It turns out broadband speed isn’t just about how fast your Netflix loads, it’s also about trust. Australia’s Federal Court has ordered Telstra to pay $11.6 million (AUD 18 million) after the telecom giant quietly shifted nearly 9,000 Belong customers onto lower upload speed plans without so much as a heads-up.
Chinese regulators have ordered S&P Global’s mainland credit ratings unit to “rectify” its business practices, marking the latest escalation in Beijing’s ongoing crackdown on the country’s credit ratings industry. The move, reported by the Financial Times, reflects mounting concerns over low fees, inconsistent ratings, and the prevalence of top-tier grades in China’s corporate bond market.
Greystar Real Estate Partners, the nation’s largest residential property manager, has agreed to a $50 million settlement to resolve allegations that it conspired with competitors to keep apartment rents artificially high using RealPage’s widely scrutinized pricing software. The settlement, filed in federal court in Nashville, forms the largest share of a wave of preliminary agreements now totaling more than $141 million, according to Reuters.
Velocity Clearing, LLC has agreed to pay a $1 million penalty and bring in an independent consultant after FINRA uncovered sweeping failures in how the firm monitored for manipulative trading. The New Jersey-based broker-dealer, which has been a FINRA member since 2003, signed a settlement through a Letter of Acceptance, Waiver, and Consent (AWC), avoiding a formal disciplinary hearing.
Tyson Foods has agreed to pay $85 million to settle claims it conspired with rivals to drive up pork prices, a deal that pushes total consumer recovery past $200 million in one of the largest antitrust cases to hit the U.S. meat industry.
India’s central bank has set out a sweeping package of reforms designed to toughen the country’s financial system, modernize regulation, and improve protections for everyday consumers. Announced on October 1, the measures cover everything from how banks set aside funds for bad loans, to how exporters manage foreign currency, to how consumers resolve disputes with their banks.
The Federal Trade Commission (FTC) has filed suit against Zillow and Redfin, accusing the real estate platforms of entering into an unlawful agreement that eliminated Redfin as a competitor in the online rental advertising market. Regulators allege the arrangement harmed property managers, renters, and the broader housing market by insulating Zillow from direct competition.