A U.S. judge on Tuesday approved one of the biggest corporate settlements on record, Volkswagen AG’s (VOWG_p.DE) $14.7 billion deal arising from its diesel emissions cheating scandal, and the German automaker said it would begin buying back polluting cars in mid-November. U.S. District Judge Charles Breyer in San Francisco signed off on VW’s settlement with...
Yahoo Inc last year secretly built a custom software program to search all of its customers’ incoming emails for specific information provided by U.S. intelligence officials, according to people familiar with the matter. The company complied with a classified U.S. government demand, scanning hundreds of millions of Yahoo Mail accounts at the behest of the...
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...
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...
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...
If you have poked around on the internet or even used a few apps on your phone before reading this article, do you know what rights you have forfeited? With the proliferation of online transactions and new gadgets that we use in our businesses, we’ve been seeing a proliferation of “terms and conditions” agreements...
US President Barack Obama signed Senate Bill No. 764 into law on Friday, which requires labeling of genetically modified organisms (GMOs) in food products under a single national standard. The law requires the Department of Agriculture(USDA) to write the rules for a “national mandatory bioengineered food disclosure standard” no later than two years after the signing of this bill...
The federal bureau charged with protecting U.S. consumers’ finances was poised to lay out plans on Thursday for toughening regulation of debt collection, as complaints have mounted about the multibillion-dollar industry. The Consumer Financial Protection Bureau’s proposal would come on top of an existing federal law, the Fair Debt Collection Practices Act, that prohibits collectors...
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