Chemical company Albemarle disclosed in a recent regulatory filing that it has “commenced discussions” with both the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) concerning the potential resolution of an investigation that began more than four years ago into potential violations of the Foreign Corrupt Practices Read More
Wellman Dynamics, an aluminum and magnesium castings manufacturer for the defense and aerospace industry, will pay $500,000 to resolve alleged violations of the False Claims Act (FCA) for failing to conduct contractually required testing and falsifying test results for parts used in military aircraft, the Department of Justice announced Aug. Read More
Surgalign Holdings (formerly RTI Surgical Holdings), a global medical technology company, must pay a $2 million civil penalty for pulling revenue forward from future quarters in order to mask revenue shortfalls and then failed to disclose this practice to investors, the Securities and Exchange Commission announced Aug. 3. According to Read More
A federal grand jury ordered Eli Lilly to pay more than $61 million to a former executive of a network of regional drug wholesalers over allegations the drug manufacturer underpaid rebates required under the Medicaid Drug Rebate Program. Under the Medicaid Drug Rebate Program, the rebates drugmakers must pay are Read More
The 2021 Corruption Perceptions Index (CPI) released by Transparency International shows that corruption levels remain at a standstill worldwide, with 86 percent of countries making little to no progress in the last 10 years. Nearly two-thirds of nations scored below 50 on the 100-point scale this year. The largest declines Read More
Robinhood Crypto (RHC) has been ordered to pay a $30 million penalty for “significant deficiencies” in its Bank Secrecy Act/anti-money laundering (BSA/AML) compliance program and for cybersecurity violations, said the New York Department of Financial Services. NYDFS discovered RHC’s compliance deficiencies following a supervisory examination and a subsequent investigation. In Read More
FCA US (formerly Chrysler Group) must pay a $300 million criminal penalty and will be under a three-year probation for making “false and misleading representations” to U.S. regulators and customers for cheating emissions standards on more than 100,000 vehicles. FCA US has been ordered to pay a $96.1 million fine Read More
The U.S. Consumer Financial Protection Bureau (CFPB) on July 28 ordered U.S. Bank to pay a $37.5 million penalty to compensate harmed consumers after the bank illegally accessed customers’ credit reports and associates opened checking and savings accounts, credit cards, and lines of credit without their customers’ permission. The violations Read More
The Securities and Exchange Commission settled charges against J.P. Morgan Securities, UBS Financial Services, and TradeStation Securities for deficiencies in their programs to prevent customer identity theft, in violation of the SEC’s Identity Theft Red Flags Rule (Regulation S-ID). The SEC’s orders find that each firm violated Rule 201 of Read More
The National Labor Relations Board (NLRB) this month signed separate memorandums of understanding (MOUs) with the Federal Trade Commission and the Department of Justice, which create formal partnerships between the agencies in the name of protecting worker rights. On July 26, the NLRB signed an MOU with the Justice Department’s Read More
