WASHINGTON (CN) – The Federal Trade Commission will settle for $1.4 million its charges that Liberty Media and Discovery Holding CEO John C. Malone violated the Hart-Scott-Rodino Act by buying Discovery shares before a waiting period expired.
The Justice Department said in its federal complaint that in 2005 Malone violated the reporting and waiting requirements in his acquisition of Discovery voting securities, which he continued to buy through 2008.
Malone made a corrective filing in June 2008, which triggered a waiting period. But her continued to buy “Discovery voting securities” well before the waiting period expired, according to the complaint.
again in violation of the HSR Act.
Malone must pay the $1.4 million in civil penalties within 30 days. Malone’s assets exceed $126 million, according to the complaint.