The Hong Kong (HK) Securities and Future Commission (SFC) has announced a 30 month suspension and HK$500,000 fine for Sky Cheung Shi Gaii "for trading with a concealed securities account, putting himself in a conflict of interest position and making false and inaccurate declarations in a newspaper investment column".
In a filing with the Securities and Exchange Commission (SEC), Wal-Mart Stores Inc. (Wal-Mart) indicated it was ‘probable’ that they would incur a loss because of its ongoing bribery investigations. Wal-Mart does not think the loss will be material at this point, but said that could change in the future. Last April, allegations surfaced that the company failed to report the fact that company officials authorized millions of dollars in payments to Mexican government officials to speed up the acquisition of building permits and other favors.
Standard Chartered chairperson John Peace has apologised for remarks he made at a press conference on 5 March 2013. At the conference, Mr Peace had responded to a question regarding bonuses for Standard Chartered executives by stating that the bank "had no willful act to avoid sanctions; you know, mistakes are made - clerical errors - and we talked about last year a number of transactions which clearly were clerical errors or mistakes that were made ...". Mr Peace apologised and retracted his comments "as both legally and factually incorrect", and admitted that they contradict the bank's acceptance of responsibility as agreed in deferred prosecution agreements with New York and United States (US) federal regulators.
HM Treasury has announced the members of the Financial Conduct Authority (FCA) board, following the replacement of the former Financial Services Authority (FSA) by the new FCA and the Prudential Regulation Authority (PRA), pursuant to the Financial Services Act 2012 (the Act).
A former Goldman Sachs Group Inc (GS) trader has turned himself in to federal authorities in the United States (US) and pleaded guilty to one count of wire fraud relating to an unauthorised US$8.3 billion futures trade in 2007. According to Reuters, Matthew Taylor's guilty plea follows a civil complaint (8 November 2012) by the Commodities Futures Trading Commission (CFTC).
The United States (US) Equal Employment Opportunity Commission (EEOC) has announced that East Coast Waffles, Inc. (East Coast Waffles), which owns and operates more than 100 Waffle House restaurants in Florida and Virginia, has settled a retaliation lawsuit filed by the EEOC. The EEOC alleged that East Coast Waffles dismissed an employee as retaliation for opposing race-based harassment by several customers, violating Title VII of the Civil Rights Act of 1964.
The United Kingdom Financial Services Authority (FSA) has made available Policy Statement PS13/6 - The regulation and supervision of benchmarks (March 2013). The FSA stated that the policy statement follows the The Wheatley Review of LIBOR: final report (September 2012) (the Wheatley Review), which itself followed a series of investigations and settlement payments arising from banks' alleged criminal manipulation of the London Interbank Offered Rate (LIBOR) in recent years, known as "the LIBOR scandal". The Wheatley Review describes LIBOR as "a series of interest rate benchmarks of the average cost to banks of unsecured borrowing for a given currency and time period".
The United Kingdom Trades Union Congress (TUC) has announced the launch of the Trade Union Share Owners group, a joint initiative amongst the TUC and "its two largest affiliated unions, Unite and UNISON", which aims to bring changes to corporate culture by consolidating the voice of the TUC, Unite and UNISON at the annual general meetings (AGMs) of FTSE350 companies for which the groups' pension funds hold shares. The TUC stated that at the outset the group has over £1 billion in assets, and the TUC anticipates that more of its affiliated unions will join the group in coming months.
The United States (US) Equal Employment Opportunity Commission (EEOC) has announced that Arkansas based cooperative Ozarks Electric will pay a former employee US$95,000 and "and furnish other relief to settle a religious discrimination lawsuit brought by the [EEOC]". The EEOC stated that it alleged that the cooperative "denied the employee a requested day off to attend a Jehovah's Witness convention and then terminated her when she chose to attend the convention rather than report to work". According to the EEOC, Ozarks Electric was charged with "fail[ing] to provide an employee with a reasonable religious accommodation and then fir[ing] her because of her religious beliefs", thereby allegedly breaching the Civil Rights Act.
The United Kingdom Information Commissioner's Office (ICO) has issued a Monetary Penalty Notice (18 March 2013) to DM Design Bedrooms Ltd (DMD) for breaching r. 21 of The Privacy and Electronic Communications (EC Directive) Regulations 2003. The ICO alleged that DMD made unsolicited marketing phone calls, including to individuals on the Do Not Call Register, resulting in almost 2,000 complaints being made. The ICO stated that DMD is required to pay a penalty of £90,000.
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