ISS' Securities Class Action Services has released its annual "Securities Class Action Services 50" -- a list of the top 50 law firms based on the total settlement amounts each law firm produced for investors in the calendar year.
When labor disputes arise, fast-food giant McDonald’s can no longer insulate itself from those issues through a longstanding practice that places themslely in the purview of franchise owners. The National Labor Relations Board has determined that the chain’s corporate parent will be considered a joint employer, a decision could have far-reaching effects for McDonald’s, and others that rely on a franchise model.
Lloyds Banking Group and Lloyds Bank this week have agreed to pay roughly $370 million in civil and criminal penalties for acts of false reporting and attempted manipulation of the London Interbank Offered Rate. These penalties include $86 million to the Justice Department; $105 million to the Commodity Futures Trading Commission; and $179 million to the U.K. Financial Conduct Authority. Details inside.
July 30—As the investigation into bribery allegations against U.K. pharmaceutical giant GlaxoSmithKline continues to swell, the head of the U.K.’s anti-fraud watchdog revealed last week that his office is receiving cooperation from Chinese officials in the probe. David Green, director of the U.K.’s Serious Fraud Office, said that this is the first time to his knowledge that his office has received help from Chinese officials in one of its investigations. China has accused the former head of GSK’s China unit and other employees of bribing doctors to boost drug sales. The SFO is conducting its own criminal probe, launched in May. More details inside.
July 30—Regulators from the United Kingdom’s Prudential Regulatory Authority and Financial Conduct Authority jointly issued their plans this week for two new sets of rules to boost individual accountability within the banking sector. The first set outlines the specific responsibilities that will be required of senior managers, along with plans for regular vetting of their fitness and pre-approval by regulators. The second, a certification regime, requires firms to regularly certify and assess the fitness of any employee who could pose a risk of significant harm to the firm or its customers. Both regimes stem from legislative changes and official recommendations on banking standards. More inside.
The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness has released a new report it wants the Securities and Exchange Commission to consider as it embarks on the ambitious task of corporate disclosure reform. As the Commission rethinks and refines its disclosure regime, the guiding principle should be materiality considered “through the eyes of a reasonable investor,” the report says.
One of the most daunting challenges facing organizations, of all types, is managing the significant and growing number of policies and procedures that they are required to communicate to staff – while demonstrating compliance and best practice to regulators, senior management and auditors alike. This paper provides insights from leading GRC analyst, GRC 20/20, on streamlining the increasingly complex task of managing the complete policy lifecycle.