The Federal Trade Commission (FTC) has recently banned data broker Mobilewalla Inc. from selling sensitive location data. The settlement, finalized this week, not only reprimands the company’s questionable practices but also sends a strong message about the importance of consumer consent in the digital age.
The Consumer Financial Protection Bureau (CFPB) has taken legal action against Capital One, N.A., and its parent company, Capital One Financial Corp. The lawsuit accuses the banking giant of misleading millions of customers about interest rates on its flagship “360 Savings” account—an alleged misrepresentation that may have cost savers more than $2 billion in unpaid interest.
The U.S. Department of Justice (DOJ) has filed a civil lawsuit against KKR & Co. Inc. and several of its affiliated investment advisors and funds for systematically violating the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), a crucial component of U.S. antitrust law. The complaint, filed in the U.S. District Court for the Southern District of New York, alleges that KKR repeatedly circumvented the premerger review process by withholding and altering key documents and failing to file required premerger notifications for at least 16 transactions between 2021 and 2022.
Imagine trusting a ship’s captain to navigate stormy waters, only to discover their compass is broken. That’s the unsettling reality investors faced when Baker Tilly US, LLP (“Baker Tilly”) repeatedly dropped the ball on audit quality. Today, the Public Company Accounting Oversight Board (PCAOB) announced a $500,000 fine against the firm for systemic failures in its quality control systems—a hefty penalty that underscores the weight of accountability in the world of financial reporting.
The U.S. Department of Labor (DOL) has secured an agreement with JBS USA Food Co., the nation’s largest meat packing processor. The company, which operates across numerous U.S. facilities, has committed to a $4 million fund aimed at assisting individuals and communities impacted by child labor practices. This agreement follows a series of DOL investigations that uncovered unlawful child labor at JBS’s facilities.
You might think that some of Wall Street’s biggest names would have the basics covered, like keeping track of emails and messages they’re legally required to save. But as as the Securities and Exchange Commission (SEC) revealed recently, even financial heavyweights can fumble the fundamentals—at a collective cost of $63.1 million in penalties.
Robinhood, the company that once championed itself as the revolutionary force in making investing accessible to all, is now dealing with the fallout from a significant misstep. Today, the Securities and Exchange Commission (SEC) slapped the fintech giant with a $45 million fine, citing a series of failures to adhere to key securities laws. The fine isn’t just a financial penalty—it’s a clear signal to other broker-dealers and fintech firms: you can’t grow fast without properly managing risk and compliance.