Enforcement Actions

News & Analysis as of

FINRA settles data breach enforcement action

The Financial Industry Regulatory Authority (FINRA) agreed to settle its enforcement action with Sterne Agee & Leach, Inc. (Sterne) this week for $225,000. The enforcement action followed the loss of an unencrypted laptop by...more

Roadmap Offers Important Insights on How to Prepare for FTC Data Breach Investigations

On May 20, 2015, Federal Trade Commission Assistant Director Mark Eichorn of the Bureau of Consumer Protection’s Division of Privacy and Identity Protection (DPIP) offered an inside look into the FTC’s investigative process...more

Financial Services Weekly News Roundup - May 2015 #5

SEC Enforcement Action on FCPA Compliance – Check the Box Is Not Enough. On May 20 the SEC announced that global resources company BHP Billiton had agreed to pay $25 million to settle charges that it had violated the...more

Rhode Island and Federal Officials Agree to Cooperate in Investigating Independent Contractor Misclassification

On May 7, 2015, the Wage and Hour Division (WHD) of the U.S. Department of Labor (DOL) and the Rhode Island Department of Labor and Training (RI-DLT) entered into a Memorandum of Understanding (MOU) in which they agreed to...more

Having it Both Ways: Does the SEC’s Enforcement Division Guidance on Forum Selection Do Anything More Than Foreshadow Increased...

Earlier this month, the SEC’s Enforcement Division issued its “Approach to Forum Selection in Contested Actions.” This guidance comes at a time of heightened criticism regarding the SEC’s increasing reliance on administrative...more

CA Department of Business Oversight Files Suit Against Loan Payment Company

On May 15, the California Department of Business Oversight (DBO) announced that it filed a complaint against a debt payment company for allegedly operating in California without having the proper license and for charging fees...more

Gifts, Meals and Prosecution: BHP Billiton’s Settlement

The SEC is on a mission – companies that engage in egregious payment schemes for gifts, hospitality and travel are going to get prosecuted for civil FCPA violations. Recent SEC enforcement actions against companies continue,...more

Additional Recent Actions Added To UDAAP Database

The CFPB has issued new enforcement actions that include allegations of unfair, deceptive, or abusive acts and practices (UDAAP) in connection with consumer financial products. We’ve updated our UDAAP Database with the most...more

Asset Management Firms And The Risk Of Market Abuse: Key Practical Points From The FCA's Thematic Review Feedback And Recent FCA...

Tackling market abuse continues to be a strategic priority for the FCA. In late 2014, the FCA undertook a thematic review into asset management firms and the risk of market abuse, the results of which were published in...more

Another DOJ Action over Allegedly Inaccessible Websites and Other Technologies

For today’s Global Accessibility Awareness Day, we have yet another Department Justice enforcement action to report relating to the allegedly inaccessible websites and other technologies. This time, DOJ is trying to...more

H2H Enterprises / Huddle House #670 to Pay $15,000 to Settle EEOC Racial Harassment Lawsuit

Restaurant Managers Created a Racially Hostile Work Environment For Black Employee, Federal Agency Charged - PINE BLUFF, Ark. - H2H Enterprises, Inc., d/b/a/ Huddle House #670 in Pine Bluff, Ark., will pay $15,000 to...more

CFPB Enforcement Action Appeals: Quick Resolution with Unchecked Discretion

On March 9, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray presided over oral argument in the first appeal hearing of an administrative enforcement action. The appeal involves two companies that...more

CPSC Bumps Up Litigation Strategies Another Notch

The Consumer Product Safety Commission (“CPSC”) continues its increased willingness to use litigation as a tool when targeted companies disagree with the CPSC’s position, recently initiating two lawsuits seeking civil...more

Why Did BHP Billiton Settle an FCPA Case Including 7+ Year-Old Conduct?

Remember the Water Cube from the 2008 Olympics in Beijing? BHP Billiton has probably had reason to think about it recently. On Wednesday it settled an FCPA case with the SEC arising out of the company’s sponsoring the...more

Managing Institutional Risk: Fraud-Proofing Your Organization

In this presentation: - Top 5 Fraud and Abuse Risks Facing Health Systems - Results of Enforcement Action - Top 5 Steps Health Systems Can Take To Minimize Fraud & Abuse Risk - Non-Compliant...more

Is It Time to Switch Gears? Enforceability of Automotive Company Employee Confidentiality Restrictions

Given the large workforces and importance of intellectual property and trade secrets in the automotive industry, automotive companies rely heavily on confidentiality provisions in employment agreements and employee handbooks....more

Impact of California Appellate Decision on Proposition 65 Actions Unclear

On April 28, 2015, the Environmental Law Foundation (“ELF”) filed a petition in the California Supreme Court for review of the Court of Appeal’s recent decision in Environmental Law Foundation v. Beech-Nut Nutrition Corp., et...more

Financial Services Weekly News Roundup - May 2015 #3

SEC Proposals to Enhance Investment Company and Investment Adviser Reporting: As we went to press, the SEC commissioners announced that they had voted to approve two proposals. The first was for new and amended rules and...more

Settlement Reached in Forex Lawsuit

For the past few weeks, it has been reported through various outlets that at least five banks were in negotiations with the U.S. Department of Justice (DOJ) and the U.K. Financial Conduct Authority (FAC) to settle...more

SEC Charges Australian Mining Company for FCPA Violations Arising from Its Hospitality Program at the 2008 Beijing Olympics

On May 20, 2015, the U.S. Securities and Exchange Commission (“SEC”) announced a $25 million settlement with Australian mining company BHP Billiton (the "Company") to resolve Foreign Corrupt Practices Act (“FCPA”) charges...more

Department of Justice Settles Virtual Currency Enforcement Action

The US Attorney’s Office in the Northern District of California recently settled an enforcement action against Ripple Labs Inc., a Delaware corporation providing virtual currency exchange services. According to the settlement...more

No Investor Harm, No Ill-gotten Gains But SEC Fines Insurer $8 Million

Last week the Commission resolved a proceeding involving a life insurance company centered on the pricing of its variable annuity and variable life insurance products. Specifically, the Order alleged violations of Rule 22c-1...more

Such a fact pattern does not a $5 million penalty make

Or so says one dissenting FERC Commissioner in the recent Maxim Power enforcement proceeding. On May 1, 2015, FERC issued an order assessing civil penalties (the “Order”) of $5 million against Maxim Power Corporation and its...more

Expanded Whistleblower Protections Impact Confidentiality Policies and Agreements

All employers should review their confidentiality policies and agreements to ensure adequate protections for whistleblowers in the wake of recent actions by both the Securities and Exchange Commission (“SEC”) and the National...more

Ten Exploration and Production Companies Sued by EEOC for Sex-Based Pay Discrimination

Federal Agency Charges True Oil Entities Paid Female Accounting Clerks Less Than Male Accounting Clerk - CASPER, Wyo. - Ten associated exploration and production companies operating in 12 states violated federal law by...more

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