"It is of course difficult for me to step away from theleadership of the company I founded," says A. Alfred Taubman, "butI believe this is the right thing to do at this time. I have greatconfidence in the company's continuing success."
A jury in New York Wednesday found Taubman guilty of fixingcommission rates charged to sellers of works of art, jewelry andfurniture in his duties as chairman of Sotheby's auction house. Thejury decided Taubman had arranged to fix prices with Anthony J.Tennant, a member of the board of directors of Christie's auctionhouse, from 1993 to 1999 in violation of the Sherman Act.
As a result of the verdict, the developer could face up to threeyears in jail and a $350,000 fine at his April 2 sentencing.
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