In the News Today - August 19, 2015

August 19, 2015

Promontory Financial Group had threatened litigation against the New York Department of Financial Services (NYDFS) when the regulator effectively suspended the firm from consulting for a number of large banks. But Promontory eventually succumbed to the NYDFS threats, agreeing to a $15 million settlement over accusations of the firm's independence. (New York Times)

In a case that "essentially establishes that 'valuable student internships' are covered" under the Foreign Corrupt Practices Act (FCPA), the U.S. Securities and Exchange Commission reached a $14.8 million settlement with Bank of New York Mellon Corp. over accusations the bank provided internships to relatives of foreign officials in violation of the FCPA. The bank has not admitted any wrongdoing. (Wall Street Journal)