Financial services provider Citigroup has announced that it has reached a US$7 billion settlement with several United States authorities in relation to "[residential mortgage-backed securities (RMBS)] and collateralized debt obligations (CDOs) issued, structured or underwritten by [Citigroup] between 2003 and 2008".
The European Commission (EC) has made available Facilitating tax compliance, Tackling non-compliance (3 July 2014), the text of a speech delivered by European Taxation Commissioner Algirdas Šemeta at the Intra-European Organisation of Tax Administrations' 18th general assembly in Belgrade.
The United States Department of Justice (DoJ) has announced that SunTrust Mortgage (SunTrust) has agreed to make payments to resolve a criminal investigation of the company's administration of its services provided under the Home Affordable Modification Program (HAMP), a US federal loan modification program for homeowners facing possible foreclosure.
The United States Securities and Exchange Commission (SEC) has announced that Regions Bank has agreed to pay US$51 million to resolve parallel investigations by the SEC, the Board of Governors of the Federal Reserve System and the Alabama State Banking Department into three of its former senior managers. According to the SEC, Jeffrey Kuehr and Michael Willoughby have been fined US$70,000 each and legal action against Thomas Neely is continuing in relation to the three individuals' alleged intentional misclassification of loans, which then led Regions Bank's publicly-traded holding company to "[overstate] its income and earnings per share in its financial reporting".
A jury in the South Carolina Circuit Court civil division has awarded a total of US$8.1 million in damages to plaintiff and former adviser Francis Maybank, who alleges that BB&T mismanaged what were his retirement funds.
Commonwealth Bank of Australia Group (CBA) has made available a statement (3 July 2014) by its chief executive officer Ian Narev announcing a program to provide remediation for customers who suffered financial loss as a result of "[p]oor advice provided by some of [CBA's financial advisers] between 2003 [and] 2012".
The United States Financial Regulatory Authority (FINRA) has announced that it has accepted (30 June 2014) Goldman Sachs Execution & Clearing's (GS) consent to the entry of findings by FINRA.
The Australian Securities and Investments Commission (ASIC) has announced that Newcrest Mining (Newcrest) has admitted contraventions of the Corporations Act 2001 No. 50 (Cth) involving the selective disclosure of market-sensitive information to analysts and failing to disclose this information to the relevant bourse.
The United Kingdom Financial Conduct Authority (FCA) has announced that it has issued final notices to the following entities (both dated 16 June 2014), fining them for "failing to ensure [that] financial promotions for [Credit Suisse International's (Credit Suisse)] Cliquet Product were clear, fair and not misleading":
The United States Federal Trade Commission (FTC) has made available an order (11 June 2014) settling allegations (4 December 2013) that Lin Miao and seven companies "pitched text message services offering alerts [for celebrity news and trivia], but placed charges for these services - typically [US]$9.99 a month - on consumers' bills without their permission" in a practice known as mobile cramming; and "used deceptive websites designed to collect consumers' mobile phone numbers that would then be billed for the services".
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