All articles by Jaclyn Jaeger – Page 102
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Blog
R.T. Jones Pays SEC $75K for Failing to Adopt Cyber-Security Policies
Investment advisory firm R.T. Jones last week reached a $75,000 settlement with the Securities and Exchange Commission for failing to adopt written policies and procedures reasonably designed to protect customer records and information in violation of the "Safeguards Rule." Such failures ultimately resulted in a cyber-attack that compromised the personally ...
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Blog
Kinross Gold: Justice Department and SEC Probing West Africa Payments
Kinross Gold, a Canada-based gold mining company, said last week that it is under investigation by the Department of Justice and Securities and Exchange Commission concerning allegations of improper payments made to government officials and certain internal control deficiencies at its West Africa mining operations. More inside.
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Blog
Hyperdynamics to Pay $75K to SEC in FCPA Case
Oil and gas company Hyperdynamics announced this week that it has reached a $75,000 settlement with the Securities and Exchange Commission to resolve violations of the books and records and internal control provisions of the Securities Exchange Act. Hyperdynamics said it consented to the SEC order without admitting or denying ...
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Blog
SNC-Lavalin Settles Bribery Case for $1.5 Million; Revamps E&C Program
Engineering business SNC-Lavalin has reached a $1.5 million settlement with the African Development Bank Group to resolve practices by SNC-Lavalin International, a subsidiary of the company, in connection with certain bank-financed contracts in Mozambique and Uganda. The company said it also has signficantly enhanced its ethics and compliance program. More ...
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Blog
Credit Suisse Securities to Pay $4.25M for ‘Blue Sheet’ Compliance Lapses
Credit Suisse Securities yesterday reached a $4.25 million settlement with the Securities and Exchange Commission for submitting deficient information to the agency over a two-year period about trades done by its customers, commonly referred to as “blue sheet data.” “We will continue to hold broker-dealers who fail to comply with ...
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Article
New U.K. Law Turns Up Heat on Human Trafficking Transparency
Image: Companies doing business in the United Kingdom, take note: a new law in the country establishes new disclosure obligations about what you’re doing to tackle slavery and human trafficking in your operations, as well your supply chain. “Companies should start preparing to ensure compliance with the legislation as soon ...
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Article
Shop Talk: Moving From Compliance to ERM
Moving from silos of compliance to enterprise risk management is a complex task under the best of circumstances. Where should ERM sit within the company? How do you win support from business units? How do you get the data you need to make informed decisions about risk? At Compliance ...
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Blog
Hitachi Settles FCPA Charges With SEC for $19 Million
Tokyo-based Hitachi reached a $19 million settlement with the Securities and Exchange Commission to resolve charges that it violated the Foreign Corrupt Practices Act by inaccurately recording improper payments to South Africa’s ruling political party in connection with contracts to build two multi-billion dollar power plants. More inside.
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Blog
Reminder: New FAR Thresholds for 2015
Reminder: revised acquisition-related dollar thresholds amending the Federal Acquisition Regulation for government contractors take effect Oct. 1. Government contractors should be aware of these adjustments since they affect a number of areas, including when contractors must report the executive compensation of their first-tier subcontracts, when they must report certified cost ...
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Blog
Two More Banks Reach Agreements Under Swiss Bank Program
The Department of Justice last week announced that two more banks—Migros Bank and Graubündner Kantonalbank—have reached resolutions under the Department’s Swiss Bank Program, which provides a means for Swiss banks to resolve potential criminal liabilities in the United States. Migros will pay a $15 million penalty, and Graubündner will pay ...
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Blog
Hudson City Bancorp to Pay $33M on Lending Practices
Hudson City Savings Bank today reached a $33 million settlement with the Department of Justice and the Consumer Financial Protection Bureau to resolve allegations that it engaged in discriminatory mortgage lending practices against predominantly African American and Hispanic neighborhoods. “This resolution represents the Justice Department’s largest residential mortgage 'redlining' settlement ...
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Blog
Caldwell Clarifies Application of the Yates Memo
During remarks at a recent conference in New York, Assistant Attorney General Leslie Caldwell offered some additional insight to companies on the Yates Memo regarding individual accountability for corporate wrongdoing. “We will make efforts to credit, not penalize, diligent investigations,” she said. More of her comments are inside.
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Article
Managing Cyber-Risk in the Aviation Industry
Cyber-risks are increasing everywhere, and this week we look specifically at the aerospace sector. Recent high-profile data breaches at major airlines have jolted the industry, which is trying to piece together better ways to manage the risks. “Airplanes themselves have never been more complex, never been more reliant on technology. ...
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Blog
Adventist Health to Pay $115 Million for False Claims Act Violations
Adventist Health System, a non-profit healthcare organization that operates hospitals and other health care facilities in 10 states, this week agreed to pay $115 million to the government to resolve allegations that it violated the False Claims Act by maintaining improper compensation arrangements with referring physicians and by miscoding claims. ...
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Article
Navigating Global Internal Investigations Under Main Justice’s New Policy
Image: The Justice Department’s new Yates Memo, demanding much more cooperation from companies to find individual wrongdoers, will pressure companies to pressure employees during internal investigations. In Europe and elsewhere, however, the law favors employees much more than in the United States, making global investigations a tall order. “Most developed ...
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Blog
Analogic Proposes $1.6 Million FCPA Settlement
Analogic, an airport security and medical-imaging technology provider, said in a quarterly filing this week that it has proposed a $1.6 million settlement to the Securities and Exchange Commission to resolve a Foreign Corrupt Practices Act case.The potential sanctions concern certain questionable transactions involving Analogic’s Danish subsidiary BK Medical and ...
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Blog
GM to Pay $900 Million to Resolve Criminal Charges in Product Safety Case
General Motors today agreed to a $900 million forfeiture to resolve criminal charges for wire fraud and for concealing information from the National Highway Traffic Safety Administration concerning safety defects in its vehicles. The automaker also entered into a deferred prosecution agreement under which it admitted that it failed to ...
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Article
Preventing an FTC Cyber-Security Action
Image: A federal appeals court has upheld the Federal Trade Commission’s efforts to sanction companies for poor data security practices—which opens a new front of cyber-security compliance and legal risks for Corporate America. “Basically, if consumers trust you with data, you need to use reasonable business efforts to honor that ...
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Article
New NLRB Standard Causes Compliance Joint Pains
Image: The National Labor Relations Board has startled Corporate America with its recent ruling that drastically expands the definition of a “joint employer.” Compliance officers should scramble for all those contracts your company has with staffing agencies, franchisees, and similar parties; review them closely to shed any right of control ...
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Blog
Federal Judge Limits Scope of FCPA Liability
A recent decision by U.S. District Judge Janet Arterton for the District of Connecticut has rejected the Department of Justice's "accomplice" theory of liability under the Foreign Corrupt Practices Act, substantially limiting the reach of the government’s enforcement arm under the FCPA. The ruling in the case, in favor of ...