California Attorney General Rob Bonta has joined a coalition of 17 other state attorneys general in urging a federal court to reject Capital One’s proposed $425 million settlement in a multidistrict class action, arguing that it does not adequately compensate consumers who lost nearly $3 billion in potential interest earnings.
France’s markets watchdog has come down hard on Altaroc Partners, handing the asset management firm and two of its top executives fines totaling €1.3 million after uncovering a pattern of governance and compliance missteps.
Swiss and British regulators are tightening the knot on financial services cooperation, giving markets and clients a clearer sense of what to expect as cross-border rules evolve.
The Malta Financial Services Authority (MFSA) has flagged weaknesses in how management companies overseeing Alternative Investment Funds (AIFs) and UCITS handle their investment management responsibilities and liquidity risk controls. The findings, published September 24 following a thematic review, were communicated in a “Dear CEO Letter” that set out the regulator’s expectations for improvements across governance, oversight, and integration of liquidity considerations.
Sanofi has been ordered to pay €150.7 million ($177.1 million) in damages to France’s national health insurance fund (CNAM) after a Paris appeals court found the drugmaker engaged in anti-competitive practices to protect sales of its anti-clotting drug Plavix, Reuters first reported.
New Zealand has passed the Privacy Amendment Act, introducing new obligations designed to give citizens greater clarity over how their personal information is collected and used. Privacy Commissioner Michael Webster said the reform will align the country’s framework more closely with international standards while helping New Zealanders better exercise their privacy rights.
Optus has been dealt a major blow in the Federal Court, ordered to pay $65 million (AUD 100 million) after admitting it engaged in unconscionable conduct by selling mobile phones and plans to vulnerable Australians who often could not afford, use, or understand them.