[JURIST] Leading Friday's corporations and securities law news, defense contractor Raytheon Company [corporate website] has announced that it's placed chief financial officer Edward S. Pliner and another employee on administrative leave and also offered to settle a SEC inquiry into accounting practices of its commuter aircraft business. Raytheon offered to pay $12 million as part of the settlement with the SEC [official website]. The SEC's preliminary decision recommended the full commission bring action against two employees at Raytheon. Read the Raytheon press release. Also today, Raytheon has agreed to pay $39 million to settle a shareholder lawsuit [class action directory] related to the sale of its engineering and construction business to Washington Group International [corporate website] in July 2000. Read the Raytheon press release. AP has more.

In other news…

• The European Union (EU) [official website] approved a ban on US shipments of suspect corn gluten animal feed unless they are convinced the imports are free of non-authorized genetically modified corn. The decision may affect millions' of dollars worth of corn gluten exports. The ban would come into force next week. Read the EU press release. AP has more.
• Citigroup [corporate website] announced a $15 billion share buyback. The bank would purchase about 6% of its own stock and then cancel them, making the remaining shares worth proportionately more of the company. Read the Citigroup press release. AP has more.
• UK Prime Minister Tony Blair's [official website] Labour government has offered an aid package of 150 million pounds to help the 5,000 workers who will lose their jobs as a result of the collapse of MG Rover Group Ltd [corporate website]. The money will be used to retrain workers, stimulate investment in the Longbridge and wider Birmingham area, and help companies which supplied Rover find new customers. Rover collapsed after Shanghai Automotive Industries Corp. [corporate website], China's largest automaker, decided not to enter into a joint venture with the company. BBC News has more.

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