By Adrianne Appel2022-11-07T20:56:00
Insurance broker Arthur J. Gallagher is under investigation by the Department of Justice (DOJ) related to its business in Ecuador, the company told the Securities and Exchange Commission on Nov. 2.
The Foreign Corrupt Practices Act (FCPA) unit of the DOJ delivered a subpoena to Gallagher during the second quarter of 2022, “seeking information related to our insurance business with public entities in Ecuador,” the company said in its financial Form 10-Q for the period that ended Sept. 30.
The company declined to comment about the subpoena, a spokesperson said in an email. Gallagher, which brings in more than $6 billion in annual revenue, has 850 offices worldwide, including one in Guayaquil, Ecuador.
2024-02-12T14:45:00Z By Kyle Brasseur
Arthur J. Gallagher disclosed the Department of Justice ended an investigation into the insurance broker’s business in Ecuador for potential violations of the Foreign Corrupt Practices Act.
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Two U.K.-based reinsurance brokers, Tysers Insurance Brokers and H.W. Wood, reached separate settlements with the U.S. Department of Justice addressing their participation in a wide-ranging scheme to pay bribes to Ecuadorian government officials.
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The U.S. Department of Justice arppoved T-Mobile’s acquisition of competitor UScellular. The move came a day after T-Mobile announced it had dropped its diversity, equity, and inclusion programs, a frequent target for Trump’s administration.
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The state of Florida is investigating Robinhood Crypto for falsely claiming it charges the lowest fees for processing crypto transactions.
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CVS has vowed to appeal $948.8 million in fines and damages imposed by a judge Tuesday on its Omnicare unit, for billing Medicare for tens of thousands of false claims.
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Federal banking regulators have laid the blame for Discover Financial Services charging merchants $1 billion in excessive credit card fees over 17 years squarely at the feet of company executives.
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