US Supreme Court Justice Breyer Continues To Sell Shares
11 Juin 2010 - 9:28PM
Dow Jones News
Only one U.S. Supreme Court justice pared down his individual
stock holdings in 2009, according to annual financial disclosures
released Friday.
Justice Stephen Breyer closed his positions in three companies
last year, including Teva Pharmaceutical Industries Ltd. (TEVA,
TEVA.TV), a frequent participant in patent litigation. Breyer sold
between $15,000 and $50,000 worth of shares in the generic-drug
maker, likely clearing him to participate in cases involving the
company. Teva has had business before the high court in recent
years and Breyer has recused himself from those matters, presumably
because of his stock holdings.
Breyer's 2009 sales came after he unloaded 15 stock investments
in 2008, allowing him to participate in some cases that he would
otherwise have sat out.
Breyer also sold some, but not all, of his shares in three other
companies in 2009, Nokia Corp. (NOK, NOK1V.HE), Lowe's Cos. (LOW)
and Quest Diagnostics Inc. (DGX). He would still be required to sit
out cases involving those companies.
Breyer continues to hold shares in a number of companies that
could have business before the court, including Wal-Mart Stores
Inc. (WMT), International Business Machines Corp. (IBM) and Cisco
Systems Inc. (CSCO).
While Breyer was selling individual shares, one justice, Antonin
Scalia, added company shares to his portfolio, buying between
$15,000 and $50,000 worth of Berkshire Hathaway Inc. (BRKB) Class B
shares, according to his financial-disclosure report.
Chief Justice John Roberts and Justice Samuel Alito are the
other two justices who hold shares in individual companies,
prompting occasional recusals due to financial conflicts. Neither
sold shares in 2009.
Roberts' portfolio includes shares of Microsoft Corp. (MSFT),
Pfizer Inc. (PFE) and Intel Corp. (INTC). Alito continues to own
between $50,000 and $100,000 worth of stock in Exxon Mobil Corp.
(XOM), despite the fact that the company regularly appears before
the court.
Supreme Court justices must file annual disclosure reports
detailing their financial activities, public speeches and outside
income over the past calendar year. A majority of justices are
millionaires, but most don't invest in individual stocks.
Justices can take advantage of a special tax break to spread out
the cost of selling their investments.
-By Brent Kendall, Dow Jones Newswires; 202-862-9222;
brent.kendall@dowjones.com