Fines

Competition Bureau Imposes Record-Setting Bid-Rigging Fines, but Jurisdictional Questions Remain

by Peter Franklyn, Michelle Lally, Graham Reynolds | Osler, Hoskin & Harcourt LLP on 4/23/2013

In cases heard barely two weeks apart, Canada’s Competition Bureau obtained record-setting fines against two Japanese auto parts suppliers that pleaded guilty to bid-rigging charges. Although these significant penalties...more

Massachusetts Regulator Fines Deutsche Bank Securities for CDO Conflict of Interest

by Orrick - Structured Finance Group on 3/20/2013

On March 13, the Massachusetts Securities Division (Division) and Deutsche Bank Securities Inc. (DBSI) entered into a Consent Order following an investigation into the issuance of collateralized debt obligations. DBSI...more

UK Financial Services Authority Sets Precedent Under New Penalty Policy

by Sergey Kvitkin, Iain Wright | Morgan Lewis on 3/20/2013

FSA's methodology for calculating financial penalties is expected to lead to significantly higher fines than in the past. On 18 March, the UK Financial Services Authority (FSA) published a final notice imposing a fine...more

U.K. FSA Fines Banks For Slow Response To Payment Protection Insurance Customer Complaints

by BuckleySandler LLP on 2/28/2013

On February 19, the U.K.’s Financial Services Authority announced a fine against three related banks for failing to promptly redress customers lodging complaints about the banks’ payment protection insurance (PPI) product. ...more

Supervisor Fined For Disturbing Accident Scene

by Adrian Miedema | Dentons on 2/28/2013

An Ontario supervisor has been convicted and fined under the Occupational Health and Safety Act for disturbing an accident scene....more

Deepwater Horizon Trial Kicks Off with Finger Pointing

by Josh Crank | Lawyers.com on 2/27/2013

Federal Judge Carl Barbier heard opening statements today in the trial of BP, Transocean Ltd. and Halliburton Co. for their roles in the 2010 Deepwater Horizon oil rig explosion that killed 11 workers and dumped millions of...more

FSA Fines Lloyds Banking Group for Delayed PPI Payments

by Orrick - Structured Finance Group on 2/26/2013

On February 19, the FSA published a final notice announcing that it had fined Lloyds Banking Group (LBG) a total of £4,315,000 for failing to make payment protection insurance (PPI) redress payments promptly. Between May 2011...more

11th Circuit Case Signals Split on Law vs. Regulation vs. … Contract?

by Fuerst Ittleman David & Joseph, PL on 2/25/2013

On February 22, 2013, the U.S. Court of Appeals for the Eleventh Circuit vacated the smuggling and conspiracy convictions of two importers of allegedly tainted cheese products in the case of United States of America v. Yuri...more

Antimonopoly Law Considerations and Risk Management in Connection with M&A Transactions - Assessing Competition Risks in...

by Philippe Rincazaux | Orrick, Herrington & Sutcliffe LLP on 2/21/2013

Introduction: Allocation of antitrust risk is an issue that frequently arises between parties in mergers or acquisitions that raise potential antitrust concerns. • Motivations of the buyer and the seller are the...more

Investment Management Legal + Regulatory Update -- February 2013

by Luke T. Bagley, Jay G. Baris, Thomas M. Devaney, Kelley A. Howes, Robert E. Putney, III, Isabelle Sajous | Morrison & Foerster LLP on 2/14/2013

In This Issue: Regulatory Updates - FINRA overhaul of communications rules becomes effective and ICI and CoC appeal Rule 4.5 ruling. Enforcement + Litigation - Enforcement Division priorities target hedge...more

Franchising Update - Febuary, 2013

by Murray Deakin, Chris Nikou, Anna Trist | K&L Gates LLP on 2/13/2013

This edition of our Franchising Update includes the following articles: - The recently announced review of the Franchising Code. - The Pie Face dispute – misleading information or inadequate due...more

Stricter Anti-Money Laundering Controls on Tap for EU Banks and Financial Companies

by Raymond Sweigart | Pillsbury Winthrop Shaw Pittman LLP on 2/13/2013

Financial businesses operating in the European Union will need to consider implementing stricter anti-money-laundering and anti-terrorism-financing controls or face a potential fine of up to 10 percent of their annual...more

RBS Fined £87.5 Million over LIBOR Rates

by Orrick - Structured Finance Group on 2/12/2013

On February 6, the FSA issued a final notice to RBS imposing a fine of £87.5 million for misconduct in submitting rates for the calculation of LIBOR....more

RBS Fined £87.5 Million over LIBOR Rates

by Orrick - Structured Finance Group on 2/12/2013

On February 6, the FSA issued a final notice to RBS imposing a fine of £87.5 million for misconduct in submitting rates for the calculation of LIBOR....more

Orrick's Financial Industry Week in Review - February 4, 2013

by Orrick, Herrington & Sutcliffe LLP on 2/5/2013

In This Issue: *Financial Industry Developments - SEC Extends Exemptions for Security-Based Swaps - Fed Announces Release Dates for Results of Supervisory Stress Tests and CCAR - Rating Agency Developments...more

FTC Fines Path Mobile Social Networking App $800,000 for Privacy Breaches

by Karen H Bromberg | Cohen & Gresser LLP on 2/4/2013

The developer of the popular Path social networking app for mobile devices has agreed to settle Federal Trade Commission charges that it deceived users by collecting their personal information without their consent. As part...more

Employer Fined $85,000 For Failing To Maintain Vehicle’s Brakes

by Adrian Miedema | Dentons on 1/29/2013

There may be many good reasons for employers to maintain their vehicles, but one reason not often considered is avoidance of occupational health and safety charges and fines....more

Illinois Supreme Court Holds Private Security May Stop and Detain To Enforce Association Rules

by Kirk Jenkins | Sedgwick LLP on 1/28/2013

Can a homeowners' association private security officer stop and briefly detain a resident who is exceeding the speed limit set for the association's privately owned roads by the Board of Directors? Can the association enforce...more

Death and Taxes? Recent Supreme Court Arguments in Gabelli v. SEC Concerning a General Statute of Limitations for Civil Fines May...

by Christopher R. Hall, Brian Simons | Saul Ewing LLP on 1/25/2013

On January 8, the Supreme Court of the United States heard oral arguments in Gabelli v. S.E.C., 133 S. Ct. 97 (2012) on the question: By when must the government initiate an action to enforce a civil fine, penalty, or...more

German Federal Cartel Office Levies Administrative Fine Due to Incomplete Merger Notification

by Robert Bäuerle, Martina Maier, Philipp Werner | McDermott Will & Emery on 1/24/2013

The German Federal Cartel Office (FCO) has imposed an administrative fine for the submission of incomplete information in a merger notification. The missing information concerned details about shareholdings essential for the...more

White Collar Watch - January 2013

by Andrea P. Brockway, Christopher R. Hall, Randall M. Lutz, Nicholas J. Nastasi, Christine Pickel, Brian Simons, Chad Williams III | Saul Ewing LLP on 1/23/2013

In This Issue: - Death and Taxes? Recent Supreme Court Arguments in Gabelli v. SEC Concerning a General Statute of Limitations for Civil Fines May Also Affect How Long the IRS Has to Assess Penalties - Avoiding...more

Approval of $1.375 million in EPA Fines Highlights Importance of Commercial Property Owners Complying with Environmental Reporting...

by Jarrett Bingemann, Robyn Neely | Akerman Senterfitt on 1/23/2013

On January 3, 2013, the Environmental Appeals Board approved an administrative settlement that requires New Cingular Wireless PCS to pay a total of $1.375 million in fines and environmental projects for alleged violations of...more

REGULATORY: EU Competition Law: Twenty Million Euro: The Price for Merging Without European Commission Approval by Suzanne Rab

by King & Spalding on 1/21/2013

The European Union’s second-highest court upheld a fine of EUR 20 million (approximately USD 26 million) against Electrabel (a division of GDF Suez) for early implementation of a merger without notifying and seeking prior...more

Criminal Antitrust Update - January 2013

by Andrew Friedman | Patton Boggs LLP on 1/21/2013

In This Issue: - INDUSTRY SCORECARD - Technology: An executive of AU Optronics Corp. (“AUO”) was convicted of price-fixing in the LCD flat screen markets in a re-trial. Steven Leung was involved in the sale of LCD...more

Patton Boggs Insights - December 2012: Enforcement: MSHA Impact Inspections

by Peter Gould, R. Brian Hendrix | Patton Boggs LLP on 1/15/2013

Stepping up enforcement at coal mines with alleged violations relating to respirable coal dust, MSHA targeted 13 operations in September under its impact inspection program that the agency contended had a history of...more

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Competition Bureau Imposes Record-Setting Bid-Rigging Fines, but Jurisdictional Questions Remain

Massachusetts Regulator Fines Deutsche Bank Securities for CDO Conflict of Interest

UK Financial Services Authority Sets Precedent Under New Penalty Policy

U.K. FSA Fines Banks For Slow Response To Payment Protection Insurance Customer Complaints

Supervisor Fined For Disturbing Accident Scene

Deepwater Horizon Trial Kicks Off with Finger Pointing

FSA Fines Lloyds Banking Group for Delayed PPI Payments

11th Circuit Case Signals Split on Law vs. Regulation vs. … Contract?

Antimonopoly Law Considerations and Risk Management in Connection with M&A Transactions - Assessing Competition Risks in...

Investment Management Legal + Regulatory Update -- February 2013

Franchising Update - Febuary, 2013

Stricter Anti-Money Laundering Controls on Tap for EU Banks and Financial Companies

RBS Fined £87.5 Million over LIBOR Rates

RBS Fined £87.5 Million over LIBOR Rates

Orrick's Financial Industry Week in Review - February 4, 2013

FTC Fines Path Mobile Social Networking App $800,000 for Privacy Breaches

Employer Fined $85,000 For Failing To Maintain Vehicle’s Brakes

Illinois Supreme Court Holds Private Security May Stop and Detain To Enforce Association Rules

Death and Taxes? Recent Supreme Court Arguments in Gabelli v. SEC Concerning a General Statute of Limitations for Civil Fines May...

German Federal Cartel Office Levies Administrative Fine Due to Incomplete Merger Notification

White Collar Watch - January 2013

Approval of $1.375 million in EPA Fines Highlights Importance of Commercial Property Owners Complying with Environmental Reporting...

REGULATORY: EU Competition Law: Twenty Million Euro: The Price for Merging Without European Commission Approval by Suzanne Rab

Criminal Antitrust Update - January 2013

Patton Boggs Insights - December 2012: Enforcement: MSHA Impact Inspections

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