April 26, 2024

Business Briefing | Legal News: Comcast Chief to Pay Penalty on Stock Purchase

Comcast’s chief executive, Brian L. Roberts, will pay a $500,000 civil penalty for failing to notify antitrust authorities before acquiring voting securities as part of his compensation package, the Justice Department said. According to the complaint, Mr. Roberts failed to notify regulators before acquiring voting securities of Comcast as part of his compensation beginning in October 2007. This resulted in his holding about $120 million of Comcast stock. Mr. Roberts’s total compensation in 2010 was just over $31 million. He controls a third of Comcast’s voting stock and owns less than 2 percent of the company’s equity, according to a company filing. Comcast said the issue was a “technical and inadvertent violation that was self-reported, promptly corrected.”

Article source: http://feeds.nytimes.com/click.phdo?i=d47ecb1241728d435b9b777e299303ac

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