The Federal Trade Commission filed a lawsuit against Uber, alleging the rideshare and delivery company charged consumers for its Uber One subscription service without their consent, failed to deliver promised savings, and made it difficult for users to cancel the service despite its “cancel anytime” promises. According to the FTC, Read More
The Senate confirmed Paul Atkins as chair and leader of the Securities Exchange Commission. This confirmation marks Atkins’ return to the SEC where he served as commissioner from 2002 to 2008. Atkins, confirmed by a 52–44 vote, is expected to ease regulatory enforcement and roll back compliance requirements for corporations. Read More
Whole Foods announced that it has settled a class-action lawsuit claiming that company manipulated an employee bonus program which resulted in lower payouts to its employees. The settlement comes almost 10 years after the allegations were brought against the grocery chain giant. The original lawsuit alleged that multiple Whole Food Read More
Deutsche Bank’s asset-management arm DWS Group agreed to a fine of 25 million euros, or $27 million to the Frankfurt Public Prosecutor’s office to settle allegations of greenwashing. The allegations were brought by Frankfurt prosecutors after its investigation into the firm’s environmental and social investing credentials. Greenwashing is when a Read More
The Financial Industry Regulatory Authority announced that it fined broker-dealer United First Partners (UFP) and suspended its chief compliance officer for allegedly failing to implement an adequate supervisory system designed to supervise the firm’s outside brokerage accounts. UFP’s primary business is providing brokerage and research services to institutional customers. As Read More
The Public Company Accounting Oversight Board announced that PricewaterhouseCoopers Singapore agreed to pay $1.5 million for violations of PCAOB rules and quality control standards. The violations arose from the Firm’s failure to have appropriate policies and procedures over its Personal Independence Compliance Testing (PICT) process and to foster an appropriate ethical Read More
The Consumer Financial Protection Bureau announced that it dropped its lawsuit against Zelle, Wells Fargo, and other major banks that alleged the companies of failing to protect consumers from widespread fraud. In its dropped lawsuit, the CFPB claimed that hundreds of thousands of consumers filed fraud complaints to Wells Fargo, Read More
The Consumer Financial Protection Bureau announced that it dropped its lawsuit against Rocket Homes that alleged the company of offering kickbacks to brokers who referred customers to Rocket Mortgage. This lawsuit which was originally initiated under the CFPB’s previous director, Rohit Chopra was dismissed in a one page notice of Read More
President Donald Trump signed an executive order that directs the Attorney General, Pam Bondi, to cease enforcement of the Foreign Corrupt Practices Act (FCPA) a law that prohibits American companies from bribing foreign officials. President Trumps said he believes that by issuing such an order, he will restore American competitiveness Read More
The Department of Justice announced that it will consider conducting criminal and civil investigations against companies with diversity, equity, and inclusion policies in place. This announcement came from a memorandum released by Attorney General Pam Bondi. The memo states that its purpose is to encompass programs, initiatives, or policies that Read More
