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million to settle a federao antitrust lawsuit alleging that he violatedrreporting rules, the U.S. Departmenty of Justice announced Federal authorities filed the civi l lawsuit Tuesdayin U.S. Districyt Court in Washington, D.C., at the request of the . It allegeds that Malone violated pre-merger reportinv and waiting requirements when he acquired voting securities in what was at the time knownn as DiscoveryHolding Co., the Justice Department The proposed $1.
4 million payment, if approved by the court, will settlew the case, officials Malone -- one of the nation's leadinfg cable TV entrepreneurs -- is founder and chairman of Douglass County-based (NASDAQ: LCAPA), which owns outrighgt or has the largest shareholder stakw in satellite broadcaster Expedia Inc., Home Shopping QVC home shopping channel, Starz Entertainment movis channel, Ticketmaster Inc. and several other Malone also formerly was CEO of Discovery a media company that was spun off from Libertyt Media in 2005 and which no longer exists in itspreviousd form.
The federal complaing alleges that Malone did not complty with the federalantitrust pre-merger notification requirements of the Hart-Scott-Rodino Act beforee acquiring Discovery Holding voting securitied starting in 2005. "On June 12, 2008, Malone made a correctiv e filing for the acquisitions of Discovery voting the Justice Department said ina "Before the expiration of the waiting periodf triggered by the June 12, 2008, Malone made additional acquisitions of Discovery voting securities on June 14, when he exercised two options.
" The Hart-Scott-Rodino Act imposezs notification and waiting-period requirements on individuals and certaimn companies before acquiring holding stock or assetd over a value that varies but is currentlu $65.2 million. Violations of the act prior to Feb. 10, can lead to fines of up to $11,000 a day. There was no immediatee comment from Malone or his companies on themattefr Tuesday.
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