All United States articles – Page 96
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Impact of FASB measuring crypto assets at fair value
The Financial Accounting Standards Board tentatively decided to require crypto assets that are in scope to be measured at fair value. Experts discuss the evolving ramifications of the project.
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CFPB facing ‘existential threat’ following appeals court funding ruling
An appeals court’s finding the Consumer Financial Protection Bureau’s funding mechanism to be unconstitutional could affect a multitude of lawsuits filed against the agency, according to legal experts.
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FTC places restrictions on CEO in Drizly enforcement proposal
The Federal Trade Commission announced a tentative settlement with online alcohol delivery platform Drizly and its chief executive officer regarding a data breach affecting 2.5 million consumers and the alleged lax security that allowed it to happen.
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Mattel fined $3.5M over accounting misstatements; ex-PwC partner could face discipline
The Securities and Exchange Commission fined Mattel $3.5 million for allegedly overstating tax expenses and initiated litigation against a former PwC partner accused of failing to inform the toy company’s audit committee about its financial statement errors.
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CFTC FY2022 enforcement results: Record penalties, digital asset crackdown
The Commodity Futures Trading Commission highlighted its enforcement accomplishments from the 2022 fiscal year, including more than $2.5 billion ordered through restitution and penalties across 82 actions.
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Five companies lose board members in DOJ antitrust sweep
Seven members of corporate boards resigned after the Antitrust Division of the Department of Justice flagged their situations as potential violations of the Clayton Act.
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CFIUS issues first-ever enforcement and penalty guidelines
The Committee on Foreign Investment in the United States issued its first-ever enforcement and penalty guidelines for entities that violate mitigation agreements with CFIUS or otherwise run afoul of the Defense Production Act of 1950.
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Uber CSO ruling fallout: Individual liability extends to data breach response
The case of the Uber chief security officer found guilty by a jury on two felonies for covering up a data breach and misleading federal regulators opens up another potential individual liability issue executives handling cyber incidents face, according to legal experts.
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Sutter Health to pay $13M for lab testing false claims
Sutter Health agreed to pay more than $13 million for violating the False Claims Act by billing the United States for toxicology tests it did not conduct but outsourced to other labs, the Department of Justice announced.
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KPMG affiliates fined $275K for using unregistered firms
Three affiliates of KPMG agreed to pay a total of $275,000 in penalties for failing to disclose unregistered firm participation in public company audits—the latest such PCAOB enforcement cases for the global accounting firm.
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Carter Healthcare, former execs to pay $30M in DOJ settlements over false claims
Home healthcare provider Carter Healthcare and its former chief executive officer and chief operations officer agreed to pay more than $30 million total under two settlements alleging the parties engaged in kickbacks to doctors and filed false claims.
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NodusBank avoids fine in OFAC case over Venezuela sanctions violations
Nodus International Bank was found to have violated U.S. sanctions against Venezuela by the Office of Foreign Assets Control for allowing three unlicensed transactions on a blocked account.
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EyeMed fined $4.5M over cybersecurity lapses that led to breach
EyeMed Vision Care agreed to pay $4.5 million as part of a settlement with the New York State Department of Financial Services for cybersecurity control failures that helped enable a 2020 data breach.
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Lafarge to pay $778M for supporting terrorist groups ISIS, ANF in Syria
French multinational building products company Lafarge pleaded guilty to providing material support and resources to two U.S.-designated foreign terrorist groups in Syria, representing the Department of Justice’s first corporate material support for terrorism prosecution.
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DOJ intervenes in lawsuit against Cigna alleging Medicare fraud
Cigna created a home visit program for Medicare patients that artificially inflated government payments by intentionally incorrectly diagnosing tens of thousands of patients with serious illnesses, the Department of Justice charged in an intervenor complaint.
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Spielman Koenigsberg & Parker partner fined record $150K for misleading PCAOB
Jonathan Taylor, an audit partner at accounting firm Spielman Koenigsberg & Parker, agreed to pay a record $150,000 fine handed down by the Public Company Accounting Oversight Board for misleading its investigators over the course of multiple inspections.
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Stewart Information Services CCO to retire
Stewart Information Services Corp., a global real estate services company, announced the planned retirement of Chief Compliance Officer John Killea, effective early next year.
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AT&T to pay $23M to settle Illinois bribery probe
An Illinois-based subsidiary of AT&T will pay $23 million and revamp its ethics and compliance program following a criminal investigation into bribes the company paid attempting to influence the Illinois state legislature.
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Fashion retailer Zoetop to pay $1.9M over data breach response
Zoetop, parent company to online clothing retailers SHEIN and ROMWE, agreed to pay $1.9 million as part of a settlement with the New York Attorney General’s Office for failing to properly protect customer information compromised during a 2018 data breach.
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DermaTran, other pharmacies settle with DOJ over pain cream false claims
DermaTran Health Solutions, its related pharmacy billing company, and three retail pharmacies agreed to pay more than $6.8 million to settle alleged violations of the False Claims Act for charging patients in federal health programs extra for pain relief creams.