All articles by Jaclyn Jaeger – Page 111
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Blog
NY Comptroller: Sweeping Compliance Overhaul in the Works
Image: The New York Comptroller’s Bureau of Asset Management is implementing sweeping compliance, ethics, and audit reforms for how it oversees the assets of the five city pension funds. These reforms will “significantly enhance accountability, transparency and ethics in my office,” said Comptroller Scott Stringer. Details inside.
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South Africa Fines Deutsche Bank $857,000 for Lax AML Controls
South Africa’s banking regulator last week fined Deutsche Bank $857,000 for failing to implement appropriate anti-money laundering controls. Deutsche Bank said in a statement that it acknowledged the inconsistencies and had “cooperated fully in remediating the identified shortcomings within agreed timeframes.” Details inside.
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Eli Lilly: Justice Department Drops FCPA Probe
Eli Lilly announced in a regulatory filing last week that the Department of Justice has closed its Foreign Corrupt Practices Act investigation without bringing any charges. The parallel investigation followed a $29.4 million civil settlement that the drug company reached with the Securities and Exchange Commission in 2012 for FCPA ...
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AG Nominee Loretta Lynch on FCPA Enforcement
Image: Anyone curious about where attorney general nominee Loretta Lynch stands on enforcement of the Foreign Corrupt Practices Act now has a lot of reading material. Lynch answered a host of written questions from the Senate Judiciary Committee, giving her views on the Justice Department’s current level of transparency, the ...
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Flowserve Uncovers Potential FCPA Violations
Flowserve said this week in a securities filing that it has discovered potential violations of the Foreign Corrupt Practices Act. The developer of valves and pumps said that it has uncovered actions involving an employee based in an overseas subsidiary that violated its Code of Business Conduct, and may have ...
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Canada Hits SNC-Lavalin With Fraud Charges; Company Hits Back
Canada has filed corruption and fraud charges against construction company SNC-Lavalin Group and two of its subsidiaries for possible misconduct in Libya—and the company has roundly rebutted them as baseless. “SNC-Lavalin firmly considers that the charges are without merit and will vigorously defend itself and plead not guilty,” the company ...
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Article
ABA Seeks Clarity for Corporate Monitors
Image: The American Bar Association is mulling new standards for corporate monitors that effectively could make the monitorship process a lot easier, cheaper, and transparent for compliance officers working with them. “The standards go a long way toward facilitating a better relationship between the monitor and the company,” says John ...
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How to Respond to a China Antitrust Probe
Chinese regulators are stepping up enforcement of antitrust laws, resulting in more investigations of U.S. companies. “Foreign companies doing business in China need to know that Chinese antitrust authorities have far-reaching enforcement powers, and that the procedural safeguards are not the same as those which may apply in the United ...
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Blog
Rolls-Royce Gets Rolled Into Petrobras Bribery Scandal
British engineering company Rolls-Royce Holdings is facing allegations that it paid bribes to Brazilian state-owned oil company Petrobras in exchange for a $100 million contract to provide gas turbines to power Petrobras oil rigs. Pedro Barusco, a former Petrobras senior executive, said he received at least $200,000 in bribes from ...
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Prudential Financial Adopts New Clawback Policy
Prudential Financial this week adopted a new clawback policy covering all incentive-based compensation made to its executive officers in the form of stock options and other equity awards. "The policy, which marks an expansion of Prudential’s previous clawback policy, was adopted by the Board as part of its annual review ...
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Blog
Harvey Goldschmid Passes Away
Image: Columbia Law School Professor Harvey Goldschmid, a renowned corporate governance expert who served as a commissioner and the top attorney at the Securities and Exchange Commission, died this week from complications from pneumonia. “He was a true public servant, whose commitment to this agency lived long past the days ...
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Blog
AstraZeneca to Pay $7.9 Million for False Claims Act Violations
Drug maker AstraZeneca this week agreed to pay $7.9 million to the government to resolve allegations that it engaged in a kickback scheme in violation of the False Claims Act. “We will continue to pursue pharmaceutical companies that pay kickbacks to pharmacy benefit managers,” said acting Assistant Attorney General Joyce ...
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TEVA Expands Scope of FCPA Probe
An internal investigation that Teva Pharmaceutical Industries began three years ago into possible violations of the Foreign Corrupt Practices Act continues to expand in scope, and further appears to have found evidence of wrongdoing, the company stated in a recent filing with the Securities and Exchange Commission. Details inside.
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Article
Paths to Globalizing Your Code of Conduct
Image: A thoughtful and well-drafted Code of Conduct is the cornerstone of any strong corporate compliance program. Making that cornerstone strong enough to support a compliance program worldwide, spanning all manner of cultures—that’s the tricky part. “We’re constantly trying to figure out better ways to deliver our message while keeping ...
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Article
When State Attorneys General Come Knocking
Sometimes a sheriff arrives from the federal government to take an enforcement action against your company, and sometimes a posse of state attorneys general follow behind, determined to investigate you too. Such is the case for JP Morgan, now being pressed by 19 states for more detail on its massive ...
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Qualcomm to Pay $975 Million in China Antitrust Case
Chipmaker giant Qualcomm has agreed to pay a record $975 million fine to Chinese regulators and to make certain modifications to its business practices to resolve an antitrust investigation that began more than a year ago. “Although Qualcomm is disappointed with the results of the investigation, it is pleased that ...
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Blog
Qualcomm May Face $1 Billion Fine in China Antitrust Probe
Chinese regulators said this week that they’re in settlement talks with chipmaker giant Qualcomm, likely to face a fine of more than $1 billion to resolve an antitrust investigation that began more than a year ago. Xu Kunlin, head of China’s anti-monopoly regulator, said Qualcomm will be fined several times ...
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Blog
Broadwind Energy to Pay $1 Million for Accounting Violations
Broadwind Energy, an alternative energy company, has agreed to pay a $1 million penalty to the SEC for accounting and disclosure violations. According to the SEC, Broadwind Energy prevented investors from knowing that reduced business from two significant customers caused substantial declines in the company’s financial prospects.
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Blog
UBS Faces Probe Over Tax Evasion Scheme
Federal regulators this week launched an investigation into whether Swiss bank UBS assisted U.S. clients in evading taxes or engaged in securities fraud. Prosecutors also are looking into whether any of the bank’s executives took part in any criminal activity to cover up the alleged conduct. Details inside.
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Blog
Anthem Discloses Huge Data Breach
Health insurer Anthem said hackers gained unauthorized access to its IT systems and stole personal information relating to tens of millions of current and former members and employees. Calling it a “very sophisticated external cyber-attack,” Anthem CEO Joseph Swedish said the breach does not appear to have compromised credit card ...