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Corporations and securities brief ~ UK fines Citigroup for disruptive bond trading

[JURIST] Leading Tuesday's corporations and securities law news,the UK's Financial Services Authority [official website] has fined Citigroup [corporate website] $25 million for flooding the market with bonds. Though the transaction was not illegal, it was against standard practice for European bond trading. In a press release, the FSA said that the transaction caused a sharp drop in bond prices. Reuters has more.

In other corporations and securities law news...

  • US prosecutors are seeking an 85-year jail term for former Worldcom [JURIST Hot Topic coverage] CEO Bernard Ebbers [Wikipedia profile]. In March, Ebbers was found guilty of corporate fraud [JURIST report]. MarketWatch has more.

  • As reported earlier on JURIST's Paper Chase, former HealthSouth CEO Richard Scrushy [Wikipedia profile] was acquitted by a federal jury today following weeks of deliberations [JURIST archives]. Scrushy was originally charged with 85 counts of corporate fraud. He was ultimately tried on 36 charges and could have faced up to life in prison if found guilty of $2.7 billion in accounting fraud. Following his criminal acquittal, the AP is reporting that Scrushy now faces civil charges from the SEC. Reuters has more.

  • Also as reported earlier on JURIST's Paper Chase, AMD [corporate website] has filed an antitrust complaint against Intel [corporate website]. In its suit, AMD claims that Intel bullied manufacturers into signing exclusive contracts. AMD is seeking billions of dollars in damages in its suit. In a press release, AMD said customers "pay the price in cash every day for Intel's monopoly abuses." AP has more.

About Paper Chase

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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