Comcast Corporation’s CEO Brian L. Roberts will pay a $500,000 fine to settle anti-trust charges, the Department of Justice announced today.
Roberts allegedly violated pre-merger reporting and waiting requirements when he acquired Comcast voting securities.
The settlement still need to be approved by the U.S. District Court.
Not that the fine will significantly impact Roberts' net worth. The cable baron took home a reported $28.16 million in 2010, making the fine little more than a slap on the wrist.
The Justice Department’s Antitrust Division, at the request of the Federal Trade Commission, filed a civil antitrust lawsuit in court against Roberts for violating the notification requirements of the Hart-Scott-Rodino (HSR) Act of 1976. At the same time, the department filed a proposed settlement.
In 2007, Roberts failed to adhere to notification procedures after acquiring shares of Comcast as part of his compensation package, according to the complaint. On Aug. 25, 2009, Roberts made a corrective filing for Comcast voting securities he had acquired, acknowledging that he failed to properly report the purchase.
