Stock Ticker

  • Loading stock data...

Apple Inc (NASDAQ:AAPL) Allowed An Administrative Stay From Broomwich’s Monitoring

Boston, MA 01/22/2014 (wallstreetpr) – A U.S. appeals court granted Apple Inc (NASDAQ:AAPL) a stay of execution from an external monitor which was assigned to oversee its conformity with antitrust laws after the company was found legally responsible for plotting rising prices for e-books last July.

On Jan 21, the second U.S. Circuit Court of Appeals in New York granted Apple a hearing regarding the decision of stopping the monitor, Michael Bromwich from doing his work while the company seeks a formal appeal. Courts generally calls for monitors in lawsuits to make sure that companies abide by the laws. Nevertheless, the Court has granted an administrative stay while awaiting a three judge panel to hear Apple’s motion for a stay pending appeal soon.

Broomwich is over intrusive: Apple

The U.S. Department of Justice has allowed Apple to file opposition papers in support of Bromwich’s dismissal from his role, which need to be filed latest by Jan 24. While the Department has not opposed Apple’s short stay appeal, it will still fight their efforts or disqualify the monitor. Broomwich has been accused of being too invasive and also of charging dissatisfying high service fees of $1,100 per hour. Apple has complained that he has been seeking uncalled for interviews with senior executives and board members. Further, the company believes he might even be interfering adversely with their ability to manufacture new products.

Apple allowed restricted access: Broomwich

The Cupertino, California based company has said that the appointed monitor has been endowed with excess power by the U.S. District Judge Denise Cote in Manhattan, in the nonjury trial which stated the company is involved in manipulation of prices with five major publishers. On the other side of the story, Broomwich, a former Justice Department inspector general denied all claims stating he was conducting a broad and unstructured investigation, in one of the filings on December 30. He said that the company had allowed him only a restricted access.

Published by Nicholas Maithya

Nicholas is a Financial Analyst by profession, who enjoys writing about investments, technological developments, business, economics and other financial topics at various financial publications. Join him here on Wallstreetpr.com as he endeavors to deliver to you the latest breaking news on the above mentioned fronts. Contact him by email at [email protected] or follow Nicholas Kitonyi @nmaithyak on Twitter.



  • Recent Stories

    SignUp Now For Our Featured Newsletter

    Sign Up To Get Our Latest Stocks Alerts