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Highland Capital manager to pay penalty for violating Hart-Scott-Rodino Act
By Lisa Kerner
Charlotte, N.C., May 21 - James D. Dondero will pay a $250,000 civil penalty to settle charges that he violated premerger reporting requirements related to exercising options in February 2005 to acquire stock in Motient Corp.
The hedge fund manager for Highland Capital Management LP had been a member of Motient's board of directors.
The U.S. Department of Justice's Antitrust Division, at the request of the Federal Trade Commission, filed a civil lawsuit in U.S. District Court in Washington, D.C., against Dondero for violating the Hart-Scott-Rodino Act of 1976. The proposed settlement action was also filed.
The lawsuit alleged that Dondero was in violation of the Act from Feb. 28, 2005, through May 28, 2005.
Dondero made a corrective Hart-Scott-Rodino filing related to failing to file regarding Highland's acquisitions of stock in another company less than one year ago, a news release stated.
Motient is a Lincolnshire, Ill., mobile satellite services company.
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