Enforcement Actions

News & Analysis as of

OFAC Fines Foreign Bank For Violating 50 Percent Rule

The U.S. Department of Treasury's Office of Foreign Assets Control ("OFAC") continued Monday, February 8, 2016, to direct the weight of its enforcement power at foreign banks, this time entering into a $2,485,890 settlement...more

The CFPB & UDAAP: A "Know It When You See It" Standard? 2015 Year-End Update

The Consumer Financial Protection Bureau’s (CFPB) exercise of its sweeping authority to prohibit unfair, deceptive, and abusive acts or practices (UDAAP) continues to command the attention of financial institutions and...more

The SEC, Insider Trading and the Super Bowl

Perhaps the SEC is developing a sense of ironic timing. The day after the Super Bowl the Commission filed an insider trading action. The conversations which are the predicate for the alleged illegal securities trades began in...more

Financial Markets Disputes and Regulatory Update - Winter 2015/Spring 2016

In this edition of our Financial Markets Disputes and Regulatory Update, we have considered the key financial markets cases and banking-related regulatory action from the second half of 2015, and distilled them into a list of...more

Bridging the Week - February 2016 #2

Two Broker-Dealers to Pay US $154 Million to the State of NY and the SEC to Resolve Allegations of Wrongdoing by Their Dark Pools: Barclays Capital Inc. and Credit Suisse Securities settled allegations by the Securities and...more

Financial Services Regulation - Exchange International Newsletter - Issue 28 - January 2016

DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-eighth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in...more

OFAC Finds "Facilitation" Violation Against Health Product Giant

The Office of Foreign Asset Control (OFAC) reminded the public Thursday of the breadth and danger of the prohibition on "facilitation" of transactions with sanctioned entities and countries and the importance of carefully...more

FTC’s Proposed Settlement with Dental Practice Software Provider Marks Latest Data Security Action Against a Product Supplier

On January 5, the Federal Trade Commission (“FTC”) reached an agreement with Henry Schein Practice Solutions, Inc. (“HSPS”) to settle allegations that HSPS misrepresented that its dental practice software provided...more

SciClone Pharmaceuticals: A Textbook Case of FCPA Violations for Gifts, Meals, Entertainment and Travel

The Securities and Exchange Commission continues its steady march as the prominent FCPA enforcement agency against corporations.  The Justice Department has not brought any enforcement actions this year and continues to...more

CFPB Enforcement Update

This update analyzes the trends and patterns in the Consumer Financial Protection Bureau’s publicly available enforcement actions. Leveraging the analysis in our December 2014 White Paper, CFPB Enforcement by the Numbers...more

EU Extends "Qualified" Moratorium on Enforcement Actions for Data Transfers to the U.S.

On February 3, 2016, the Article 29 Working Party, the EU body representing the data protection authorities (DPA) of each EU member country, announced that all of the DPAs across the EU have agreed to extend the current...more

CFPB Director’s Divisive View of RESPA Limitations Period Central to Ongoing UDAAP Action

In the ongoing Integrity Advance enforcement action by the Consumer Financial Protection Bureau (“CFPB” or “Bureau”), the Office of Enforcement this month filed a brief arguing that its claims for alleged unfair, deceptive,...more

SEC Settles With 14 Municipal Bond Underwriters

The SEC filed fourteen settled actions against municipal underwriting firms this week. The settlements were part of a program that commenced in 2014 called the Municipalities Continuing Disclosure Cooperation Initiative. The...more

Enforcement Heats Up at the SEC

Andrew Ceresney, Director of the SEC’s Division of Enforcement, gave the keynote address at last week’s Directors Forum 2016 in San Diego. In his speech, Mr. Ceresney made several points worth highlighting. First of all,...more

UK Regulators Take Action against Three Firms and Five Individuals for Insurance Scheme Failures

The Financial Conduct Authority banned Mr. Shay Reches from performing any function in relation to a regulated activity and fined him £1,050,000. Mr. Reches also agreed to pay £13,130,000 to three insurers, which amount, if...more

Reflections on the SEC- FCPA Enforcement Action Against SAP

The Foreign Corrupt Practices Act (FCPA) enforcement journey, which began last summer with the guilty plea of Vicente Garcia for the payment of bribes to obtain contracts in Panama for his employer, SAP International, ended...more

Update on Significant DOT, FAA and Other Federal Agencies’ Aviation-Related Regulatory Actions - February 2016

This edition of the Cozen O’Connor Aviation Regulatory Update includes the recently signed U.S.-Mexico bilateral agreement that liberalizes air services between the two countries, new Cuba-related regulations loosening...more

Cooperation Yields No Penalty in SEC FCPA Settlement

The SEC filed another settled FCPA proceeding in which cooperation substantially mitigated the sanctions. Specifically, a monetary penalty was not imposed on the firm in view of its cooperation, although the company did not...more

CFPB and DOJ Continue Aggressive and Controversial Enforcement Efforts Against Indirect Auto Lenders with Enforcement Action...

On February 2, 2016, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint enforcement action against indirect auto lender Toyota Motor Credit Corporation (Toyota Motor Credit)...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - FINRA’s Proposed Pay-to-Play Rule Will Impact Investment Advisers - Late last year (December 24, 2015), the Financial Industry Regulatory Authority (FINRA) submitted a proposed rule to the U.S....more

It’s all fun and games until someone gets hit with a hefty FTC fine

Two developers of mobile apps for children recently learned an expensive lesson about their legal responsibilities when it comes to protecting children’s privacy. Together, the companies will pay a total of $360,000 in...more

Company to Pay $115,000 to Settle Sex Discrimination Suit on Behalf of Transgender Employee

As predicted, the news in the Labor/Employment world continues to center on developments in the area of legal rights for transgender employees. On January 21, the EEOC announced a $115,000 settlement of a complaint against a...more

The SEC is focusing its enforcement and investigation efforts on preparers and auditors of financial statements, Mary Jo White...

In a recent address, SEC Chair Mary Jo White stated that the SEC had focused its reinvigorated investigation and enforcement efforts on holding preparers and auditors accountable for their work on financial statements. She...more

Securities and Exchange Commission (SEC) Emphasizes Priority to Bring Enforcement Actions for Commercial Bribery under U.S....

Black’s Law Dictionary defines commercial bribery as “[a] form of corrupt and unfair trade practice in which an employee accepts a gratuity to act against the best interest of his employer.” Commercial bribery is illegal...more

House of Representatives Issues Part II of Report Criticizing CFPB’s Auto Lending Enforcement Efforts

On January 20, 2016, Republican members of the House of Representatives’ Financial Services Committee issued a report titled Unsafe at Any Bureaucracy, Part II: How the Bureau of Consumer Financial Protection Removed...more

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