Regulators seek McGraw-Hill documents |
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Mon, 30 Apr 2007 21:03
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WASHINGTON (AP) - Federal regulators on Monday filed a court motion to enforce a subpoena that aims to force McGraw-Hill Cos. to turn over data that one of its publications collected from a company being investigated by the agency.The Commodity Futures Trading Commission filed the motion in U.S. District Court for the District of Columbia, seeking to enforce a December subpoena on McGraw-Hill, which has refused to produce some documents.The agency is investigating whether an unnamed energy company manipulated natural gas prices by submitting false information to Platts, a McGraw-Hill subsidiary, for use in Inside FERC, a trade publication that compiles a monthly report on the gas market.McGraw-Hill's refusal to turn over the information is 'detrimentally impinging a federal government investigation,' the CFTC said in the court filing. The agency also noted that federal district courts have ordered McGraw-Hill to produce documents in three other cases involving Platts publications.A representative for McGraw-Hill could not immediately be reached for comment.In February, power producer NRG Energy Inc. agreed to pay a $2 million penalty to settle charges the company falsely reported information about natural gas trades to Platts Gas Daily, a trade publication that collects data to compile a daily index of gas prices.Last month, a former manager who supervised natural gas traders at Western Gas Resources Inc. agreed to pay a $60,000 fine to settle similar charges.Shares of McGraw-Hill dropped 69 cents to $65.56 in afternoon trading on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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