Law & Regulation
Employees of the federal agency that last year collected more than $11 billion in royalties from oil and gas companies broke government rules and created a "culture of ethical failure" by allegedly accepting gifts from and having sex with industry representatives, the Interior Department's top watchdog said Wednesday.
The band that loves to rail against global corporate malfeasance is being criticized at home over allegations of tax dodging. The controversy stems from 2006, when the band moved its publishing company to the Netherlands to avoid a potential multi-million-euro tax bill after the Irish government capped artists' tax-free earnings at â¬250,000 ($315,000).
Blackwater has agreed to pay the U.S. government $7.5 million to settle 17 federal criminal charges that include supplying guns to the king of Jordan and offering private security and military training services to South Sudan without a license.
Investment Technology Group (ITG), a U.S. stock broker, paid a $20.3 million fine for running a secret operation named Project Omega to take advantage of "dark pools" trading orders made by its clients. Experts say that Barclays and Credit Suisse may also soon pay fines for dark pools trading scams.
British oil trader Trafigura has offered to settle a court case brought by 31,000 Africans who say that they were injured in the largest personal injuries class action mounted in an English court. The action resulted from the dumping of 400 tonnes of waste in the Ivory Coast by an oil tanker, the Probo Koala, in 2006 - one of the worst pollution disasters in recent history.
Altria Group Inc. said Wednesday it would spin off its international tobacco business on March 28, freeing it to pursue cigarette sales more aggressively without ties to its U.S. counterpart - and U.S. regulatory oversight.
Ivory Coast plantation workers who claim they were sterilized by a U.S.-made pesticide can't sue the manufacturers and distributors of the chemical in the United States because they can't show the companies intended to harm them, a federal appeals court ruled Wednesday.
The European Food Safety Authority has approved new rules that will ban industry experts from serving on EFSA scientific panels related to their work. Corporate Europe Observatory says the rules are still not strong enough