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Corporations and securities brief ~ Morgan Stanley, Parmalat settle

[JURIST] Leading Thursday's corporations and securities law news, Morgan Stanley [corporate website] has settled with stumbling Italian dairy giant Parmalat [corporate website]. Parmalat sued Morgan Stanley in February to recoup money Parmalat gave to Morgan Stanley shortly before the food maker's bankruptcy. Parmalat's press release is available. Reuters has more.

In other corporations and securities law news...

  • UK telecom provider BT [corporate website] has settled with British telecom regulator Ofcom [official website]. Ofcom and BT's rivals have accused BT of unfair business practices and owning a monopoly. As part of the settlement, BT has promised to offer other UK telecom operators greater access to its networks. Ofcom had threatened to split BT into separate wholesale and retail divisions. In BT's press release the company "commits to a new era of regulation." Ofcom's press release also praised the agreement as the beginning of a new regulatory approach. AP has more.

  • A legal foundation in North Carolina has sued to have the state's tax incentives for Dell [corporate website] declared unconstitutional. The North Carolina Institute for Constitutional Law [foundation website] charges that the state illegally gave Dell over $200 million in tax-breaks and other incentives to lure the corporation to North Carolina. The NCICL has issued a press release outlining its complaint and provides additional material on the litigation. AP has more.

  • The US Department of Justice [official website] has approved America West's [corporate website] acquisition of US Airways [corporate website]. Federal regulators determined that the move would not be anti-competitive and would improve choice and efficiency. America West's press release notes that the move still must be approved by shareholders and the SEC, among others. AP has more.

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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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