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News >> Business Ethics and Corporate Culture

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

Bank Faces Potential Record Fine

05 Jun 2014
Written by World Watch

The United States Department of Justice (DoJ) has urged French bank BNP Paribas to accept an agreement to pay a fine of US$10 billion to settle an investigation into alleged sanctions violations.

Published in Financial Integrity

Pharmaceutical company Pfizer Inc. (Pfizer) has filed a proposed settlement agreement worth US$325 million in the US Federal Court in Boston in response to legal proceedings commenced by healthcare benefit providers. Reportedly, the proposed settlement would resolve claims by the plaintiffs that a Pfizer subsidiary marketed the epilepsy drug Neurontin for unapproved uses.

Published in Consumer Protection

The Hong Kong Securities and Futures Commission (SFC) has made available a statement of disciplinary action (undated) against Deutsche Bank Aktiengesellschaft (Deutsche), fining it HK$1.6 million (approximately US$206,000/€151,000) for regulatory breaches and internal control failings in its trading activity and positions in the Stock Exchange of Hong Kong (SEHK).

Published in Financial Integrity

An unnamed agribusiness investment management company (the Company) is considering taking legal action since learning that an email inquiry from a potential investor seeking sensitive financial information about the Company was in fact sent from a computer owned by competitor Macquarie Agricultural Funds Management (MAFM) using a fake email address.

Published in Competition

The International Monetary Fund (IMF) has made available Economic Inclusion and Financial Integrity (27 May 2014), an address by IMF managing director Christine Lagarde to the Conference on Inclusive Capitalism (further information) that was recently held in London.

Published in Financial Integrity

Bank group Credit Suisse has announced that it has "entered a guilty plea to one count of conspiracy to assist [United States (US)] customers in presenting false income tax returns to [US tax authority the Internal Revenue Service (IRS)] ... in connection with [Credit Suisse's] former Swiss-based cross border private banking business".

Published in Financial Integrity

The United States (US) National Highway Traffic Safety Administration (NHTSA) has announced that General Motors (GM) has agreed to pay a record penalty of US$35 million and meet "unprecedented oversight requirements" to resolve NHTSA's investigation into GM's "failure to report a safety defect ... to the federal government in a timely manner".

Published in Consumer Protection

Australian Securities Exchange-listed international contracting company Leighton Holdings has announced that it has entered into a conditional agreement to pay A$65.55 million as part of a class action settlement.

Published in Financial Integrity

Proposals to Enhance Accountants' Code of Ethics

21 May 2014
Written by World Watch

The International Federation of Accountants (IFAC), on behalf of the International Ethics Standards Board for Accountants (IESBA), has released Exposure Draft - Proposed Changes to Certain Provisions of the Code Addressing Non-Assurance Services for Audit Clients (May 2014) for public comment.

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