Feeds

Sergey Brin mum on $500m DoJ settlement stash

That's Larry's bag

  • alert
  • submit to reddit

Remote control for virtualized desktops

Google I/O Google has set aside $500 million to prepare for a possible settlement with the US Department of Justice, according to an SEC filing. But Sergey Brin says he knows nothing about it.

Google cofounder Sergey Brin was asked about the filing today at the company's annual developer conference, but he declined to comment, saying that in his new role at the company, he does not deal with such things.

Google recently reached a settlement with the DoJ over its purchase of flight-data outfit ITA Software, but the new filing appears to address the possibility of an antitrust investigation into its advertising practices. At this point, rumors indicate that the US Federal Trade Commission – and not the DoJ – is prepping a broad antitrust probe involving search ads as well as organic search.

The charge will reduce the company's first-quarter net income to $1.8 billion, down from 2.3 billion. In its filing, the company said it does not believe that a potential antitrust settlement will have an adverse effect on its search and ad business.

"In May 2011, in connection with a potential resolution of an investigation by the United States Department of Justice into the use of Google advertising by certain advertisers, we accrued $500 million for the three month period ended March 31, 2011," the SEC filing says. "Although we cannot predict the ultimate outcome of this matter, we believe it will not have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows." ®

Update: This story has been updated so that it no longer says Google's $500 million was set aside for specifically for an antitrust settlement. Google does not use the word antitrust in its SEC filing.

Intelligent flash storage arrays

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
Lawyers mobilise angry mob against Apple over alleged 2011 Macbook Pro crapness
We suffered 'random bouts of graphical distortion' - fanbois
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
US court SHUTS DOWN 'scammers posing as Microsoft, Facebook support staff'
Netizens allegedly duped into paying for bogus tech advice
Feds seek potential 'second Snowden' gov doc leaker – report
Hang on, Ed wasn't here when we compiled THIS document
Verizon bankrolls tech news site, bans tech's biggest stories
No agenda here. Just don't ever mention Net neutrality or spying, ok?
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Simplify SSL certificate management across the enterprise
Simple steps to take control of SSL across the enterprise, and recommendations for a management platform for full visibility and single-point of control for these Certificates.