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The United States (US) Federal Trade Commission (FTC) has announced that KeyView Labs Inc (KeyView), Brain Research Labs LLC, George Reynolds, John Arnold and three related companies will pay US$1.4 million to settle allegations that they deceived consumers by making unsubstantiated claims about the dietary supplement Procera AVH.

Published in Consumer Protection

The United States (US) Financial Industry Regulatory Authority (FINRA) has announced that it has ordered Wells Fargo Advisors Financial Network LLC and Wells Fargo Advisors LLC (Wells Fargo), Raymond James and Associates Inc and Raymond James Financial Services Inc (Raymond James), and LPL Financial LLC (LPL) "to pay more than [US$30 million] in restitution, including interest, to affected customers for failing to waive fund sales charges for certain charitable and retirement accounts".

Published in Consumer Protection

The Sydney Morning Herald (SMH) reports that Cash Converters International Ltd (Cash Converters) has agreed to settle two class actions brought against the company by 37,500 customers, for A$23 million.

Published in Consumer Protection

The United States (US) Federal Trade Commission (FTC) has announced that board game funding project creator Erik Chevalier, also doing business as The Forking Path Co, has agreed to settle charges that he engaged in a deceptive crowd funding scheme.

Published in Consumer Protection

Banking Group Fined for Unfair Complaint Handling

05 Jun 2015
Written by World Watch

The United Kingdom Financial Conduct Authority (FCA) has announced that it has fined Lloyds Bank Plc, Bank of Scotland Plc and Black Horse Ltd (together, Lloyds) £117 million for "failing to treat their customers fairly when handling [p]ayment [p]rotection [i]nsurance (PPI) complaints between March 2012 and May 2013".

Published in Consumer Protection

The United States (US) Department of Justice (DoJ) has announced that Millard Refrigerated Services (Millard) has agreed to pay US$3 million to settle allegations brought by the DoJ and the US Environmental Protection Agency (US EPA) in relation to an "airborne release of ammonia from Millard's Theodore, Alabama, facility in 2010" which allegedly caused adverse health effects for 152 people.

Published in Consumer Protection

The United States Department of Justice (DoJ) has announced that ConAgra Foods Inc subsidiary ConAgra Grocery Products LLC (ConAgra) has entered into a plea agreement to "plead guilty and pay [US$11.2 million] in connection with the shipment of contaminated peanut butter linked to a 2006 through 2007 nationwide outbreak of salmonellosis, or salmonella poisoning".

Published in Consumer Protection

The United States District Court has made available the opinion and order (11 May 2015) of Judge Denise Cote, in which she found Nomura Holdings Inc (Nomura) and Royal Bank of Scotland Group Plc (RBS) liable for selling Federal National Mortgage Association (Fannie Mae) and Federal Home Mortgage Corporation (Freddie Mac), mortgage bonds that contained misleading statements and errors in the lead-up to the 2008 financial crisis.

Published in Consumer Protection

The Supreme Court of Victoria (VSC) has announced that it has approved an AU$25 million settlement of the class action brought against the manufacturer, exporter and distributor of Bonsoy soy milk products in a judgment delivered on 7 May 2015. According to the VSC, Bonsoy was reformulated in 2003 "to include a product known as kombu extract instead of kombu powder", which likely increased the iodine content of the soy milk, and allegedly lead to 496 people suffering illness including thyroid problems.

Published in Consumer Protection

The Australian Competition and Consumer Commission (ACCC) has announced that the Federal Court of Australia has ordered energy company AGL South Australia Pty Ltd (AGL) to pay penalties of A$700,000 and to provide refunds to 23,000 consumers totalling approximately A$780,000 after AGL made false or misleading representations in relation to discounts that certain residential consumers would receive.

Published in Consumer Protection
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