Exxon Mobil Corp (XOM) launched a legal challenge to the Treasury Department's Office of Foreign Assets Control ruling that the company violated U.S. sanctions against Russia in 2014, The Fly reported.
OFAC fined Exxon $2 million Thursday for the actions it took between May 14 and May 23, 2014. During that time, current Secretary of State Rex Tillerson was still Exxon's CEO.
Exxon claims it followed authoritative Obama-era guidance in its dealings with Russia, but OFAC retroactively changed the guidelines one year later. The energy company said market participants didn't have notice of the new interpretation, constituting a violation of the Administrative Procedure Act.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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