Mortgage firm fined over lost £2m
A mortgage firm has been fined £1.12m after failures resulted in hundreds of borrowers suffering losses of £2.3m
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BA bosses in price-fixing charge
/0 Comments/in British Airways /by ceadminFour current and former British Airways executives have been charged with involvement in fixing the prices of plane fuel surcharges.
BA’s head of sales Andrew Crawley and ex-commercial director Martin George are due to appear before City of London Magistrates Court on 24 September.
Also due up are former communications head Iain Burns and former UK and Ireland sales chief Alan Burnett
SEC sues UK hedge fund and boss
/0 Comments/in Pentagon Capital Management /by ceadminThe US Securities and Exchange Commission (SEC) says it is suing UK hedge fund Pentagon Capital Management and its chief executive, Lewis Chester.
The watchdog alleges the fund and Mr Chester have schemed to defraud mutual funds and shareholders in the US.
London-based Pentagon Capital said last week it was winding down two funds because it expected the SEC to file civil complaints against Mr Chester
Record £14m fine for rail company
/0 Comments/in Network Rail /by ceadminNetwork Rail has been fined a record £14m by the railway regulator, after engineering work over-ran during the Christmas and New Year period.
But the company says that without further delays, it risks not meeting a December deadline for finishing work to the West Coast Main Line at Rugby.
Passengers now face extra disruption through the summer, as lines are closed in order to complete the work
£41m meters fine for National Grid
/0 Comments/in National Grid /by ceadminUK Power distributor National Grid has been fined £41.6m ($80m USD) for restricting competition in the UK’s gas metering market.
Energy regulator Ofgem said the company, which owns 99% of the UK’s gas meters, had “severely restricted” rival suppliers from replacing its equipment with cheaper or more advanced devices
UK Southern Water fined 40million
/0 Comments/in Southern Water /by ceadminRegulators have confirmed a £20.3m ($40m USD) fine imposed on Southern Water for poor service and reporting misleading data.
Ofwat first announced the fine in November and confirmed it on Friday after a period of consultation
BA accused over air cargo cartel
/0 Comments/in British Airways /by ceadminBritish Airways has been accused of colluding in setting prices of fuel surcharges and other levies in the provision of air freight services.
BA confirmed it received a letter of complaint from European Union regulators, alleging that it was part of a suspected air freight cartel.
The complaints were also sent to Germany’s Lufthansa, Air France-KLM and Scandinavia’s SAS
Norwich Union fined on £3m fraud
/0 Comments/in Norwich Union /by ceadminInsurance firm Norwich Union has been fined £1.26m ($2.5m) by the Financial Services Authority (FSA) after customers lost £3
Supermarkets admit milk price fix
/0 Comments/in Asda /by ceadminSupermarket firms Sainsbury’s and Asda have admitted that they were part of a dairy price-fixing group that earned about £270m ($550m) extra from shoppers.
The supermarkets, along with a number of dairy firms, have agreed to pay fines totalling some £116m ($240m) after an Office of Fair Trading (OFT) probe.
Cases against Tesco and Morrisons will continue after no deal was struck
BP fined $373m by US government
/0 Comments/in BP Amoco /by ceadminOil giant BP has been fined a total of $373m (£182m) by the US Department of Justice for environmental crimes and committing fraud.
The fines include $50m relating to a Texas refinery explosion in 2005 that killed 15 people and injured 170 more.
That sum is the highest fine of its kind levied under the Clean Air Act