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Goldman Sachs Group Inc (GS) has decided not to proceed with a plan to delay the payment of UK bonuses, which had intended to take advantage of a cut in the top rate of income tax and thereby potentially save bankers tens of millions of pounds in tax. Despite being legal, the plan was met with much public criticism, including from Bank of England governor Sir Mervyn King, UK Treasury minister responsible for the City of London Sajid Javid and British Bankers' Association chief executive Anthony Browne.

The United States (US) Federal Housing Finance Agency (FHFA) as conservator of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) has made available Settlement Agreement (24 February 2014 - available via the media release below) reached with France-based bank Société Générale (SG) and associated individuals and entities over alleged breaches of federal and state securities laws.

Published in Financial Integrity

Syncora Holdings Ltd (Syncora) has made available Annual Statement 2013 (February 2014) for its financial guarantee insurance subsidiary Syncora Guarantee Inc (SGI), which states that SGI has received US$400 million from JPMorgan to settle SGI's residential mortgage-backed securities (RMBS)-related claims against JPMorgan and its affiliates.

Published in Financial Integrity

The United States (US) Environmental Protection Agency (EPA) has announced that it has issued Utilities Inc a notice of violation in relation to "at least 27 sanitary sewer overflows (SSOs)" that occurred at a South Carolina facility during 2013.

The United States (US) Senate Homeland Security and Governmental Affairs Committee's (HSGAC) Permanent Subcommittee on Investigations has released its majority and minority staff report Offshore Tax Evasion - The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts (26 February 2014).

Published in Financial Integrity

Levi's Washed in Recycled Water

26 Feb 2014
Written by World Watch

Levi Strauss & Co (Levi Strauss) has modified certain parts of its denim jeans production processes so that they use recycled water rather than fresh water.

The United States (US) Securities and Exchange Commission (SEC) has announced that Credit Suisse Group AG (Credit Suisse) has agreed to "pay [US]$196 million and admit [to] wrongdoing" to settle charges that it breached US federal securities law by providing unregistered financial services.

Published in Consumer Protection

The United States (US) Department of Labor (DoL) has announced that restaurant chain Chickie's and Pete's has agreed to pay more than 1,000 current and former employees a total of more than US$6.8 million in backwages and damages for "improperly taking tips from servers" and breaching US federal "minimum wage, overtime and record-keeping requirements".

General Electric (GE) has announced that it has committed to the following as part of its ecomagination initiative to develop "technology solutions that save money and reduce environmental impact for [GE] customers and operations":

The United States (US) Federal Trade Commission (FTC) has made available an Order (15 January 2014) requiring light bulb manufacturer Lights of America Inc (Lights of America) and its owners to pay the FTC US$21 million for "misleading consumers by exaggerating the performance of their [light-emitting diode (LED)] light bulbs".

Published in Consumer Protection

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