Marathon Unit Hit With $20M Fine Over Stock Buyback Plan
Law360 (October 15, 2020, 10:13 PM EDT) -- Marathon Petroleum Corp. subsidiary Andeavor LLC has agreed to pay a $20 million penalty to settle U.S. Securities and Exchange Commission allegations that Andeavor lacked adequate controls for a stock buyback program it implemented in the middle of acquisition talks, according to an order issued Thursday.
The SEC claims that Andeavor launched a $250 million stock buyback while in the midst of discussions to be acquired by Marathon in 2018. Company policy prohibited repurchases while Andeavor was in possession of material nonpublic information, yet its internal accounting controls failed to provide reasonable assurance that the buyback complied with company policy, the...
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