SEC Blocks Former Gemstar Exec's $29.5M Severance

Law360, New York (April 9, 2008, 12:00 AM EDT) -- Former Gemstar-TV Guide International CEO Henry Yuen has been barred from cashing in on a $29.5 million severance package, bringing the total costs of his 2005 securities fraud case to more than $51 million, federal regulators said.

The U.S. Securities and Exchange Commission announced Wednesday that it had successfully barred the payment, which had been sitting in an escrow account that will now be dissolved so that the money remains with the company.

The SEC stopped the massive payment through a provision in the Sarbanes-Oxley Act...
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