A Collaboration with the University of Pittsburgh

Corporations and securities brief ~ Berkshire Hathaway in SEC probe

[JURIST] Leading Monday's corporations and securities law brief, Warren Buffett [Wikipedia profile] company Berkshire Hathaway has revealed that the management company is being investigated by the SEC and the state of New York, among others. In a filing [text] with the SEC, the company said that the government has been investigating Berkshire's activities related to its accounting practices and involvement in the re-insurance industry since January. Though it was known that there have been government investigations of several of Berkshire Hathaway subsidiaries involved in re-insurance [CNN report], this is the first public acknowledgement that Berkshire Hathaway was itself being investigated. The filing also said much of the investigation involves a transaction with AIG in 2000 [JURIST report]. Bloomberg has more.

In other corporations and securities law news...

  • The European Commission [official website] Monday approved Hong Kong-based TPV Technology's purchase of Dutch Royal Philips Electronics' television and monitor business. In a press release the commission said, "Although the parties' combined market share is ahead of that of competitors, TPV and Philips Monitors will continue to face strong competition post merger." The $350 million purchase makes TPV the world's largest monitor producer. Xinhua has more.

  • The SEC has filed suit against two former Citigroup [corporate website] executives in federal court. The government alleges that Thomas W. Jones and Lewis E. Daidone fraudulently diverted money towards the bank and away from investors. In a press release, the SEC accuses the former executives of orchestrating the fraud. The SEC also said that this action follows the agency's $208 million settlement with Citigroup in May [SEC release] over the same incident. Bloomberg 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.

© Copyright JURIST Legal News and Research Services, Inc., 2013.