Dallas-based luxury retailer Neiman Marcus Group says it is notifying 4.6 million of its online customers that they have been the victims of a data breach that occurred in May 2020, but is just now coming to light. In a statement, the company said the data breach involved customers’ names, Read More
London-based WPP plc, the world’s largest advertising group, has agreed to settle bribery charges with the Securities and Exchange Commission. The company will pay more than $19 million to resolve allegations that it violated the anti-bribery, books and records, and internal accounting controls provisions of the Foreign Corrupt Practices Act Read More
The Office of the Comptroller of the Currency issued a “cease and desist” order against MUFG Union Bank based in San Francisco for engaging in “unsafe or unsound practices regarding technology and operational risk management.” The regulator also took issue with what it called, “the bank’s noncompliance with the Interagency Read More
The Securities and Exchange Commission announced awards of approximately $110 million and $4 million to two whistleblowers whose information and assistance led to successful SEC and related actions. With these awards, the SEC’s whistleblower program has now paid more than $1 billion in awards to 207 whistleblowers, including over $500 Read More
The Financial Accounting Standards Board proposed a new standards update yesterday that hopes to clarify guidance on rules on how entities should measure the fair value of equity securities, particularly when they are subject to contractual restrictions preventing their sale. In August 2018, FASB issued final guidance on Fair Value Read More
MRetail giant Walmart has tapped a former Department of Justice official and prosecutor to lead its compliance department. It appointed Matt Miner to the role of global chief ethics and compliance officer. Miner will lead Walmart’s global compliance program and will report to Rachel Brand, the company’s executive vice president Read More
The Financial Industry Regulatory Authority (FINRA) issued a notice last week warning member firms of their obligation to maintain a supervisory system for business activities outsourced to third-party vendors. Financial firms are increasingly using third-party vendors to carry out their business and regulatory oversight functions, FINRA said in its notice. Read More
The U.S. Justice Department has appointed David Last as head of the Foreign Corrupt Practices Act unit, a high-profile division that investigates and prosecutes bribery cases. Last had served as acting chief of the FCPA unit since April 2020 and will now hold the position on a permanent basis. The Read More
Educational publishing and software company Pearson has agreed to pay $1 million to settle charges that it misled investors on the details of a 2018 data breach, the Securities and Exchange Commission announced yesterday. According to the SEC, London-based Pearson made misleading statements and omissions to investors about a cyber-attack Read More
The Securities and Exchange Commission is looking to address regulatory roadblocks facing the Dodd-Frank Act’s whistleblower rewards program, with a focus on the related action rule. Gary Gensler said in a keynote address last month that the agency plans to address significant problems in the SEC’s whistleblower program that enable Read More
