The Treasury Department’s Office of the Comptroller of the Currency (OCC) ordered MUFG Union Bank to pay a $15 million civil penalty for engaging in deceptive practices in violation of Section 5 of the Federal Trade Commission Act. The OCC issued its consent order May 10, but it was not Read More
Mining company BHP admitted that it owes up to US$280 million in back pay to thousands of affected current and former employees after wrongly calculating public holiday leave for the last 13 years. In a press release, BHP said a preliminary review suggested that certain rostered employees across its Australian Read More
The Swedish Authority for Privacy Protection (IMY) has fined Spotify 58 million Swedish krona (US$5.4 million) after an audit uncovered deficiencies in the way the music-streaming service handled customers’ rights to access their personal data. The EU’s General Data Protection Regulation (GDPR), which entered into force in 2018, provides individuals Read More
A new initiative by the U.S. Department of the Treasury aims to promote fairer compliance and enforcement practices across its programs and services. On June 8, Deputy Secretary of the Treasury Wally Adeyemo published a memorandum directed at Treasury Department bureaus and offices, laying out a framework to guide their Read More
A former chief compliance officer of a now-defunct pharmacy holding company was convicted June 8 by a federal jury for conspiracy to commit health care fraud and wire fraud, the Department of Justice announced. According to court documents, Steven King “fraudulently billed Medicare over $50 million for dispensing lidocaine and Read More
Audit firm watchdog, the Public Company Accounting Oversight Board (PCAOB), is seeking public comment on a proposal aimed at increasing auditor vigilance against fraud and other forms of noncompliance with laws and regulations. If adopted, the proposal would strengthen auditor requirements to identify, evaluate, and communicate possible or actual wrongdoing and Read More
The Securities and Exchange Commission is putting cryptocurrency platforms and exchanges on notice that it is watching closely for any type of securities law abuses. Earlier this week, the regulator sued Binance, which operates the world’s largest crypto asset trading platform in the world, and its founder, alleging multiple securities Read More
Tenet Healthcare, Vanguard Health Systems, and Detroit Medical Center (DMC) have reached a combined $29.7 million settlement with the U.S. government for allegedly providing kickbacks to certain referring physicians in violation of the False Claims Act (FCA), the Department of Justice announced. DMC operates hospitals in and around Detroit, including Read More
Delta Air Lines has been hit with a proposed class-action lawsuit for “grossly misrepresenting the total environmental impact of its business operations in its advertisements, corporate announcements, and promotional materials and, thereby, attaining underserved market share and extracting higher prices from consumers,” according to a new complaint filed in California Read More
The Consumer Financial Protection Bureau (CFPB) has ordered OneMain Financial to pay a total of $20 million in consumer redress and penalties for failing to refund interest charged to tens of thousands of consumers, the CFPB announced. Failures include deceitful sales tactics and a fraudulent refund policy. Unethical sales tactics, Read More
