The Justice Department said it’s conducting an antitrust probe of the $28 trillion credit-default swap market that may determine if banks were anticompetitive in their use of clearinghouses to back trades.
The U.S. Securities and Exchange Commission’s internal watchdog has castigated the agency for missing the Bernard Madoff fraud, spotlighted employees who viewed online pornography and called for a criminal probe into the ethics of the SEC’s former top lawyer.
Executives facing trial in U.S. courts over accusations of bribing foreign officials may be encouraged to fight charges as prosecutors regroup after two courtroom setbacks and await a verdict in their largest overseas corruption probe targeting individuals.
In May 2008, a unit of Koch Industries Inc., one of the world’s largest privately held companies, sent Ludmila Egorova-Farines, its newly hired compliance officer and ethics manager, to investigate the management of a subsidiary in Arles in southern France. In less than a week, she discovered that the company had paid bribes to win contracts.
Zain Fancy, who joined Och-Ziff Capital Management Group LLC from Morgan Stanley in 2008, sued two units of the New York-based hedge fund manager in Singapore, claiming they withheld $7.9 million in pay and stock that he was owed.
R. Allen Stanford, the indicted financier, sued U.S. prosecutors and agents of the FBI and Securities and Exchange Commission, accusing them of “abusive law enforcement” and seeking $7.2 billion in damages.
U.S. mobile-carriers such as AT&T Inc. and Verizon Wireless retain customer data including billing records and the cell towers used by a phone for at least a year, according to a Justice Department document.