The Federal Trade Commission has sued to block Lockheed Martin’s $4.4 billion proposed deal to buy Aerojet Rocketdyne, the last independent U.S. supplier of missile propulsion systems. The move could signal an emboldened FTC that could look to provide greater scrutiny on deals it considers potentially harmful to competition. Aerojet Read More
Securities industry regulator FINRA has hit Credit Suisse Securities with a $9 million fine for failing to comply with rules requiring firms to disclose potential conflicts of interest when issuing research reports and for violating the Securities and Exchange Commission’s Customer Protection Rule. As part of the settlement, FINRA also Read More
The United Kingdom’s Financial Reporting Council has expanded its investigation into audits conducted by Big Four firm PricewaterhouseCoopers of Babcock International Group to include the fiscal years 2019 and 2020. The FRC was already investigating the accounting firm’s audits of the U.K. defense contractor in 2018 and 2017, after spot Read More
A new report finds that regulatory enforcement actions against financial institutions and their employees totaled $5.4 billion for non-compliance with anti-money laundering (AML) and data privacy regulations last year, in comparison to $10.6 billion in 2020, a decline of just under 50 percent. The report, issued by Fenergo, which provides Read More
Morgan Stanley has agreed to pay $60 million to settle a class action lawsuit brought by customers alleging that the bank had failed to protect their sensitive private data. Plaintiffs allege that in two separate incidents in 2016 and 2019, Morgan Stanley failed to properly dispose of retired IT equipment Read More
The Securities and Exchange Commission appears to be making a new effort to pass clawback rules that would require executives to pay back compensation that was obtained by hitting incentive goals that were later found to be false or inaccurate. The rule was included in the Dodd-Frank Wall Street Reform Read More
The U.S. Treasury Department released the results of a broad review of its use of economic and financial sanctions and issued five recommendations to “preserve and enhance their effectiveness” in supporting national security going forward. “Sanctions are a fundamentally important tool to advance our national security interests,” said Deputy Secretary Read More
At Tuesday’s “SEC Speaks” conference from PLI, SEC Chair Gary Gensler and Commissioners Allison Herren Lee, Elad Roisman, and Caroline Crenshaw all delivered remarks on different topics. Gensler discussed the use of predictive digital analytics in finance, Lee examined the explosive growth of the private markets and proposed to address Read More
The University of Colorado Denver Business School has named Kellye Gordon, vice president of ethics & compliance and legal operations at apparel company VF Corp., as the 2021 “Bill Daniels Ethical Leader of the Year.” Gordon “designs creative ways to help VF employees understand how to follow complex compliance requirements Read More
British Bank National Westminster announced yesterday that it has pleaded guilty to breaching the United Kingdom’s anti-money laundering (AML) laws and will face criminal prosecution and large fines. The bank entered a not guilty plea in a London court on Thursday to three counts of failing to adequately monitor customer Read More
