Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  News


Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

Perelman company reaches another settlement with government

share with twitter share with LinkedIn share with facebook
share via e-mail
06/20/2013 | 09:54pm CEST

A company owned by Ronald Perelman has agreed to pay $720,000 to settle Department of Justice charges over a stock purchase, the second time this month that the billionaire financier agreed to penalties to resolve civil charges by the federal government.

MacAndrews & Forbes Holdings agreed to make the payment to end an antitrust case over its failure to report its June 2012 purchase of more shares in Scientific Games Corp (>> Scientific Games Corp), which provides lottery and gaming services, despite passing an ownership threshold requiring such reporting, the Justice Department said.

The accord follows an unrelated June 13 settlement in which Revlon Inc (>> Revlon Inc) agreed to pay $850,000 to settle U.S. Securities and Exchange Commission charges that it deceived shareholders and independent directors about a failed 2009 transaction with Perelman to take the cosmetics company private. MacAndrews & Forbes owns more than three-quarters of Revlon.

Both settlements require court approval.

In Thursday's case, the government said the purchase of Scientific Games shares required Perelman's firm under the federal Hart-Scott-Rodino law to report its stake to the Justice Department and the Federal Trade Commission.

These agencies have powers to block mergers, and can demand notice when a shareholder is amassing a large stake in a company. MacAndrews & Forbes later made a corrective filing.

Christine Taylor, a MacAndrews & Forbes spokeswoman, called the failure to file a "technical and inadvertent mistake" that the company reported on its own and which involved no financial benefit. She said new safeguards are in place to avoid a repeat.

According to regulatory filings, Perelman owns roughly 38 percent of Scientific Games, whose market value was about $966 million as of Wednesday's close.

Forbes magazine in March estimated that Perelman, 70, was worth $12.2 billion, making him the world's 79th-richest person.

The case is U.S. v. MacAndrews & Forbes Holdings Inc, U.S. District Court, District of Columbia, No. 13-00926.

(Reporting by Jonathan Stempel in New York; Editing by Carol Bishopric)

By Jonathan Stempel

Stocks treated in this article : Scientific Games Corp, Revlon Inc
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news
Date Title
05:08a CENTRAL PEOPLE GOVERNMENT OF PEOPLE RE : Shenzhen-HK stock connect reflects liberalizing capital
05:03a AUSTRALIAN WOOL INNOVATION : Lifetime ewe management program expanded
05:03a MINERALS COUNCIL OF AUSTRALIA : Ban on unconventional gas will hurt households and industry
05:03a ALLREAL : Strong 2016 Half-year Result
05:03a ZAMBEZI RESOURCES : Shares on Issue Post Consolidation
05:03a ANSYS : names tech industry veteran to replace Cashman as CEO
05:03aDJASIA MARKETS : Asian Markets Get A Lift From U.S. Stock Gains
05:02a SOLARCITY : Consultant to university solar project charged with forgery
05:01a ALPHABET : Executive Drummond Leaves Uber Board
05:01a KKR L P : Expands Asia Pacific Leadership Team With New Appointments in China, Korea, and Singapore
Latest news
Hot News 
6.70%USG : to sell building products distribution unit for $670 million
0.83%CHINA PACIFIC INSURANCE : 1st Half Net Profit Down 46% at CNY6.14 Billion
14.37%Ivanhoe Mines to Seek Strategic Adviser
1.26%FACEBOOK : to Allow Users to Trigger 'Safety Check' Feature
Most Read News
08:55pDJYAHOO : FBI Warns of Cyberattacks on Voter Records
07:40p Mondelez abandons pursuit of U.S. chocolate maker Hershey
08:10p AMERICAN AIRLINES : United Airlines hires No. 2 at American to be its president
06:32p APOLLO GLOBAL MANAGEMENT LLC : In twist, Caesars wins brief extension on lawsuit shield
09:11p UNITED CONTINENTAL : Airlines appoints American Airlines executive as president
Most recommended articles
11:03pDJASIA MARKETS : Asian Markets Get A Lift From U.S. Stock Gains
10:56pDJALPHABET : Correction to Alphabet Executive Article
10:50p Crude Oil Prices Sink to Range Floor on Cooling OPEC Deal Hopes
10:41pDJDBS : Selling USD-Denominated Additional Tier 1 Capital Securities to Yield Around 4% -- Term Sheet
10:40pDJTWENTY FIRST CENTURY FOX : Fox News Fires Back at Former Panelist Andrea Tantaros, Calling Her 'Opportunist'