Pershing LLC, a major clearing firm, has agreed to pay a $1.4 million fine to the Financial Industry Regulatory Authority (FINRA) for distributing inaccurate interest rate information on variable rate securities over a 12-year period. The firm, headquartered in Jersey City, New Jersey, settled the matter without admitting or denying the findings.
The U.S. Department of Justice (DOJ) has unveiled its groundbreaking Corporate Whistleblower Awards Pilot Program, signaling a significant shift in its approach to combating corporate crime. Launched on August 1, 2024, this initiative represents a strategic move to fill crucial gaps in existing federal whistleblower programs while enhancing the DOJ's investigative capabilities.
Texas Attorney General Ken Paxton has secured a historic $1.4 billion settlement with Meta (formerly Facebook) to halt the company’s practice of capturing and using the personal biometric data of millions of Texans without the legally required authorization. This settlement marks the largest ever obtained from an action brought by a single state and sets a new benchmark for privacy settlements by state attorneys general.
The Federal Trade Commission (FTC) has reached a $10 million settlement with CarShield and its administrator, American Auto Shield (AAS), over allegations of deceptive advertising practices related to vehicle service contracts (VSCs). The settlement, announced on July 31, 2024, addresses claims that the companies misled consumers about the coverage and benefits of their vehicle protection plans.
A recent ransomware attack has forced the temporary shutdown of payment systems across nearly 300 small Indian local banks, according to two sources familiar with the situation. The attack targeted C-Edge Technologies, a provider of banking technology systems to small banks throughout India.
The Federal Communications Commission (FCC) has announced a $15 million settlement with Charter Communications following an investigation into the company's compliance with 911 and network outage notification rules. The settlement, announced on July 29, 2024, addresses violations that occurred during several network outages in 2023.
The International Accounting Standards Board (IASB) has announced two significant proposals aimed at improving financial reporting standards, particularly in relation to climate-related disclosures and reporting requirements for subsidiaries.