The Swiss bank Credit Suisse Group AG will have to shell out $80 million in fines and disgorgement to the US regulators in an alternative trading-related settlement case. Credit Suisse didn't reveal its operations in dark pool private share trading exchange to the clients.
Legal & Regulatory
Indian market regulator slaps $1.1B fine on PACL Ltd
Securities and Exchange Board of India (SEBI), the Indian stock markets regulator, has imposed a heavy fine of $1.1 billion (INR 72.7bn) on New Delhi-based real estate firm PACL Ltd for illegally raising funds to the tune of INR491 bn from the market. Sebi has further directed PACL Ltd to cough up the fine amount within 45 days from the order date. The fine amount is the biggest penalty so far that SEBI imposed on any company.
Volkswagen scandal is gaining steam
German automaker Volkswagen Group is under scrutiny after it was found by the U.S Clean Air Group that some of its cars did not pass the standard emission test. The test conducted by Peter Mock and John German revealed another scandal - the use of "defeat device" software in its cars.
Apple wins patent infringement case but Samsung is likely affected
The federal court ordered Samsung to halt older version of its smartphones for breaching Apple's patent. It was found that Samsung was guilty of copyright infringement filed by Apple. But the features included in the case were no longer used by Samsung.
Berkeley's wage rose to $19 by 2020
Berkeley's wage is set to rise to $19 by the year 2020, however, business owners oppose the proposal saying it will put their business at risk a that will eventually lead to closure. While activists and unions struggle for a $15 wage hike, Berkeley ha a proposal of $19 per hour by the year 2020. This would offer workers more of a living wage.
Latest News
Four major banks -- Bank of New York Mellon, Deutsche Bank, Credit Suisse and Goldman Sachs -- have reached an agreement with New York State's Department of Financial Services (DFS) over record keeping for the Symphony messaging system.
Encore Capital Group and Portfolio Recovery Associates are ordered to refund a collected $61 million to customers for allegedly using deceptive strategies to collect debt. CNN reported that the Consumer Financial Protection Bureau charged these two giant debt collectors for buying inaccurate debts, collecting unverified debts, and using illegal strategies to collect debts.
Jessica Alba's non-toxic household and beauty products business, The Honest Company, is being sued for "dishonesty." Jonathan Rubin filed a class action suit in the federal court of California against Alba's company for allegedly making false claims that their products are "natural." He also said some of the products weren't effective. Some of the products the lawsuit targeted included dish soaps, surface cleaners, nappies, and the company's sunscreen. Rubin claims that some of those products have synthetic chemicals, making them not "natural" as reported by International Business Times.
Ex-Sony Pictures Entertainment employees filed a proposed class action lawsuit on Wednesday regarding the breach of records with the entertainment company in U.S. District Court in Los Angeles.
British engineering crown jewel Rolls-Royce is dragged into the giant Brazilian scandal, as it has been accused of giving kickbacks to officials involved in the state-owned oil giant Petrobras.
One of Ireland's richest persons, John P. McManus, seeks $5.2 million from the U.S. government after it was wrongfully withheld from his $17.4 million gambling winnings to cover taxes.
Giant U.S. discount department store KMART Corp. paid $1.4 million for violating the False Claims Act by illegally using promotional materials to convince Medicare beneficiaries to fill prescriptions at its pharmacies, said the U.S. Justice Department Tuesday.
An Oakland lawyer claims that companies in the Bay Area will soon be facing overtime-related lawsuits. These lawsuits will hit firms in the sharing economy, like Lyft and Uber.
Business groups criticized the decision of the National Labor Relations Board on Thursday for companies and subcontractors to unionize low-wage service sector employees.
