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The United States Department of Justice (DoJ) has announced that McKesson Corporation (McKesson) has agreed to pay US$18 million to resolve allegations that the San Francisco-based pharmaceutical distributor "knowingly submitted false claims to [the Centers for Disease Control and Prevention (CDC)] for shipping and handling services that did not satisfy its contractual obligations".

Insurance Company Fined for Sales Practices

14 Aug 2014
Written by World Watch

The United Kingdom Financial Conduct Authority (FCA) has announced that it has fined (7 August 2014) Stonebridge International Insurance £8.4 million after finding that, between April 2011 and December 2012, the firm engaged in the following conduct in its sale of accident insurance products:

Published in Consumer Protection

The Australian Securities and Investments Commission (ASIC) has made available documents setting out additional licence conditions imposed on the following Commonwealth Bank of Australia Group (CBA) entities (both undated).

Published in Financial Integrity

The United States District Court for the Southern District of New York has ordered Bank of America Corp (BofA) to pay a US$1.27 billion penalty for fraud. The ruling reportedly relates to a lending program of Countrywide Financial Corporation (Countrywide), which was acquired by BofA in 2008.

Published in Financial Integrity

Switzerland-based bank and financial services provider UBS has announced that it has resolved its "cross-border tax matter" with German authorities and agreed to pay €300 million to conclude the proceedings.

Published in Financial Integrity

The Australian Securities and Investments Commission (ASIC) has announced that it concluded an "enhanced adviser monitoring program" for Australian financial services licensee Professional Investment Services Pty Ltd (PIS).

The United Kingdom Equality and Human Rights Commission (EHRC) has published Appointments to Boards and Equality Law (July 2014), which "aims to provide guidance on the equality law framework within which appointments to boards must be made".

The United States Financial Conduct Authority (FCA) has announced that it has banned two firms from recruiting Appointed Representatives (ARs) and individual advisers in what is the FCA's first exercise of its suspension powers.

Published in Consumer Protection

The New York State Attorney General's office (OAG) has made available a joint statement (25 July 2014) by Attorney General Eric Schneiderman and state financial services superintendent Benjamin Lawsky regarding an agreement (25 July 2014) reached with app-based ride-sharing service provider Lyft.

Published in Consumer Protection

The White House has made available Closing Corporate Tax Loopholes (26 July 2014), the text of United States President Barack Obama's latest weekly address at the White House.

Published in Financial Integrity
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