Hedge fund manager Och-Ziff Capital Management Group LLC (Och-Ziff) has agreed to pay a $412 million settlement, of which up to $213 million are criminal penalties imposed in connection with a widespread scheme involving the bribery of officials in the Democratic Republic of Congo (DRC) and Libya—a violation of the Foreign Corrupt Practices Act(FCPA) . The settlement is considered the largest ever reached under the FCPA. Och-Ziff Chairman and CEO …
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UK banks should do more to protect customers tricked into transferring money to fraudsters, according to a consumer body that has lodged a “supercomplaint”with financial regulators. The move by Which? means banks could now face a formal investigation into whether they can continue refusing to reimburse victims. The organisation submitted its first supercomplaint this year in the same week that official data revealed that fraud in …
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The UK has failed to meet many human rights recommendations made by the United Nations and should do more to prevent prison overcrowding, tackle hate crimes and restrict stop and search powers, a coalition of 175 civil society organisations claims. Their report, coordinated by the British Institute of Human Rights (BIHR) and submitted to the UN in Geneva on Thursday, also accuses the government of damaging international …
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MasterCard is facing a record damages claim of up to £14billion for allegedly ripping-off millions of shoppers. Lawyers filed a case at the Competition Appeal Tribunal against the payments giant. They believe up to 46 million Brits could be due money back because MasterCardcharged shops too much for purchases between 1992 and 2008. The claim – led by former financial services ombudsman Walter Merricks – is the …
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At its recent annual convention the American Bar Association (ABA) adopted a resolution amending Rule 8.4 of the ABA Model Rules of Professional Conduct, the code of ethics that governs attorney behavior. The amendment adds a new subsection to the attorney misconduct rule which, if adopted by states, will subject attorneys to professional discipline for engaging in “conduct related to the practice of law “that a “lawyer knows or …
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U.S. Senate lawmakers excoriated Wells Fargo & Co’s chief on Tuesday for his oversight of the bank as it opened 2 million bogus customer accounts, potentially laying the groundwork for new rules and reviving questions of whether banks are “too big to fail.” Chief Executive Officer John Stumpf told the Senate Banking Committee on Tuesday that customers who had bogus accounts opened in their name …
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The Romanian High Court is expected to rules Tuesday on whether to recognize the marriage of a same-sex couple. US citizen Claibourn Robert Hamilton and Romanian activist Adrian Coman were married in Belgium and have sued to have their union recognized in Romania . read more …
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PARIS–French pharmaceutical giant Sanofi SA (SAN.FR) Monday said it filed a lawsuit against Merck & Co.’s international unit for alleged patent infringements. In the filing in the U.S. district court of Delaware, Sanofi said it claims that Merck Sharp & Dohme Corp. violated as many as 10 patents held by the French company, including ones for its blockbuster diabetes treatment Lantus and its insulin delivery …
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Which the companies expect to close by the end of the year. Elon Musk-led Tesla Motor TSLA 0.46% said on Monday its proposed acquisition of SolarCity SCTY -1.54% could be delayed due to shareholder lawsuits challenging the deal. The company said four lawsuits were filed in Delaware between Sept. 1 and Sept. 16 and a potential injunction on the proposed $2.6 billion merger could delay the closing of the deal. The lawsuits allege, …
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The U.S. Commerce Department is investigating whether thousands of tons of aluminum at a factory in a Philadelphia suburb are part of an alleged scheme by a Chinese billionaire to evade tariffs by disguising the metal as shipping pallets and then remelting them for other uses. The probe is part of a broader Commerce Department investigation into metals magnate Liu Zhongtian and his company, China Zhongwang Holdings Ltd., among …
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