A recent report by Environmental Resources Management (ERM) has brought to light the prevalence of greenwashing within corporate America. According to the study, a staggering 68% of corporate leaders in the United States admit to engaging in greenwashing practices, raising significant concerns over the credibility of environmental, social, and governance (ESG) claims made by businesses.
In a victory for the Australian Securities and Investments Commission (ASIC), the Federal Court has imposed a $11.3 million ($7.4 million USD) penalty on Mercer Superannuation (Australia) Limited for misleading statements regarding the sustainability of its superannuation investment options. This ruling marks a pivotal moment as it is the first greenwashing case brought before the court by ASIC, setting a precedent for the financial services industry in Australia.
The Federal Trade Commission (FTC) has initiated a lawsuit against TikTok, its parent company ByteDance, and affiliated companies for alleged violations of the Children's Online Privacy Protection Act (COPPA). The Department of Justice filed the suit on behalf of the FTC on August 2, 2024, in the U.S. District Court for the Central District of California.
HealthEquity, a prominent health benefits administrator, has reported a significant data breach that may have compromised the personal information of approximately 4.3 million individuals. The company disclosed this incident in a recent notification filed with the Maine Attorney General's office.
Pershing LLC, a major clearing firm, has agreed to pay a $1.4 million fine to the Financial Industry Regulatory Authority (FINRA) for distributing inaccurate interest rate information on variable rate securities over a 12-year period. The firm, headquartered in Jersey City, New Jersey, settled the matter without admitting or denying the findings.
The U.S. Department of Justice (DOJ) has unveiled its groundbreaking Corporate Whistleblower Awards Pilot Program, signaling a significant shift in its approach to combating corporate crime. Launched on August 1, 2024, this initiative represents a strategic move to fill crucial gaps in existing federal whistleblower programs while enhancing the DOJ's investigative capabilities.
Texas Attorney General Ken Paxton has secured a historic $1.4 billion settlement with Meta (formerly Facebook) to halt the company’s practice of capturing and using the personal biometric data of millions of Texans without the legally required authorization. This settlement marks the largest ever obtained from an action brought by a single state and sets a new benchmark for privacy settlements by state attorneys general.