Lumos Labs has been charged a fine of $2 million by the FTC for their misleading claims on the benefits of using their app, Lumosity. The company claimed that the app could decrease or slow down serious mental conditions by frequently using the app.
Legal & Regulatory
Goldman Agrees To Pay $5.1 billion, Resolves 7 Years’ Pending Mortgage Security Dispute
Goldman Sachs Group Inc. has finally agreed to pay $5.1 billion on Wednesday to resolve a seven years’ pending dispute over faulty mortgage securities. The penalty amount remains lower compared to those counted by other Wall Street competitors. Fourth quarter profit of the firm may be hit by the penalty counting. But investors welcome the settlement and its share price rises by 1.5% on Thursday.
Uber Offers Job of Drivers to Nonviolent Criminal Offenders in California
Uber has changed its driver recruitment policy and advised the previously rejected applicant seeking for drivers’ job to take the benefit of proposition 47. This law allows nonviolent criminal offenders to downgrade their offence level to misdemeanor through submitting applications. Uber’s effort is believed to benefit the released inmates who aim to rebuild their lives.
Former Facebook president Sean Parker gave half million dollars for marijuana legalization initiative in California
Former Facebook exec Sean Parker gave $500,000 to a newly formed group that aims to legalize recreational marijuana use in California.
IRS Fines 8 Million Americans, 0.3 Million of Them From Low Income Group
IRS has fined some 8 million people and 1.4 million households are forecast to fall prey of fines due to ignorance on new healthcare law. Commonly criticized as the Obama Care Law, the new law instructs all Americans to go through insurance net. But mainly due to ignorance about mandatory submission of tax returns and moreover legally remain exempted from tax net, have fall victim to count fine for $210 each.
Latest News
FDA has been reported to seize 90,000 bottles of RelaKzpro branded diet supplement on Wednesday. The seizure has been conducted under Federal Food, Drink & Beverage Act following a suit filed by the US Department of Justice on behalf of FDA in the District Court. The suit accuses kratom containing diet supplements as adulterated due to unreasonable health hazards.
The majority of states in the United States including major cities will implement new minimum wage rate starting this year as workers continue to strike and demanding a better payment. Workers have been under pressure lately as the cost of living continues to increase yet their minimum wage remains the same.
Credit Suisse has received regulatory approval for opening its new branch in Ireland. The Swiss bank is setting up a new branch in Dublin as part of its cost reduction exercise. Credit Suisse is restructuring its securities trading and prime brokerage operations. Credit Suisse is in the process of meeting capital requirements and improving shareholder returns.
Less than couple of weeks after threatening Amazon, NJ Mayor has abandoned the plan to file a lawsuit against the retail giant. Earlier this month, Dave Fried, the Robbinsville Township Mayor had threatened to sue Amazon once a senior company official failed to show at a crucial meeting on Wednesday. The meeting was arranged to discuss the hefty traffic generated by Amazon's fulfillment center.
Five people have been charged with kickback scheme related to billing that costs the government and insurance companies to the tune of $580 million. Doctors and others benefited from this scam by referring patients to two Southern California hospitals.
The Federal Aviation Administration's drone registration task force will develop a simple and free national drone registration system. A government task force will create a three-step registration process, according to a report by ARS Technica.
A bill that prohibits people with unpaid IRS loans from travelling is expected to become law very soon. The Federal government has been going after travelling people who are reporting their taxes incorrectly for a very long time, but now, they plan to apprehend those with unpaid IRS loans.
The American Medical Association (AMA) is pushing for new regulations that require some warning signs about the potential hazard of marijuana use during pregnancy and breastfeeding to be written on legal marijuana products. The regulation was set based on studies that suggest marijuana use may be linked with low birth weight, premature birth and behaviour problems in young children.
Peter Capaldi and Jenna Coleman propose a crossover with the hit fantasy series, "Game of Thrones." The "Doctor Who" stars shared this interest at the "Doctor Who" Festival in UK. Meanwile, Natalie Dormer reveals that she is up for the role of the first female Doctor if the script is right.
