US drugs firm Bristol-Myers Squibb will pay $150m (£82m) to settle civil fraud charges in one of the biggest settlements in US corporate history.
The Securities and Exchange Commission (SEC) has charged the firm with improperly booking $1.5m in revenue
US oil services group Halliburton is to pay $7.5m (£4.2m) to settle charges that it failed to disclose a change in its accounting practices during 1998
Bank of China has suspended two deputy chief executives of its Hong Kong arm over corruption allegations. Bank of China (Hong Kong) floated in 2002, making it the group’s showcase. It was formed by pulling together and reshaping several Hong Kong subsidiaries ahead of its listing
Four former senior executives at Equitable Life are to face disciplinary proceedings over the mutual insurer’s near-collapse four years ago.
The four are former managing directors Roy Ranson and Alan Nash, ex-chief executive Chris Headdon, and actuary Barry Sherlock.
The Institute of Actuaries has referred allegations of misconduct against the four to a tribunal
Oil giant Shell has agreed to pay more than £80m in penalties to settle inquiries by US and UK regulators into the firm’s restatement of reserves.
The company slashed its reserves by 20% in January, a move which cost three top executives their jobs.
News of the settlement came as the company unveiled second-quarter net income of $4bn (£2
United Airlines said it would not contribute to its employee pension plans while it remains under bankruptcy protection. That move could save it more than a billion dollars in cash over the coming year, but pension experts said it signaled the likelihood that United would terminate some or all of the plans.
A full-blown default by United on all four of its pension plans would send tens of thousands of current and future retirees, and billions of dollars in unfunded obligations, to the government’s pension insurance program, dealing the program its biggest blow since the government began insuring pensions in 1974
Allied Irish Bank (AIB) has confirmed it will repay foreign exchange customers it accidentally overcharged during an eight year period.
AIB has set aside 35m euros (£23m; $43m ) to reimburse them, more than double the original estimate of 14m euros.
The bank has been facing a number of problems since it emerged in May that it had levied a higher transaction margin than was agreed with regulators
One of UK’s leading gas and electricity suppliers, Powergen, has been fined £700,000 ($1.3m USD) for preventing more than 20,000 domestic energy customers from switching to new gas or electricity suppliers.
The penalty comes after a 10-month investigation by energy regulator Ofgem which consumer watchdog Energywatch has said was the biggest such fine
Russian oil giant Yukos faced being torn apart after bailiffs said they would sell off its main operating arm to settle a $3.4bn bill for back taxes.
Analysts said it was the worst-case scenario for the firm, which has been trying to agree a deal with the authorities over payment of the bill
Halliburton, in trouble over alleged over-charging for Iraq contracts, is being probed for its deals in Iran.
A US grand jury has demanded documents relating to contracts in Iran – subject to US sanctions – by a Halliburton subsidiary based in the Cayman Islands.
The firm, which used to be run by US Vice-President Dick Cheney, said it was certain the deals were legal