The Consumer Financial Protection Bureau announced that it has sued Bank of America, JPMorgan, Wells Fargo, and the operator of Zelle, Early Warning Services, for failing to protect consumers from widespread fraud. Zelle is America’s most widely available payment network. According to the lawsuit, customers of the three banks have Read More
A U.S. Court of Appeals court ruled that Nasdaq can no longer enforce its board diversity rules, vacating the Securities and Exchange Commission’s approval of a rule that requires disclosure of each board member’s racial, gender, and LGBTQ+ identification. The court found that the SEC went beyond the scope of Read More
The Federal Trade Commission announced that it has finalized a Junk Fees Rule which essentially prohibits businesses in the live-event ticketing and short-term lodging industries from using bait-and-switch pricing and other tactics used to hide total prices and bury “junk fees.” The rule will ensure that pricing information is provided Read More
G lobal consulting firm McKinsey & Co. has agreed to pay $650 million to settle a Department of Justice investigation into the firm’s consulting work with opioids manufacturer Purdue Pharma. The DoJ had accused McKinsey of fueling the opioid epidemic with its aggressive sales and marketing advice to Purdue, including Read More
In April 2023, the Federal Trade Commission announced that that it would be banning noncompete agreements in order to promote competition. Although this historic announcement was meant to change the entire landscape of the employment industry within the U.S., the FTC’s push to ban these agreements raised much skepticism from Read More
The Securities and Exchange Commission announced that it settled charges against New York-based registered transfer agent Equiniti Trust Company LLC, , for failing to assure that client securities and funds were protected against theft or misuse. Those failures led to the loss of more than $6.6 million of client funds Read More
After an 8-yearlong battle, the insurance giant Humana agreed to pay $90 million to settle claims that it violated the False Claims Act when it submitted fraudulent bids for Medicare prescription drugs contracts. The allegations claim that by misrepresenting the value of its Part D drug plan, also known as Read More
The Securities and Exchange Commission and the Commodity Futures Trading Commission announced that they collected $474 million in fines from broker-dealers and investment advisers for widespread and longstanding failures by the firms and their employees to maintain and preserve text messages and other electronic communications. The SEC announced that the Read More
As a result of the Federal Trade Commission’s investigation, the Department of Justice sued TikTok and its parent company ByteDance with flagrantly violating a children’s privacy law—the Children’s Online Privacy Protection Act—and also alleged they infringed an existing FTC 2019 consent order against TikTok for violating COPPA. The complaint alleges Read More
The Department of Justice launched a new initiative to crack down on corporate crime: the Corporate Whistleblower Awards Program. Under this program, whistleblowers can now submit information to DoJ’s Criminal Division about certain types of corporate crime such as bribery and fraud. The program offers monetary awards to those provide Read More
