The United States (US) Department of Justice (DoJ) has announced that two security contracting firm executives have been sentenced to 27 and 15 months in prison for conspiracy to commit major government fraud.
Canadian motorists are increasingly opting to install telematic tracking devices on their cars for insurance purposes. Reportedly, the devices provide information on drivers' habits which can be used by insurers to calculate premiums.
The United States (US) Massachusetts Supreme Judicial Court has overturned a punitive damages award of US$81 million in the case of Willie Evans, executor v Lorillard Tobacco Company SJC-11179, regarding a wrongful death suit brought against Lorillard Tobacco Co. (Lorillard) by the son of a deceased woman who allegedly received free cigarette samples from the defendant as a child.
The United States (US) Securities and Exchange Commission (SEC) has made available an Order (11 June 2013) requiring Chicago Board Options Exchange Inc (CBOE) to pay a civil penalty of US$6 million within ten days of the entry of the Order, for breaching its obligations as a self-regulatory organisation. The SEC stated that the penalty is the first to result from regulatory breaches by an exchange as opposed to misconduct in exchange business operations.
The National Security Agency (NSA) is believed to have engaged in a data collection program that commenced in 2007 using the databases of the largest US-based internet companies, including Google and Facebook. Reportedly, details of the previously undisclosed program codenamed "PRISM", were obtained from a leaked slide presentation that was used to train intelligence officials.
The Drug Enforcement Administration (DEA) in the United States (US) Department of Justice has announced that the US's largest drugstore chain Walgreens Corporation (Walgreens) has agreed to pay civil penalties of US$80 million to settle allegations that a Walgreens distribution centre and six of its Florida-based retail stores committed "an unprecedented number of record-keeping and dispensing [breaches]" which "negligently allowed controlled substances listed in Schedules II – V of [the Controlled Substances Act] to be diverted for abuse and illegal black market sales".
Dell Inc (Dell) has reduced the pay of its chief executive officer (CEO) Michael Dell by 14% to US$13.9 million in 2012, following a continuing decrease in its share prices. According to AP, the majority of Mr Dell's remuneration in 2012 consisted of stock awards, which aimed to give the CEO greater incentive to increase company market value.
The United States (US) Financial Stability Oversight Council (FSOC) has proposed that a group of non-bank firms including "systemically important" insurers, hedge funds, mutual fund companies and private equity firms be subject to greater government oversight, including requirements to increase their cushion against losses, limit use of borrowed money and submit to regulatory inspections.
The United Stated (US) Commodity Futures Trading Commission (CFTC) has announced that it has issued an order "filing and simultaneously settling charges against FCStone LLC [FCStone]", a futures commission merchant (FCM), for "failing to diligently supervise its officers and employees relating to its business as an FCM in violation of Commission Regulation 166.3, 17 CFR § 166.3 (2008)".
The United States (US) Equal Employment Opportunity Commission (EEOC) has announced that the Court of Appeals for the Fifth Circuit has unanimously held that terminating a woman's employment because she is lactating constitutes unlawful sex discrimination under Title VII of the Civil Rights Act 1964 (US) (as amended by the Pregnancy Discrimination Act 1978 (US)).
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