The Office of the Australian Information Commissioner (OAIC) and the Australian Communications and Media Authority (ACMA) have released reports regarding a data breach which saw the information of 15,775 customers of telecommunications services provider Telstra becoming accessible online between February 2012 and May 2013:
The Australian Competition and Consumer Commission (ACCC) has announced that the Federal Court of Australia has handed down its decision in Telstra Corporation Limited v Vocus Fibre Pty Ltd  FCA 198 (12 March 2014), dismissing an application by Australia's largest telecommunications provider Telstra that sought judicial review of the ACCC's jurisdiction to arbitrate disputes notified under the Telecommunications Act 1997 No. 47 (Cth).
Italy's competition regulator Autorità Garante della Concorrenza e del Mercato (AGCM) has announced that it has fined the two pharmaceutical businesses a total of more than €180 million for "collud[ing] to exclude [the ophthalmic product] Avastin ... and channel demand towards the much more expensive [product] Lucentis, through an artificial distinction between the two products".
The United States Securities and Exchange Commission (SEC) has announced that global investment bank and brokerage firm Jefferies has agreed to pay US$25 million to settle charges that it "fail[ed] to supervise employees on its mortgage-backed securities desk who were [misleading] customers about pricing".
The Australian Competition and Consumer Commission (ACCC) has made available an undertaking (3 March 2014) given by Medion Australia Pty Ltd (Medion) after the telecommunications provider represented that its ALDImobile-branded "Unlimited Pack" product provided customers with "unlimited features" when in fact "significant usage restrictions applied".
The Australian Competition and Consumer Commission (ACCC) has made available Empowering consumers in the digital age, a speech delivered by ACCC chairperson Rod Sims at the ACCC-hosted National Consumer Congress 2014 in Sydney on 13 March 2014.
The Australian Competition and Consumer Commission (ACCC) has announced that the Federal Court of Australia has handed down its decision in Australian Competition and Consumer Commission v Breast Check Pty Ltd  FCA 190 (10 March 2014), finding that breast imaging provider Breast Check Pty Ltd (Breast Check) engaged in "misleading or deceptive conduct and made false representations about the devices used in its breast imaging services".
The United States Securities and Exchange Commission (SEC) has announced that it has obtained a Court order to freeze accounts belonging to Mutual Wealth, which the SEC alleges (25 February 2014) has been "exploiting investors through a website and social media accounts on Facebook and Twitter, falsely promising extraordinary returns of [2-3%] per week for investors who open accounts with the firm".
Jennifer M. Keas, Senior Counsel - Foley & Lardner LLP
Rebecca R. Hanson, Senior Counsel - Foley & Lardner LLP
Jennifer Toussaint, Associate - Foley & Lardner LLP
The Consumer Financial Protection Bureau (CFPB) has had financial services organizations on their toes since its inception. Keeping up with the changing laws, regulations, official guidance and enforcement actions can be difficult. As we get into the new year, it is important to look for take-aways from recent CFPB enforcement action and understand what is coming up this year.
The United States Federal Trade Commission (FTC) has released Consumer Sentinel Network Data Book for January - December 2013 (February 2014), which provides an overview of the complaints received by the FTC in 2013. The FTC received over 2 million complaints during the calendar year 2013, of which 55% related to fraud, 14% related to identity theft and 31% related to other types. Identity theft was the number one complaint category, 30% of which were tax- or wage-related.
- Anti-Bribery & Anti-Corruption (138)
- Anti-Money Laundering (135)
- Business Ethics and Corporate Culture (180)
- Careful Communication and Proper Use of Computers (15)
- Code of Conduct (6)
- Competition (227)
- Confidentiality and Intellectual Property (35)
- Conflicts of Interest (21)
- Consumer Protection (409)
- Corporate Responsibility and Sustainability (213)
- Employment and Workplace Issues (386)
- Environment, Health & Safety (189)
- Financial Integrity (233)
- Government Contracting (29)
- Information Security (49)
- Insider Trading (96)
- Other (3)
- Privacy and Data Protection (220)
- Records Management (19)
- Respect in the Workplace (6)