Four major banks -- Bank of New York Mellon, Deutsche Bank, Credit Suisse and Goldman Sachs -- have reached an agreement with New York State's Department of Financial Services (DFS) over record keeping for the Symphony messaging system.
Legal & Regulatory
Volkswagen scandal is gaining steam
German automaker Volkswagen Group is under scrutiny after it was found by the U.S Clean Air Group that some of its cars did not pass the standard emission test. The test conducted by Peter Mock and John German revealed another scandal - the use of "defeat device" software in its cars.
Apple wins patent infringement case but Samsung is likely affected
The federal court ordered Samsung to halt older version of its smartphones for breaching Apple's patent. It was found that Samsung was guilty of copyright infringement filed by Apple. But the features included in the case were no longer used by Samsung.
Berkeley's wage rose to $19 by 2020
Berkeley's wage is set to rise to $19 by the year 2020, however, business owners oppose the proposal saying it will put their business at risk a that will eventually lead to closure. While activists and unions struggle for a $15 wage hike, Berkeley ha a proposal of $19 per hour by the year 2020. This would offer workers more of a living wage.
Chrysler-UAW labor pact solves all the big problems except one
Fiat Chrysler Automobiles and the United Auto Workers union reached a new agreement regarding the company's health care and salary system including the 2-tier pay. The new term was discussed after some 40, 000 of the company's worker threaten to go for a strike that could potentially put the production on halt.
Latest News
Encore Capital Group and Portfolio Recovery Associates are ordered to refund a collected $61 million to customers for allegedly using deceptive strategies to collect debt. CNN reported that the Consumer Financial Protection Bureau charged these two giant debt collectors for buying inaccurate debts, collecting unverified debts, and using illegal strategies to collect debts.
Jessica Alba's non-toxic household and beauty products business, The Honest Company, is being sued for "dishonesty." Jonathan Rubin filed a class action suit in the federal court of California against Alba's company for allegedly making false claims that their products are "natural." He also said some of the products weren't effective. Some of the products the lawsuit targeted included dish soaps, surface cleaners, nappies, and the company's sunscreen. Rubin claims that some of those products have synthetic chemicals, making them not "natural" as reported by International Business Times.
Ex-Sony Pictures Entertainment employees filed a proposed class action lawsuit on Wednesday regarding the breach of records with the entertainment company in U.S. District Court in Los Angeles.
British engineering crown jewel Rolls-Royce is dragged into the giant Brazilian scandal, as it has been accused of giving kickbacks to officials involved in the state-owned oil giant Petrobras.
One of Ireland's richest persons, John P. McManus, seeks $5.2 million from the U.S. government after it was wrongfully withheld from his $17.4 million gambling winnings to cover taxes.
Giant U.S. discount department store KMART Corp. paid $1.4 million for violating the False Claims Act by illegally using promotional materials to convince Medicare beneficiaries to fill prescriptions at its pharmacies, said the U.S. Justice Department Tuesday.
An Oakland lawyer claims that companies in the Bay Area will soon be facing overtime-related lawsuits. These lawsuits will hit firms in the sharing economy, like Lyft and Uber.
Business groups criticized the decision of the National Labor Relations Board on Thursday for companies and subcontractors to unionize low-wage service sector employees.
The fake financial company goes by the name "Goldman Sachs (Shenzhen) Financial Leasing Co" and holds office in Shenzhen. Little was known of the counterfeit institution but before its web site went down on Wednesday, it claimed to have been established in 2013. It also makes itself more likable by saying that it is "the biggest financial leasing firm" in the place.
