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The United States Department of Justice (DoJ) has announced that former Arthrocare Corporation chief executive officer Michael Baker and the company's former chief financial officer Michael Gluk have been found guilty of a series of fraud-related charges that resulted in financial losses of more than US$400 million.

Published in Financial Integrity

77,000 Take Up FATCA Reporting

05 Jun 2014
Written by World Watch

The United States Internal Revenue Service (IRS) has launched FATCA Foreign Financial Institution (FFI) List Search and Download Tool, a website which hosts a searchable list of financial institutions registered, accepted and assigned a Global Intermediary Identification Number in accordance with Foreign Account Tax Compliance Act (FATCA) regulations.   

The Associated Press (AP) reports that 77,000 banks worldwide have agreed to share data with the United States Internal Revenue Service to assist it in offshore tax evasion investigations. The agreements will reportedly assist the IRS to enforce the Foreign Account Tax Compliance Act. Deloitte Tax LLP representative Denise Hintzke reportedly stated that the strong uptake indicated that financial institutions "are taking [FATCA] pretty seriously and intend to comply".

AP: 77,000 foreign banks to share tax info with IRS (2 June 2014)
(Source: IRS; AP)

Published in Financial Integrity

The United States Equal Employment Opportunity Commission (EEOC) has announced that Lifecare Medical Services, Inc (LMS) has agreed to resolve a disability discrimination lawsuit brought against it by paying US$72,500 to the alleged victim. According to the EEOC, LMS breached the Americans With Disabilities Act (ADA) when it dismissed employee John Adair, who had made a reasonable accommodation request related to his medical condition.

Working mothers employed by Walmart in the US have held a series of strikes, with more expected in at least 20 cities, to protest over wages and working conditions. The strikes were reportedly prompted by think tank Demos's investigation and report, Retail's Choice: How raising wages and improving schedules for women in the retail industry would benefit America (undated), and recent news that Walmart executives received US$104 million in taxpayer funded subsidies over six years.

BNY Mellon Releases CSR Report

05 Jun 2014
Written by World Watch

BNY Mellon has made available its Corporate Social Responsibility [(CSR)] 2013 Report (undated), which details the organisation's approach to CSR and its progress towards its CSR goals during the calendar year 2013.

Wells Fargo has submitted a settlement agreement worth US$62.5 million to the US District Court in St Paul, Minnesota, which would settle a lawsuit initiated by approximately 100 investors who claim that they were misled by the bank's advertising in relation to certain securities lending programs.

Published in Consumer Protection

Egg Distributor Fined Over 2010 Incident

05 Jun 2014
Written by World Watch

Quality Egg LLC (Quality) has agreed to plead guilty to charges of selling misbranded eggs, allowing adulterated food to be introduced into interstate commerce and bribing an official to approve sales of poor quality eggs, and will accept a US$6.8 million dollar fine as part of the plea agreement.

Published in Consumer Protection

The United States Securities and Exchange Commission (SEC) has announced that jewellery trader DGSE Companies (DGSE) and its former chief financial officer (CFO) John Benson have agreed to settle the SEC's complaint (27 May 2014).

Published in Financial Integrity

The United States Securities and Exchange Commission (SEC) has announced that five individuals including former vitamin company NBTY director Glenn Cohen have agreed to pay a total of more than US$500,000 to settle charges (22 May 2014) of insider trading.

Published in Insider Trading

The Brazil Supreme Court of Justice has handed down its decision in a compensation dispute over two-decade-old savings, deciding that banks failed to pay fair interest on deposits during 1987 - 1992. Reportedly, the depositors claimed that the interest paid by the banks on their savings failed to keep pace with rising prices during a period when the government sought to address hyperinflation by regulating interest rates on savings.

Published in Consumer Protection

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