Feeds

Sergey Brin mum on $500m DoJ settlement stash

That's Larry's bag

  • alert
  • submit to reddit

New hybrid storage solutions

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.

New hybrid storage solutions

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Apple Pay is a tidy payday for Apple with 0.15% cut, sources say
Cupertino slurps 15 cents from every $100 purchase
Forget silly privacy worries - help biometrics firms make MILLIONS
Beancounter reckons dabs-scanning tech is the next big moneypit
Microsoft's Office Delve wants work to be more like being on Facebook
Office Graph, social features for Office 365 going public
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Top 5 reasons to deploy VMware with Tegile
Data demand and the rise of virtualization is challenging IT teams to deliver storage performance, scalability and capacity that can keep up, while maximizing efficiency.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.