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News >> Consumer Protection

Telco Fined for Online Data Breach

13 Mar 2014
Written by World Watch

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 [2014] 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).

Published in Consumer Protection

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".

Published in Competition

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".

Published in Consumer Protection

Telco Gives Undertaking on "Unlimited" Claims

13 Mar 2014
Written by World Watch

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".

Published in Consumer Protection

Speech - Consumer Protection in the Online Market

13 Mar 2014
Written by World Watch

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.

Published in Consumer Protection

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 [2014] 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".

Published in Consumer Protection

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".

Published in Consumer Protection

Presented by:

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.

Published in Webinars

Identity Theft Remains Top Complaint Category

06 Mar 2014
Written by World Watch

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.

Published in Consumer Protection

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