Trying to avoid the unusually strict import controls in Argentina and facilitate faster clearance of its products through customs, a subsidiary of Ralph Lauren Corp. was found to have bribed local officials between 2005 and...more
On May 8, FINRA announced that it fined three firms a combined $900,000 and suspended four executives for allegedly failing to establish and implement adequate anti-money laundering programs. ...more
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
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
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
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
An Ontario supervisor has been convicted and fined under the Occupational Health and Safety Act for disturbing an accident scene....more
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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