Compliance & Ethics

Cigna Group, a prominent national insurer headquartered in Philadelphia, has reached a settlement agreement to pay $172,294,350 to resolve allegations of violating the civil False Claims Act. The allegations revolve around Cigna's submission and retention of inaccurate and untruthful diagnosis codes for its Medicare Advantage Plan beneficiaries, a practice aimed at increasing Medicare payments. Of this total amount, Cigna will pay $135,294,350 as part of the settlement, stemming from an investigation conducted in the Eastern District of Pennsylvania.

The Financial Conduct Authority (FCA) has imposed a fine of £6,470,600 on ADM Investor Services International Limited (ADMISI) for serious financial crime control deficiencies. The FCA raised concerns regarding ADMISI's anti-money laundering (AML) systems in 2014, particularly noting the absence of a formal customer risk classification process.

The German financial regulator, BaFin, is set to deploy a special monitor to oversee operations at Deutsche Bank (DBKGn.DE), according to sources cited in a report by German daily Handelsblatt. This move comes in response to ongoing issues at Deutsche Bank's subsidiary, Postbank.

The Securities and Exchange Commission (SEC) has filed charges against Newell Brands Inc., a consumer products company, and its former CEO, Michael Polk. The charges stem from allegations that the company and its former CEO engaged in misleading practices related to Newell's core sales growth figures. Both Newell and Polk have opted to settle the charges with the SEC.

The Securities and Exchange Commission (SEC) has announced that it has reached a settlement with D. E. Shaw & Co., L.P., a registered investment adviser based in New York. The charges stem from allegations that D. E. Shaw violated whistleblower protection rules by requiring employees to sign agreements that prohibited the disclosure of confidential corporate information to third parties without exceptions for potential SEC whistleblowers. The firm also required departing employees to sign releases confirming that they had not filed any complaints with government agencies to receive deferred compensation. Under the terms of the settlement, D. E. Shaw has agreed to pay $10 million to resolve the charges.

Boeing has reached an $8.1 million settlement with the U.S. Department of Justice to resolve allegations of non-compliance with contractual obligations in the production of V-22 Osprey aircraft. The settlement, which addresses claims of violations of the False Claims Act, reflects the company's commitment to addressing these issues and ensuring adherence to contractual specifications.

Charlotte-based Albemarle Corporation, a leading global specialty chemicals company, has reached a significant settlement with the Securities and Exchange Commission (SEC), agreeing to pay more than $103.6 million. The settlement comes in response to charges filed by the SEC, alleging violations of the anti-bribery, recordkeeping, and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA).