Fines

News & Analysis as of

Overdraft Service Program Costs Bank $10M in CFPB Fine

Overdraft services practices were the basis for a $10 million fine from the Bureau of Consumer Financial Protection (CFPB) in a recent action against a national bank operating primarily in the northeast....more

Update: Another SEC Enforcement Action on Whistleblower Waivers and Releases

Summary - Earlier this month, the U.S. Securities and Exchange Commission (SEC) announced its second significant enforcement action against an employer based on confidentiality and release provisions that the SEC asserts...more

SEC Targets Employment Agreements Requiring Waiver of Whistleblower Awards

The SEC’s Office of the Whistleblower continues to examine employee severance, settlement and confidentiality agreements for language that might chill reporting of securities violations to the SEC and other regulators. The...more

NYAG Announces Settlement with Synergy Fitness for Improper Billing

This week, the New York State Attorney General (the “Attorney General”) announced that it had settled with nine Synergy Fitness (“Synergy”) health clubs over alleged deceptive and improper billing practices. Specifically,...more

Settling Defendants Beware: Eleventh Circuit Holds Settling Insurer Liable for Failure to Protect Medicare Payments Made by...

Congress created an uproar among personal injury tort defendants and their insurers when it passed the Medicare, Medicaid, and SCHIP Extension Act of 2007 (MMSEA) less than 10 years ago. The $1,000 per day fine for failure to...more

Public Companies to Revise Employee Confidentiality and Severance Provisions

The Securities and Exchange Commission (“SEC”) issued two Cease and Desist Orders that dramatically change the landscape for employee contractual confidentiality provisions, as well as for employee waiver and release...more

Standard Severance Agreements May Need to Be Revised

Many employers offer severance agreements to departing employees which, at least in part, are designed to protect the employer from disclosures of confidential information and from any future claims or recovery by the...more

FCC Fines Non-Telecom Companies for Lapse in Compliance with Wireless Rules

FCC Fines Non-Telecom Companies for Lapse in Compliance with Wireless Rules August 19, 2016 The enforcement action highlights the importance of complying with FCC rules with respect to their wireless facilities and devices....more

SEC Continues To Scrutinize Separation Agreements

On August 16, 2016, the SEC announced that Health Net Inc. (Company) agreed to pay a $340,000 penalty to settle charges that it violated Rule 21F-17 by using severance agreements that allegedly prohibited its employees from...more

SEC Continues to Target Employer Agreements Restricting Whistleblower Rights

The U.S. Securities and Exchange Commission (“SEC” or the “Commission”) recently announced the settlement of two cease-and-desist proceedings against employers alleged to have unlawfully restricted employees’ rights to engage...more

SEC Continues Crackdown on Whistleblower Restrictions: Calls Qui Tam Waivers "Targeting"

The SEC announced its second enforcement action in a week against a company using severance or confidentiality agreements requiring employees to waive whistleblower bounties or their right to bring a qui tam action....more

SEC Fines Companies for Anti-Whistleblower Language in Severance Agreements

The Securities and Exchange Commission recently announced the settlement of two proceedings regarding the SEC’s whistleblower protection framework, resulting in over $500,000 in penalties. Both of the companies were charged...more

European Restrictions on Computer Profiling

On May 25, 2018, the EU General Data Protection Regulation (GDPR) will come into effect requiring companies that process personally identifiable information of EU residents to comply with a significant number of enhanced...more

The European Commission Fines Truck Manufacturers a Record €2.93 billion for Cartel Conduct

On 19 July 2016, the European Commission (Commission) imposed fines totaling €2,926,499,000 on four truck producers (39824 – Trucks). The fine is the highest ever imposed on members of a cartel by the EU competition...more

FCC Proposes to Fine E-Rate Telecom Provider $106,425 for Violation of E-Rate Lowest Corresponding Price Rule

A recent Notice of Apparent Liability ("NAL") issued by the Enforcement Bureau ("Bureau") of the Federal Communications Commission ("FCC" or "Commission") proposing to fine AT&T $106,425, highlights the need for service...more

Recent Fed Action Presents Compliance Questions

The Federal Reserve announced on August 3, 2016, that it would fine Goldman Sachs $36.3 million in connection with a leak of confidential information from its New York branch. The leak was discovered and reported by Goldman...more

IRS Announces Fines Paid to FINRA Are Not Deductible

Fines pertaining to violations of federal securities laws and certain FINRA rules may not be deducted. The Internal Revenue Service (IRS) in low-level advice recently announced its position that certain fines paid to...more

Higher Immigration Penalties for I-9 and Other Violations Going Into Effect August 1, 2016

As a result of the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, higher immigration fines and penalties will go into effect on August 1, 2016. The fines and penalties cover Form I-9 paperwork...more

OSHA Penalties Are About to Get A Lot More Expensive

The Occupational Safety and Health Administration (OSHA) published an interim final rule on July 1, 2016, that increases the maximum penalties for citations by more than 75 percent. This is the first increase in OSHA...more

FCC Enforcement Monitor

Headlines: - FCC Cancels $3,000 Proposed Fine After Discovering TV Licensee Overwrote Children’s Programming Reports - Educational FM Licensee Agrees to Pay Reduced Fine of $2,250 for Multiple Violations ...more

Are Compliance Officers at Financial Institutions Now in the Hot Seat for Fines?

Otherwise reputable Financial Institutions continue being sanctioned for regulatory non-compliance. Well known “household” names continue receiving fines for failing to establish and implement adequate Anti-Money Laundering...more

U.S. Employers Facing Increased Fines for Form I-9 Violations

The U.S. Department of Justice recently announced significant increases in fines for immigration-related paperwork violations, in an interim final rule slated to take effect this fall. Harsher financial penalties come as part...more

U.S. Customs Aims to Increase Enforcement of the Jones Act

In what could foretell a significant increase in the enforcement of the coastwise trade provisions of the Jones Act, U.S. Customs and Border Protection (Customs) announced on July 18 the creation of the National Jones Act...more

Investment Firm to Pay Record $11 Million Fine for Violation of HSR Act

On July 12, 2016, the Department of Justice (“DOJ”) announced that investment firm ValueAct Capital (“ValueAct”) agreed to pay a record $11 million fine to settle charges that it and its affiliates violated the reporting and...more

Breach of ePHI Results in $2.7 Million Fine

Oregon Health & Science University (“OHSU”) has paid $2.7 million to the U.S. Department of Health and Human Services, Office for Civil Rights (“OCR”) to settle allegations that it violated the Health Insurance Portability...more

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