Former Cablevision CEO Facing Fine for Alleged Hart-Scott-Rodino Violation
Former Cablevision CEO James Dolan will pay a $609,810 fine for failing to report in a timely manner his acquisition of voting securities in Madison Square Garden Co. (MSG), where he's executive chairman, the FTC said Thursday. In a complaint…
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filed Thursday with U.S. District Court in the District of Columbia, DOJ said Dolan had violated Hart-Scott-Rodino Act reporting requirements in the past and that he did so again in 2017 when he acquired 591 shares through vested restricted stock units but didn't file the required, timely paperwork. Justice said the complaint and accompanying proposed settlement, subject to court approval, come at the FTC's request. "Any shareholder whose stockholdings exceed certain thresholds is required to make an HSR filing," MSG emailed. "Debevoise & Plimpton is the law firm responsible for making timely HSR filings relating to Jim Dolan’s MSG stock. Debevoise inadvertently missed a required HSR filing deadline, for a second time, which resulted in a fine by the FTC. Debevoise agreed to pay the fine as a result of their mistake.”