The Securities and Exchange Commission announced that it settled charges against New York-based registered transfer agent Equiniti Trust Company LLC, , for failing to assure that client securities and funds were protected against theft or misuse. Those failures led to the loss of more than $6.6 million of client funds Read More
The Securities and Exchange Commission and the Commodity Futures Trading Commission announced that they collected $474 million in fines from broker-dealers and investment advisers for widespread and longstanding failures by the firms and their employees to maintain and preserve text messages and other electronic communications. The SEC announced that the Read More
As a result of the Federal Trade Commission’s investigation, the Department of Justice sued TikTok and its parent company ByteDance with flagrantly violating a children’s privacy law—the Children’s Online Privacy Protection Act—and also alleged they infringed an existing FTC 2019 consent order against TikTok for violating COPPA. The complaint alleges Read More
In a landmark trial case, a federal judge ruled that Google violated antitrust law when it spent billions of dollars to have its search engine dominate the industry. The decision, issued after a 10-week bench trial, represents a significant victory for the effort to challenge the dominance of a few Read More
The social media giant, Meta, agreed to settle a lawsuit accusing the company of illegally capturing biometric data from its users without their consent. Meta will pay a historic amount of $1.4 billion over the course of the next five years. Texas Attorney General Ken Paxton and McKool Smith, which Read More
The Federal Reserve Board took action to address consumer compliance breakdowns by Green Dot, fining the firm $44 million for numerous unfair and deceptive practices and a deficient consumer compliance risk management program. Green Dot violated consumer law in its marketing, selling, and servicing of prepaid debit card products, and Read More
The Federal Trade Commission issued orders to eight companies offering surveillance pricing products and services that incorporate data about consumers’ characteristics and behavior. The orders seek information about the potential impact these practices have on privacy, competition, and consumer protection. The orders are aimed at helping the FTC better understand the dense Read More
The Office of the Comptroller of the Currency and the Federal Reserve fined Citigroup and its subsidiary, Citibank, $136 million for violating the risk management remediation benchmarks set by a 2020 enforcement action. The OCC fined Citibank $75 million and the Fed fined the bank $61 million. The penalties resulted Read More
According to a 2024 Cybersecurity Benchmarking Survey, 45 percent of surveyed compliance personnel from asset management, investment adviser and private market firms have expressed concerns about how the Securities and Exchange Commission (SEC) will enforce its newly developed cybersecurity rules. The ACA Group and National Society of Compliance Professionals released Read More
The European Parliament approved the Artificial Intelligence Act (AIA), a regulation aimed at ensuring safety and compliance with fundamental rights, while boosting innovation within the artificial intelligence (AI) context. AIA, which is set take effect in increments over the next few years, ultimately establishes obligations for AI based on its Read More
