Fines

News & Analysis as of

Cavalry Portfolio Services fined $175,000 by Arizona

Cavalry Portfolio Services is a junk debt buyer that files a lot of debt collection lawsuits here in Arizona. Often times they file the lawsuit under names such as Cavalry SPV. On March 30, 2015 the Arizona Department of...more

In Case of Emergency: Handling HazMat Violations

An unexpected fine for a hazardous materials violation can jolt a company. Even companies with robust systems for managing hazardous materials compliance can be surprised with a penalty due to the actions of a single employee...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Enforcement – FCA Fines £13.2 Million for Transaction Reporting Failures - The FCA fined Merrill Lynch International (MLI) £13.2 million on 22 April 2015 for incorrectly reporting 35,034,810 transactions and failing to...more

AML Bulletin - Spring 2015

In This Issue: * UK News & Enforcement Action: - HMRC releases AML and CTF supervision report 2013 – 2014 - HM Treasury High Risk Money Laundering List Updated - FCA Thematic Review Into AML And Sanctions...more

FinCrimes Update - April 2015 Summary, Volume 2, Issue 4

OFAC FINES PAYMENT PROCESSING COMPANY FOR PROVIDING SERVICES TO A DESIGNATED NARCOTICS TRAFFICKER - On April 15, OFAC entered into a $23,336 settlement with an Atlanta-based payment processing company for its role in...more

One Dollar of Tax Would Have Avoided $94,671.53 of Penalty

A corporation filed a 2008 income tax return reflecting a tax liability of “$0.00.” In the following year, the Corporation made no estimated income tax payments, based on Internal Revenue Code Section 6655(d)(1)(B) which...more

California Environmental Law & Policy Update - May 2015

Environmental and Policy Focus: Governor Brown touts aggressive plan to cut greenhouse gases: KPCC - Apr 29: California would aggressively reduce greenhouse gas emissions by 2030 under a plan announced Wednesday by...more

Child Injury and Delayed Product Recalls

Graco Fined $10M for Failure to Timely Recall Dangerous Car Seat - Last year saw a number of product recalls. Indeed, the sheer number of vehicles involved in the Takata airbag recall alone has been staggering. Graco,...more

Australia: Perth Glory suspended, fined and going to Supreme Court

Perth Glory have been fined $269,000 and ejected from the finals series of the A-League after being found guilty of salary cap breaches....more

Devastating TCPA Fine Levied Against Small Roofing Company

David Randall Associates, Inc. has provided commercial roofing services in eastern Pennsylvania, New Jersey, and mid-state Delaware for the past 25 years. Last Friday, the company was hit with a $22,405,000 TCPA fine in a...more

Employer on OSHA Severe Violator List Fined $1.76 Million Over Widespread Employee Injuries

The Occupational Safety and Health Administration maintains a Severe Violator Enforcement Program (SVEP) that concentrates inspection and enforcement resources on employers alleged to have committed repeated or willful...more

Financial Services Regulation: Exchange International Newsletter - Issue 25 - February 2015

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

FTC Ignores the First Amendment with $9 Million Fine Against Weight Loss Supplement Company

On January 26, the manufacturer of a green coffee bean extract (GCBE) agreed to pay the Federal Trade Commission $9 million to settle charges brought by the FTC that the manufacturer deceptively advertised weight loss...more

Compliance Failures Result in Million-Dollar Fines and a Jail Sentence for AML Compliance Officers

Why it matters - In two separate actions in a two-day period at the end of 2014, one former BSA/AML compliance officer was sentenced to two years in prison and forfeited almost $1 million and another was fined $1...more

SEC Fines Stock Exchanges

On January 12, the SEC fined two stock exchanges $14 million dollars for allegedly violating the Exchange Act by failing to accurately describe in their rules the order types being used on the exchanges. In its investigation,...more

Credit Crunch Digest - November 2014

This issue of the Credit Crunch Digest focuses on recent forex settlement agreements; rate-swapping claims in a Libor consolidated action; Bank of Tokyo’s $315 million settlement with the New York Department of Financial...more

CPSC Imposes Record-High Penalties in 2014

The Consumer Product Safety Commission (CPSC) recently announced the latest penalties imposed on companies in 2014 for failure to report potential product defects. The first, announced on October 28, 2014, was the largest...more

Italian Competition Authority Issues Guidelines, Will Consider the Existence of a Compliance Program When Imposing Fines

The Italian Competition Authority has released new guidelines setting forth the criteria it uses to impose fines for violations of Italy’s antitrust laws. Notably, the guidelines list the adoption and enforcement of a...more

Italian Competition Authority Issues Guidelines on Antitrust Infringement Fines

On 31 October 2014, the Italian Competition Authority published its long-awaited guidelines on the method for setting fines for antitrust infringements (Guidelines), which present important changes to the current fining...more

The FCC Moves To Expand Its Data Security Regulatory Reach - The FCC fines two telecommunications companies $10 million—and faces...

On October 24, 2014, the Federal Communications Commission (FCC) levied a $10 million fine against two telecommunications companies that allegedly stored unencrypted personally identifiable customer data online with no...more

FCC Plans $10 Million Cybersecurity Fine Against Two Telecoms

On October 24, 2014, the Federal Communication Commission (“FCC”) took a big step into the cybersecurity regulatory space when it announced its intent to assess a $10 million fine against two telecoms, TerraCom and YourTel...more

Today’s Riddle: When Does Medicare Fine Hospitals for Admitting Sick Seniors?

Give up? It’s when the sick senior was treated at that same hospital less than 30 days ago for heart attack, heart failure, or pneumonia. Starting in less than three months, the list of conditions will be expanded to cover...more

Barclays Is Sanctioned By The FCA and The SEC

Barclays took a double hit from regulators yesterday. First the Financial Conduct Authority in the UK fined Barclays Bank Plc, about £38 million for putting £16.5 billion of client assets at risk. Then the SEC imposed a $15...more

The European Court of Justice Caps Liability for Acquired Companies’ Cartel Infringements

The ruling caps fines on companies with historic cartel exposure that are acquired by large companies and increases predictability of future antitrust exposure stemming from pre-acquisition conduct. On 4 September...more

CJEU Rules Maximum Cartel Fine Applies Only to Infringing Subsidiary Turnover and Reduces Fine by €17 Million

On 4 September 2014, the Court of Justice of the European Union (CJEU) confirmed that the maximum fine of 10 per cent of turnover imposed on the infringing subsidiary of a non-infringing parent company should be calculated on...more

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