 |
 |
|
|
|
|
|
|
|
| | | |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1
.
SEC LITIGATION RELEASE
|
EXTRACTED KEY WORDS
MESSIER COURT SECURITIES COMMISSION ESCROW EXTRAORDINARY PAYMENTS PURSUANT PUBLIC COMPANY SARBANES-OXLEY ACT TEMPORARY ORDER UNITED STATES DISTRICT OFFICER EXCHANGE COMMISSION JEAN-MARIE MESSIER YORK COURT SUPERVISION TERMINATION AGREEMENT SECURITIES LAWS VIOLATIONS AFFILIATE AGENTS EMPLOYEES PURSUANT FORMAL ORDER ARBITRATION PANEL DECISION PANEL DECISION ORDERING PAY MESSIER REQUESTS MONEY CLAIMING |
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No.18352 / September 16, 2003
SEC FILES SARBANES-OXLEY ACT APPLICATION FOR TEMPORARY ORDER
COMPELLING VIVENDI UNIVERSAL, S.A. TO ESCROW EXTRAORDINARY PAYMENTS TO
ITS FORMER CEO JEAN-MARIE MESSIER
, Case No. M-11-03 (S.D.N.Y.) (filed September 16, 2003).
The Securities and Exchange Commission (SEC) announced that on
September 16, 2003 it filed an application pursuant to Section 1103 of
the Sarbanes-Oxley Act of 2002 in the United States District Court,
Southern District of New York, naming Vivendi Universal, S.A.
(Vivendi) as the Respondent. The application seeks an order compelling
Vivendi to place in escrow, in an account subject to Court
supervision, any extraordinary payments that Vivendi may make to its
former CEO, Jean-Marie Messier (Messier), including payment Messier
claims he is owed as part of his termination agreement with Vivendi.
Section 1103 of the Sarbanes-Oxley Act authorizes the Commission to
seek such a temporary order during an investigation into possible
securities laws violations by a public company, or an officer,
director, or other affiliate of a public company. Pursuant to the
temporary order, the public company must escrow "extraordinary
payments" that the public company likely may make to an officer,
director, or affiliate.
The Commission's staff has been investigating possible violations of
the federal securities laws by Vivendi and its directors, officers,
partners, controlling persons, agents, or employees pursuant to a
formal order of private investigation issued by the Commission on
November 14, 2002.
On September 11, 2003 a New York court affirmed an arbitration panel
decision ordering Vivendi to pay Messier EUR20,555,342 (or
approximately $23 million) pursuant to a termination agreement with
Vivendi. The SEC's application requests that the United States
District Court order Vivendi to place in escrow, subject to court
supervision, the money that Messier is claiming.
_________________________________________________________________
Modified 09/16/2003
SNIPPETS:
|
|
|
| | | |
|
|
