- Drone almost blocks California firefighting planes
- Tornado rips off roofs, downs trees near Boston
- GOP: Environmental rules keeping agents from accessing border
- John Kerry: Millions displaced by religious fighting in 2013
- Federal appeals court rules against Virginia’s gay marriage ban
- White House says Russia ‘losing’ war in Ukraine
- Hamas turns to North Korea for weapons deal, Iran for money
- Syrian casualties surge as jihadis consolidate
- U.N. rights chief: Flight MH17 downing possible war crime
- Attack on park in Gaza war kills 10, mostly children
Barry Diller fined $480K over Coca-Cola acquisition
Question of the Day
Media mogul and corporate investor Barry Diller, who created the Fox Broadcasting Co. and headed Paramount Pictures, will pay a $480,000 civil penalty to settle charges he violated premerger reporting and waiting requirements when he acquired voting securities of the Coca Cola Co., the Justice Department said Tuesday.
The department’s Antitrust Division, at the request of the Federal Trade Commission, filed a civil antitrust lawsuit against Mr. Diller in U.S. District Court in Washington, saying he violated the notification requirements of the Hart-Scott-Rodino Act of 1976.
At the same time, the department filed a proposed settlement that, if approved by the court, will settle the charges.
The act, an amendment to the Clayton Act, imposes notification and waiting period requirements on individuals and companies over a certain size before they consummate acquisitions resulting in holding stock or assets above a certain value.
At the time of Mr. Diller’s violations, his holdings ranged from $63.4 million to $68.2 million and are currently $70.9 million, the Justice Department said.
Mr. Diller, 71, a billionaire, is the chairman and a senior executive of IAC/InterActiveCorp, a giant media and Internet company with more than 150 brands and products. He was the corporation’s chief executive officer until 2010. He also serves as chairman of the online travel site Expedia and has been on the board of Coca-Cola since 2002.
Federal courts can assess civil penalties for premerger notification violations under the act in lawsuits brought by the department. The maximum civil penalty for violation of the Hart-Scott-Rodino Act is $16,000 a day.
© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.
About the Author
- With bombs away, drug traffickers and illegal immigrants make their play
- Medical-device company exec admits to bilking shareholders of $400M
- Justice Dept: Florida's disabled children unnecessarily put in nursing facilities
- Philadelphia mobster sentenced to 11 years as city cleans up crime
- Man gets 11 years in Philadelphia mob crackdown
Latest Blog Entries
TWT Video Picks
By Scott Pinsker
- Illegal immigrants demand representation in White House meetings
- Hillary Clinton: Forget Obama, George W. Bush made her 'proud to be an American'
- D.C. police chief orders officers not to arrest legal gun owners carrying weapons in public
- Tennessee Gov. Haslam slams White House for secret dump of illegals in his state
- Babson College, BYU win top spots in Money magazine's college rankings
- CURL: Obama, staffers not even pretending any more
- Family of Marine killed in Afghanistan pushes back against cover-up
- D.C. seeks stay in order striking down ban on handguns in public
- DeSean Jackson working on offensive cohesiveness with Redskins teammates
- Ohio sheriff sends bill to Mexico for cost of jailing illegals
Obama's biggest White House 'fails'
Celebrities turned politicians
Athletes turned actors
20 gadgets that changed the world
Fighting in Iraq