Bloomberg reports that Hewlett-Packard Company (HP) has agreed to pay US$57 million to settle a suit that alleges the company's management defrauded shareholders in its handling of company strategy in 2011.
The United Kingdom Financial Conduct Authority (FCA) has fined (24 March 2014) Santander UK £12,377,800 after finding that the bank breached Principles 7 (Communications with clients) and 9 (Customers: relationships of trust) of the FCA's Principles for Business (February 2014) in the way it offered customers financial advice.
The United States (US) House of Representatives Energy and Commerce Committee (the Committee) has made available a memorandum (30 March 2014) from its majority staff to its Subcommittee on Oversight and Investigation (the Subcommittee) regarding the Subcommittee's hearing The GM Ignition Switch Recall: Why Did It Take So Long? that was held on 1 April 2014.
The Australian Securities and Investments Commission (ASIC) has announced that Australian and New Zealand Banking Group Ltd (ANZ) has responded to certain ASIC concerns for consumer protection by:
The United States (US) Federal Trade Commission (FTC) has made available a Stipulated Final Order (filed 10 March 2014) that settles the FTC's Complaint (10 March 2014) that Versatile Marketing Solutions Inc (VMS) and VMS officer Jasjit Gotra "illegally called millions of consumers on the FTC's [National Do Not Call Registry (the DNC Registry)] to pitch home security systems".
Kellogg Company (Kellogg's) has replaced its "Mini-Wheats 5 Grain" breakfast cereal product in Australia with new, similarly packaged products that contain up to 66% more sugar.
The United States (US) Financial Industry Regulatory Authority (FINRA) has announced that it has fined the following firms for failures relating to supervision and recordkeeping:
The United States (US) Department of Justice (DoJ) has made available Attorney General Eric Holder's remarks (19 March 2014) announcing a Deferred Prosecution Agreement (19 March 2014) under which Toyota Motor Corporation (Toyota) is to pay a US$1.2 billion financial penalty and admit that it "misled US consumers by concealing and making deceptive statements about two safety issues affecting its vehicles, each of which caused a type of unintended acceleration". Mr Holder says that Toyota "by [its] own admission ... protected its brand ahead of its own customers".
The Department of Commerce (DoC) of the Australian state of Western Australia (WA) has announced that solar company Total Action Pty Ltd and its director Charles Posselt have been fined a total of A$18,000 for "misleading a consumer regarding the warranty on a product, and for breaching unsolicited trading laws".
The United States Federal Trade Commission (FTC) has announced that it has approved an Order (10 March 2014) that settles charges that rent-to-own retailer Aaron's Inc (Aaron's) "knowingly played a direct and vital role in its franchisees' installation and use of software on rental computers that secretly monitored consumers, including taking webcam pictures of them in their homes".
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