UPDATED: The Department of Justice’s Antitrust Division and the Federal Trade Commission made the announcement today. Justice is filing a civil suit against Comcast’s Brian Roberts, but with the proposed settlement agreement that includes the fine. Officials went after him because this is the third time Roberts failed to report that he had been granted stock above a government-set threshold that required him to make an official disclosure. The question is: How could a company that employs so many high-priced lawyers be so sloppy?
Still, the Federal Trade Commission — which brought the case to the Justice Department — says that it only sought a modest fine. It notes that ”the violation was inadvertent and technical; that it was apparently due to faulty advice from outside counsel; that Roberts did not gain financially from the violation; and that he reported the violation promptly once it was discovered.” Comcast says that executives “take very seriously our obligations to comply with all aspects of the Hart-Scott-Rodino Act and working with our lawyers we have put in place additional safeguards to ensure that an inadvertent violation does not occur in the future.” Here’s the DOJ release announcing the fine: (more…)