All Regulatory Enforcement articles – Page 126
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Blog
VW: Fraud at the top?
More bad news for Volkswagen, as German authorities have expanded their investigation to 37 individuals from 21, including former CEO Martin Winterkorn. Tom Fox reports.
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The optics couldn’t be worse—VW departs its CCO
Barely a year after Christine Hohmann-Dennhardt took the position of head of compliance at Volkswagen, she is leaving the company. The Man From FCPA Tom Fox reports.
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SEC: BlackRock removed whistleblower incentives
Without admitting or denying the findings, asset management BlackRock agreed to pay a $340,000 penalty to settle charges that it improperly used separation agreements in which exiting employees were forced to waive their ability to obtain whistleblower awards. Jaclyn Jaeger reports.
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GM resolves SEC ignition switch investigation
Without admitting or denying any wrongdoing, General Motors has agreed to pay a $1 million civil penalty to resolve charges that deficient internal accounting controls prevented the company from properly assessing the potential impact on its financial statements of a defective ignition switch found in some vehicles. Jaclyn Jaeger reports.
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Allergan to pay $15M for disclosure failures in wake of hostile takeover bid
Drug company Allergan, headquartered in Dublin, Ireland, has agreed to admit securities law violations and pay a $15 million penalty for disclosure failures in the wake of a hostile takeover bid, the Securities and Exchange Commission announced. Jaclyn Jaeger has more.
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Deutsche Bank, Credit Suisse reach combined $12.5B settlements
Deutsche Bank and Credit Suisse last month agreed to pay a combined $12.5 billion in penalties related to the packaging, securitization, marketing, sale, and issuance of residential mortgage-backed securities, whereas Barclays and several of its U.S. affiliates are battling a civil complaint over similar claims. Jaclyn Jaeger reports.
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McKesson to pay $150M in prescription drug probe
Drug distributor McKesson will pay a record $150 million civil penalty for alleged violations of the Controlled Substances Act, the Justice Department announced today. The settlement also imposes new and enhanced compliance obligations, as well as an independent monitor—the first independent monitor of its kind in a CSA civil penalty ...
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Article
As SEC broadens international enforcement focus, compliance efforts must adapt
Under Mary Jo White, the SEC greatly expanded its focus on cross-border enforcement, adding risk and compliance challenges for companies wherever they are based. Joe Mont reports.
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SEC oversight in the Digital Age
Big Data is the compliance buzzword of the day, but at the SEC, high technology is both a challenge and an opportunity. Jaclyn Jaeger has more.
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Wither the attorney-client privilege?
Attorney-client privilege is once again under siege, writes Tom Fox—this time in a lawsuit being brought by the former general counsel of Bio-Rad, Sanford Wadler, who is suing his former employer for wrongful termination.
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Moody’s to pay $864M arising from conduct leading up to financial crisis
Moody’s Investors Service, Moody’s Analytics, and their parent, Moody’s, have reached a nearly $864 million settlement agreement with the Department of Justice, 21 states, and the District of Columbia to resolve allegations arising from Moody’s role in providing credit ratings for residential mortgage-backed securities and collateralized debt obligations. Jaclyn Jaeger ...
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Disparaging a speak-up culture
Tom Fox explores the recent case of JPMorgan Chase when an employee’s former manager added material to a terminated employee’s file post termination to beef up the excuses for the termination. Not a good sign, says Fox, and possibly a sign of an ineffective compliance program.
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Next in line for regulatory troubles, Fiat?
Fiat, which was recently flagged by the EPA for pollution violations, could be a reminder to companies to scour the news for details on any regulatory investigations of their peers and perhaps to begin scrutinizing their own books and records, says The Man From FCPA Tom Fox.
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Morgan Stanley to pay $13M for overbilling clients
The Securities and Exchange Commission today announced that Morgan Stanley Smith Barney has agreed to pay a $13 million penalty to settle charges that it overbilled investment advisory clients due to coding and other billing system errors. The firm also violated the custody rule pertaining to annual surprise examinations. ...
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On the death of the ‘rogue engineer’
For The Man from FCPA Tom Fox, the most interesting thing about the Volkswagen indictments were not that ‘rogue engineers’ were charged but that executives who participated in the cover-up were indicted.
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Volkswagen to pay $4.3B in emissions-cheating scandal
Volkswagen will plead guilty and pay a total of $4.3 billion in criminal and civil penalties resulting from the company’s long-running emissions-cheating scandal. In addition, six Volkswagen employees are indicted in connection with the conspiracy. Jaclyn Jaeger reports.
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Banks and bankers on front line of AML fight
The first foreigner, Jens Sturzenegger, a former branch manager at Falcon Private Bank in Singapore, was recently convicted in the 1MDB scandal. Tom Fox reports.
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Article
A post-election perspective on financial regulatory compliance
The Trump administration might not follow the Republican playbook when it comes to scaling back enforcement across the board, writes Todd Cipperman.
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Second VW exec arrested: those pesky e-mails
As the recent arrest of another VW executive (this time in the United States) unfolds, The Man From FCPA Tom Fox ponders whether VW will actively assist U.S. law enforcement authorities in performing a substantive internal investigation.
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SEC issues $5.5 million whistleblower award
The SEC has awarded more than $5.5 million to a whistleblower who provided critical information that helped the SEC uncover an ongoing scheme. Jaclyn Jaeger reports.