[JURIST] Leading Friday's corporations and securities law news, the US Securities and Exchange Commission [official website] has announced that it will indefinitely extend filing deadlines for businesses in the areas affected by hurricane Katrina. In a press release, the SEC also said that it will work with banks and companies to ensure that SEC mandates do not interfere with recovery from the disaster. The SEC also said that it will closely monitor the recovery effort for Katrina-related scams. Reuters has more.
In other corporations and securities law news...
- Bank of America [corporate website] has disclosed that it has received a Wells Notice from the SEC. The notice informed the company that the SEC's staff has advised the agency to pursue civil charges against the bank. In a filing [text] with the SEC, the bank said that the agency had been investigating a subsidiary, Banc of America Securities, for trading and investment actions between 1999 and 2002. AP has more.
- Boeing's machinists union went on strike following an overwhelming vote on Thursday [union press release]. The International Association of Machinists [union website] said that the union was a result of a weak contract proposal during a time of economic prosperity for Boeing. The strike affects eighteen thousand workers who manufacture all of Boeing's airplanes. In a press release, Boeing said that it will not attempt to continue producing airplanes during the strike. AP has more.