Travelers to Pay $6 Million, Ending Inquiry on Brokersâ Fees
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The commercial insurer reached an agreement with several states to pay $6 million to resolve an investigation into fees it paid to brokers.
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Alcatel-Lucent has agreed to pay $2.5 million in fines to resolve allegations that it provided Chinese government officials with free trips to Disneyland and other tourist attractions.The company has to pay $1 million to resolve U.S. Department of Justice charges that it violated the Foreign Corrupt Practices Act (FCPA) when providing travel and other perks to Chinese government officials, the DOJ said Friday. The company also agreed to pay a $1.5 million civil fine to the U.S. Securities and Exchange Commission.The agreement with the DOJ wraps up a multiyear investigation into whether Lucent, before its November 2006 merger with Alcatel, provided things of value to the Chinese officials and improperly accounted for the expenses.The company cooperated fully with the DOJ and SEC investigations, an Alcatel-Lucent spokeswoman said. The company is &quot;glad to put the matter behind us&quot; and looks forward to successful business dealings in China in the future, she said.From about 2000 to 2003, Lucent spent millions of dollars on more than 300 trips for Chinese government officials that included sightseeing, entertainment and leisure, the DOJ said. The trips were approved by senior Lucent Chinese officials, with the support of Lucent employees in the U.S.Lucent improperly recorded expenses for these trips and failed to implement internal controls to monitor the provision of travel and other things of value to Chinese officials, the DOJ said in a press release.In 2002 and 2003, there were 24 Lucent-sponsored trips for Chinese government customers, and at least 12 trips were primarily for sightseeing, the DOJ said. The people participating in these trips were senior government officials, including the heads of state-owned telecommunications companies in Beijing and the leaders of provincial telecommunications subsidiaries.Between 2000 and 2003, Lucent provided Chinese government officials with trips to the U.S., Europe, Australia and elsewhere that were often characterized as &quot;factory inspections&quot; or &quot;training,&quot; the DOJ said. By 2001, Lucent had outsourced most of its manufacturing and no longer owned factories for its customers to tour. These trips were primarily sightseeing tours to locations such as Disneyland, Universal Studios and the Grand Canyon, and typically lasted 14 days and cost between $25,000 and $55,000 per trip, the DOJ said.Lucent admits to all of this conduct in the agreement announced on Friday. The agreement also requires Lucent to adopt new or modify existing internal controls, policies and procedures. Those internal controls must ensure that Lucent keeps fair and accurate books, the DOJ said. The agency has agreed not to prosecute Lucent if it complies with all of the requirements in the agreement over a two-year term.
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KPMG has received the largest audit fine in the history of the US Securities and Exchange Commission for its role in a company that cost Rupert Murdoch&#39;s News Corporation $6billion (Â£3.
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The New York Stock Exchange, which is battling the rival Nasdaq Stock Market for listings, plans to eliminate fees of as much as $250,000 for companies that transfer to the Big Board.
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The PIMCO mutual fund group&#39;s adviser and two affiliates will pay more than $20 million to settle charges involving failure to disclose payments made to brokers for
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TD Waterhouse Investor Services Inc., a national brokerage firm, will pay $2 million to settle Security Exchange Commision claims it failed to disclosed fees paid to three advisers as a way to get more business.
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CIBC Mellon Trust Co.  a joint  venture of Canadian Imperial Bank of Commerce CM.TO and  Mellon Financial Corp. MEL.N, has agreed to pay $6 million to  settle stock fraud charges, U.S. regulators said on Wednesday.
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Deutsche Lufthansa said it would pay $85 million to settle 80 class-action lawsuits in the United States in a price-fixing inquiry involving its air cargo unit. The payment would release the airline and Swiss International Air Lines, which it is taking over, from pending lawsuits in the United States, Lufthansa said. The settlement is subject to court approval. Lufthansa Cargo is among nine airlines accused of violating antitrust laws by fixing prices in the $50 billion global air cargo market. European Union and United States authorities requested information from at least 12 carriers in February; the inquiry focused on surcharges for fuel and security risks.
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Brokerage Jefferies &amp; Co. Inc. is paying some $9.7 million to settle regulators' charges that it illegally lavished nearly $2 million in golf trips, entertainment and other gifts on Fidelity mutual fund traders in exchange for their trading business.
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NEW YORK Marsh &amp; McLennan, the insurance brokerage company being sued by the New York State attorney general for taking payments from insurers, has said that it plans to put about $230 million of the fees into an account that may become part of a
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Citgo Petroleum Corp. will pay a  $3.6 million fine in a settlement with the U.S. Justice  Department and also spend $320 million to cut air pollution  from six of its refineries, the government said on Wednesday.
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CIBC Mellon Trust Co.  a joint venture of Canadian Imperial Bank of Commerce  and Mellon Financial Corp. , has agreed to pay &#36;6 million to settle stock fraud charges, U.S. regulators said on Wednesday.
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SWS Group Inc.'s SWS.N Southwest  Securities Inc. subsidiary agreed to pay $10 million to settle  charges that managers failed to supervise brokers who had  engaged in improper trading of mutual funds, the U.S.  Securities and Exchange Commission said on Monday.
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The Pimco mutual fund group, which on Monday settled federal charges of allowing rapid trading in stock funds, on Wednesday is expected to pay at least $15 million to settle a joint federal and state probe into revenue
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Placement fees charged by broker Marsh &amp; McLennan Cos. (MMC.N: Quote, Profile, Research) may be unethical and under intense scrutiny by regulators, but that
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FORT WORTH, Texas The parent of American Airlines today announced it&#39;s received an 850 (M) million dollar, six-year credit line.
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A Fort Worth brokerage that sold high-fee mutual funds to military families agreed yesterday to pay $12 million to settle allegations that it used misleading marketing literature and scripts.