Law & Regulation
Takata, the Japanese auto parts maker, will pay a $1 billion fine to the U.S. government after pleading guilty to hiding information about the likelihood that the company’s car air bags could accidentally explode. Takata air bags have been linked to at least 17 deaths around the world.
Over 11,000 academics have pledged to boycott Elsevier, the Dutch publishing giant, for profiting off their work and making it unavailable to the general public. Now Jimmy Wales, the founder of Wikipedia, plans to turn the world of corporate academic publishing on its head.
Six major international banks - Bank of America, Barclays, Citibank, JPMorgan Chase, Royal Bank of Scotland (RBS) and Union Bank of Switerland (UBS) - have agreed to pay $5.6 billion in fines for rigging global foreign exchange markets. Four of the six have pleaded guilty to criminal behavior, an unprecedented admission.
An influential Republican senator says he will propose legislation requiring drug makers to disclose the payments they make to doctors for services like consulting, lectures and attendance at seminars.
This week the Project on Government Oversight released damning allegations of deviant hazing at a camp for security guards in Afghanistan. Sparking questions from the State Department, POGO warned the problems are "posing a significant threat to the security of the embassy and its personnel."
Government lawyers who will try the case against Enron's former chief executives, Kenneth L. Lay and Jeffrey K. Skilling, have signaled that they intend to spend less time befuddling jurors with talk of Enron's accounting.
In a settlement for bribery allegations related to the construction and expansion of its Bonny Island natural-gas liquefaction facility, Halliburton Co. agreed to pay $35 million to the Nigerian government.