- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-11-07T22:00:00
GE Aerospace, an operating division of General Electric providing aircraft engines, systems, and avionics, agreed to pay more than $9.4 million as part of a settlement with the Department of Justice (DOJ) addressing allegations the company sold parts to the U.S. military without proper inspections or specifications.
GE Aerospace admitted one of its Massachusetts-based manufacturing plants occasionally “did not conduct required parts inspections and sold engines containing parts that did not meet certain required specifications to U.S. miliary customers,” the DOJ said in a press release Monday.
The activities by the plant, which occurred between July 2012 and December 2019, violated the False Claims Act, the agency stated.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
An opinion in a long-running court case involving software company Gen Digital and alleged violations of the False Claims Act saw proposed costs in the matter jump from $1.3 million to approximately $53 million following successful arguments by the U.S. government.
Multinational health insurance company Cigna agreed to pay more than $172 million as part of a settlement with the Department of Justice addressing allegations it submitted and failed to withdraw false claims to Medicare.
Aerospace giant Boeing agreed to pay $8.1 million as part of a settlement with the Department of Justice addressing allegations it submitted false claims regarding military aircraft contracts it had with the Navy.
Elon Musk, the world’s wealthiest person and the apparent right-hand man of incoming U.S. president Donald Trump, has been taken to court for a third time by the Securities and Exchange Commission for allegedly violating securities law.
Twelve more firms have been dinged with fines by the Securities and Exchange Commission for failing to properly supervise employees who used off-channel communications to conduct company business. In this latest round of enforcement actions, nine investment advisers and three broker-dealers will pay a total of $63 million.
Capital One promised very high interest rates on millions of savings accounts but the bank didn’t deliver, losing customers more than $2 billion, the Consumer Financial Protection Bureau alleged.
