Article Abstract:
Diana Brooks, the former CEO of Sotheby's Holdings, admitted that the company resorted to price fixing in connivance with its main competitor, Christie's International. Brooks could face up to three years in prison and a fine of $350,000. The amount could be increased to twice the gain derived from the crime or twice the loss suffered by victims if either is greater than $350,000. Sotheby's has also agreed to pay a fine of $45 million during a five-year period.
User Contributions:
Comment about this article or add new information about this topic:
Article Abstract:
American Express (AmEx) has introduced a new service called Private Payments which allows card holders to shop online without disclosing account numbers. The service would be available by Oct 2000 to holders of AmEx's consumer and small business cards. Private Payments generates a unique and random number that is used in place of an account number every time that consumers shop online. The number expires after each transaction and cannot be used if stolen.
User Contributions:
Comment about this article or add new information about this topic:
Article Abstract:
Former Sotheby's Inc. chairman convicted of price fixing. A. Alfred Taubman was convicted and faces up to 3 years in prision for conspiring to fix prices with auction house rival Christie's International P.L.C.
User Contributions:
Comment about this article or add new information about this topic: