC, Bear Stearns acknowledged that it is under investigation and said it has strong defenses against the claims. AP has more.

  • French insurer AXA SA [corporate website] is being investigated by the US Department of Justice, the SEC, and others. In a filing with the SEC, the insurance firm said that a particular 1998 transaction with MBIA [corporate website] is being investigated, as are the firm's reinsurance practices. MarketWatch has more.

  • The EU [official website] and Coca-Cola [corporate website] have reached an agreement to improve soft-drink competition in Europe. In return for avoiding a hefty fine, Coca-Cola agreed to give up exclusive agreements with restaraunts and cafes. In a press release, Coca-Cola's CEO said the agreement brought clarity to Coca-Cola's business operations in Europe. The EU's press release contains the specifics of the deal. AP has more.

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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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