Pharmaceutical company Pfizer Inc. (Pfizer) has filed a proposed settlement agreement worth US$325 million in the US Federal Court in Boston in response to legal proceedings commenced by healthcare benefit providers. Reportedly, the proposed settlement would resolve claims by the plaintiffs that a Pfizer subsidiary marketed the epilepsy drug Neurontin for unapproved uses.
ZDNet reported that mobile device manufacturer Apple Inc (Apple) has advised users affected by a pattern of hacking incidents spanning Australia, Canada, New Zealand and the United States to change their Apple account passwords and contact Apple for further advice as required. According to The Sydney Morning Herald (SMH), users say that their devices have been locked and are displaying messages stating that require the user to pay a sum of $50 to an online payment processing account in order to have it unlocked.
Online music streaming service Spotify has published a notice (27 May 2014) advising users of an information security breach that compromised the non-financial data of one of its users. Spotify states that it "will be asking certain Spotify users to re-enter their username and password to log in over the coming days" as a general precaution, and as a further precaution will guide users on the Android operating system to upgrade their Spotify software.
The Central Bank of Russia (CBR) has announced that it has revoked the banking licence of Moscow-based credit institution Navigator Bank for failing to comply with Russian federal banking laws and CBR regulations.
The United States Senate Homeland Security and Governmental Affairs Committee's Permanent Subcommittee on Investigations (PSI) has released its majority and minority staff report (15 May 2014) in conjunction with its hearing titled Online Advertising and Hidden Hazards to Consumer Security and Data Privacy.
The United States (US) National Highway Traffic Safety Administration (NHTSA) has announced that General Motors (GM) has agreed to pay a record penalty of US$35 million and meet "unprecedented oversight requirements" to resolve NHTSA's investigation into GM's "failure to report a safety defect ... to the federal government in a timely manner".
The International Federation of Accountants (IFAC), on behalf of the International Ethics Standards Board for Accountants (IESBA), has released Exposure Draft - Proposed Changes to Certain Provisions of the Code Addressing Non-Assurance Services for Audit Clients (May 2014) for public comment.
The Spanish government has announced its intention to collect data on the country's 34 million bank accounts as part of its efforts to combat money laundering and terrorist financing. The measure will reportedly require banks to provide the Secretary of State for the Economy with details of all the personal and business accounts that they hold, which will then be stored in a data archive.
The United States (US) Department of Justice (DoJ), the US Attorney's Office for the Southern District of New York (USAO SDNY) and the Internal Revenue Service (IRS) have jointly announced that Switzerland-based asset management group Swisspartners has agreed to pay US$4.4 million and enter into a non-prosecution agreement with the USAO SDNY to resolve criminal charges of "assisting US taxpayer-clients in opening and maintaining undeclared foreign bank accounts".
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