The Manitowoc Company Inc., a leading crane manufacturer, has found itself in hot water—and it’s not the kind you’d use to make steel. In a settlement announced today, Manitowoc and two of its subsidiaries, Grove U.S. L.L.C. and Manitowoc Crane Group Germany GMBH, agreed to pay $42.6 million to resolve accusations of flouting the Clean Air Act.
As the year winds down, the Office of the Comptroller of the Currency (OCC) has delivered a reminder to the banking world that accountability is non-negotiable. December’s enforcement actions reveal a mix of systemic breakdowns and individual misdeeds, painting a picture of an industry still grappling with old challenges in governance and compliance. From small-town banks failing to shore up their operations to individuals exploiting the system for personal gain, the OCC’s latest round of penalties shows a firm resolve to ensure stability and integrity in the financial system.
The Department of Justice (DOJ) accused CVS Pharmacy Inc.—the nation’s largest pharmacy chain—of knowingly filling illegal prescriptions for controlled substances. The suit claims CVS violated both the Controlled Substances Act (CSA) and the False Claims Act (FCA), directly contributing to the opioid epidemic that has ravaged communities across the United States.
Meta Platforms Ireland Limited (MPIL) is ending the year with a hefty €251 million fine from the Irish Data Protection Commission (DPC). The penalty stems from a 2018 data breach that laid bare the personal information of 29 million Facebook users worldwide—3 million of them in the EU/EEA.
The European Data Protection Board (EDPB) has weighed in on one of the most pressing issues of our time: how to ensure that AI technology respects privacy while driving innovation. In a newly adopted opinion, the EDPB tackled the thorny questions of when AI models can be considered anonymous, how “legitimate interest” fits into the equation, and what happens if an AI model is built on shaky—if not outright unlawful—data practices.
The French Financial Markets Authority (AMF) handed out €4.15 million in fines on December 11, 2024, targeting four companies and three individuals. At the center of the scandal were allegations of spreading false or misleading information and manipulating the share price of Auplata, a French mining firm, in a saga that reads like a cautionary tale of what not to do in finance.
The European Securities and Markets Authority (ESMA) has just released its Final Report, outlining key updates to bond market transparency rules under the MiFIR (Markets in Financial Instruments Regulation) Review. These changes, which cover bonds, structured finance products (SFPs), and emission allowances (EUAs), are all about improving transparency while ensuring fairness and protecting liquidity providers from undue risk.