Wells Fargo & Co. agreed to pay $480 million to settle a class-action lawsuit in which investors accused the bank of securities fraud related to its fake-account scandal. The settlement resolves the main class-action suit brought by shareholders targeting the bank's allegedly deficient disclosures related to its sales practices. It had previously set aside reserves for the settlement, according to a regulatory filing Friday. Wells Fargo said in a statement that it denies the allegations in the suit.
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Rio Tinto's chairman has defended the company's culture amid allegations of fraud related to the miner's accounting of a coal venture in 2012.
Cambridge Analytica announced Wednesday that its parent group, SCL, has filed applications to begin insolvency proceedings in the UK and will be ceasing all operations. The political consulting firm is also planning to begin bankruptcy proceedings in the U.S. The company reportedly made the decision because it was losing clients and has to pay soaring legal fees as a result of allegations that it improperly accessed Facebook data.
A proposed settlement in the General Motors ignition switch lawsuit could trigger GM's obligation to transfer 30 million shares to the bankruptcy Trust, adding over $1 billion to a settlement fund to pay economic loss and injury claims brought by owners of GM vehicles affected by a barrage of safety defects, according to Hagens Berman.
California, along with 16 other states and the District of Columbia, are suing the Environmental Protection Agency over its rollback of clean car rules passed during the Obama administration.
The Securities and Exchange Commission today announced the unsealing of fraud charges against a Mississippi company and its principal who allegedly bilked at least 150 investors in an $85 million Ponzi scheme. The defendants agreed to permanent injunctions, an asset freeze, and expedited discovery.
The Panasonic parent company, in a settlement announced Monday, will pay $143 million in disgorgement to the Securities and Exchange Commission, while Panasonic Avionics Corp. agreed to pay about $137 million in penalties to the Justice Department for violations of the accounting provisions of the Foreign Corrupt Practices Act.
As someone who has just made legal history as an international whistleblower, Andrew Patrick perhaps rightly believes he has a message that British employers should heed.
Seems like we're always hearing about another car recall, but those are only the big ones. Each year, automakers issues hundreds of recalls that involve tens of millions of vehicles - and most never make the news.
The Malaysian prime minister, Najib Razak, has insisted there was no wrongdoing in the 1MDB scandal and instead blamed a "problematic business model" for the billions of dollars that went missing from a government investment fund.
An independent trust handling General Motors Co.'s old bankruptcy claims reached a new settlement with customers who sued the automaker years ago over faulty ignition switches -- a deal that could force GM to give up more than $1 billion in new stock if a judge approves it.
Christopher Wylie, the whistleblower source who revealed more about Cambridge Analytica's harvesting of Facebook data to the news media, says he hopes Democratic lawmakers he met with Tuesday will investigate the company.
Diesel is in trouble. We can primarily thank Volkswagen's global cheating scandal for this, but more and more automakers look like they were greasing emissions tests or just running up against regulations in some way or another.
Gary Gensler, the former chairman of the Commodity Futures Trading Commission, said that government officials should take a closer look at the largest coins by market capitalization, not just at tokens sold in ICOs. Ethereum's Ether and Ripple's XRP could probably be classified as securities, Gensler said.
Audi is recalling about 1.2 million cars and SUVs worldwide because the electric coolant pumps can overheat and possibly cause a fire.
The recent whistleblowing case at Barclays is likely to cost the bank's boss Jes Staley up to £1m in fines and bonuses after he broke the rules by trying to unmask the person who made the claims.
Federal regulators are intensifying an investigation into whether a 2015 recall by Volkswagen covered enough vehicles and fixed a problem that could prevent the driver's airbag from deploying in a crash.
U.S. Supreme Court justices on Monday appeared divided over a challenge to the constitutionality of the Securities and Exchange Commission's selection of in-house judges to enforce investor protection laws in a case involving a former radio host and investment adviser backed by the Trump administration.
A group of cancer doctors focused on bringing down the cost of treatments by testing whether lower — and cheaper — doses are effective thought they had found a prime candidate in a blood cancer drug called Imbruvica that typically costs $148,000 a year.
German prosecutors are investigating current and former employees of Volkswagen-owned sports car maker Porsche, including a management board member, as part of their inquiries into emissions manipulations, they said on Wednesday
