Kraft Foods Group and Mondelēz Global, a Chicago-based snack food and beverage company, are finally paying the price for accusations of trying to manipulate the price of wheat in December 2011. An enforcement action brought by the Commodity Futures Trading Commission nearly seven years ago against the food companies has Read More
During a hearing before the House Financial Services Committee Task Force on Artificial Intelligence, Kevin Greenfield, deputy comptroller for operational risk policy at the Office of the Comptroller of the Currency, stressed the need for stepped up risk management when banks use AI. He also said the OCC will be Read More
The Securities and Exchange Commission has proposed new rules and required disclosures for initial public offerings through special purpose acquisition companies (SPACs). If adopted, the new rules would require additional reporting about SPAC sponsors, conflicts of interest, and sources of dilution. They also would require additional disclosures regarding business combinations Read More
A new report gives some companies a failing grade for racial and gender pay equity and their efforts to disclose and act on such pay disparity. Goldman Sachs, Facebook, Disney, Oracle, and Walmart were among the companies that received an “F” for their public pay equity disclosures and practices. Of Read More
The Securities and Exchange Commission is revisiting Dodd-Frank Act era rules that require companies to disclose more information about how their executive pay lines up with the company’s financial performance. This week the agency proposed new rules that is said would better reflect Congress’ intent to shed light on corporate Read More
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
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
