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Cox Enterprises Hit with Antitrust Suit

Magazine article Editor & Publisher

Cox Enterprises Hit with Antitrust Suit

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Cox Enterprises hit with antitrust suit

Justice Department contends proper notification was not done when acquiring stock from Knight-Ridder in 1986

The Department of Justice has filed an antitrust suit against Cox Enterprises Inc., charging the company did not make the required notification when it acquired about $101 million worth of Knight-Ridder Inc. stock in 1986.

The Justice Department civil suit, filed in U.S. District Court in Atlanta, charges that Cox violated provisions of the Hart-Scott-Rodino Act requiring notification of the Justice Department and the Federal Trade Commission and a waiting period for individuals and companies acquiring more than $15 million in stock or assets in certain large mergers and acquisitions.

The act allows for the federal court to assess a penalty up to $10,000 for each day the party is in violation. According to the suit, Cox held the stock for 367 days.

Cox attorney Richard Braunstein, of the D.C. law firm Dow, Lohnes & Albertson, said Cox was not required to fill out the notification form as the stock purchases were solely for investment purposes. …

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