Investor Diller Penalized Over Coca-Cola Stock Purchase

Tuesday, 02 Jul 2013 01:29 PM

 

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Media mogul Barry Diller agreed to pay $480,000 in civil penalties for allegedly failing to notify the government about his purchase of Coca-Cola Co stock, two U.S. agencies said on Tuesday.

Diller, chairman of Internet media conglomerate IAC /Inter Active Corp., bought 120,000 shares of Coca-Cola on Nov. 1, 2010, bringing his holdings at the time to more than $63.4 million, the Justice Department said in its complaint.

He bought additional shares in the next year and a half but did not file required documentation with the Federal Trade Commission, which works with the Justice Department to enforce antitrust law, the FTC said, adding that Diller later made corrective filings.

Under antitrust law, individuals or companies who buy more than a certain amount of shares of a company must notify antitrust authorities.

IAC spokeswoman Justine Sacco said Diller had no comment.

Diller had failed to file notice with the FTC in 1998, when his USA Networks Inc. did not inform antitrust authorities about a purchase of CitySearch stock, the Justice Department said in a complaint.

© 2014 Thomson/Reuters. All rights reserved.

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