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Citigroup fined $400 million by regulators, agrees to fix ‘longstanding deficiencies’

October 8, 2020

Sources tell FOX Business’ Charlie Gasparino that incoming Citigroup CEO Jane Fraser gets high marks from employees for past work at the firm.

WASHINGTON (Reuters) – Citigroup Inc C.N agreed to pay a $400 million penalty and draw up a sweeping remediation plan after U.S. regulators identified “several longstanding deficiencies” and operational lapses, U.S. regulators said on Wednesday.

The Federal Reserve and Office of the Comptroller of the Currency said that the bank required “comprehensive corrective actions” and must overhaul its risk management, data governance and internal controls across the company.

The Fed said the action “requires the firm to correct several longstanding deficiencies.”

“For several years, the Bank has failed to implement and maintain an enterprisewide risk management and compliance risk management program, internal controls, or a data governance program commensurate with the Bank’s size, complexity, and risk profile,” the OCC said in its consent order.

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H&M fined $41M for tracking workers’ personal lives using company database

October 5, 2020

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Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.

H&M has been fined more than $41 million for allegedly tracking hundreds of employees’ personal lives on a company database.

Managers at the Swedish retailer’s customer service center in Nuremberg kept meticulous notes on workers’ vacations, illnesses, religious beliefs and family problems starting in at least 2014, according to the Hamburg Commissioner for Data Protection and Freedom of Information, a German privacy watchdog.

H&M CLOSING HUNDREDS OF STORES AS PANDEMIC ACCELERATES ONLINE SHIFT

Those notes, based on workplace meetings and one-on-one conversations, were used to evaluate staffers’ work performance and make decisions about their “employment relationship,” regulators said Thursday, calling H&M’s practices a “particularly intensive interference” with its employees’ rights.

The details supervisors recorded were sometimes visible to as many as 50 other managers, officials said. But a “configuration error” made the data accessible company-wide for a

Titans’ Jadeveon Clowney Fined $35K for Personal Fouls vs. Vikings | Bleacher Report

October 3, 2020

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David Berding/Associated Press

Tennessee Titans defensive end Jadeveon Clowney was fined $35,000 on Saturday following two unnecessary roughing penalties against the Minnesota Vikings during a Week 3 victory, according to NFL Network’s Tom Pelissero:

Tom Pelissero @TomPelissero

#Titans DE Jadeveon Clowney was fined $35,000 for two unnecessary roughness fouls in last week’s win over the #Vikings. He had an illegal blindside block that wiped out a pick-six.

It’s the second-highest fine in Clowney’s career. The veteran was hit with a $40,110 penalty for a roughing-the-passer call against then-Philadelphia Eagles quarterback Nick Foles in December 2018.

It’s also the eighth time in Clowney’s seven-year career the defensive end has received a fine from the league. Saturday’s penalty brings his total up to $151,677 forfeited, according to Spotrac.

The 2014 No. 1 overall draft pick signed a one-year, $13 million deal with the Titans this offseason after ESPN’s Jeremy Fowler

Insurance companies fined for overcharging Alberta motorists

September 29, 2020

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Alberta’s superintendent of insurance issued more than $1.5 million in fines against 16 auto insurance companies for overcharging motorists for coverage, but what hasn’t been revealed is how much extra money drivers had to pay.

The Insurance Bureau of Canada and several of the penalized companies say the money has already been refunded to drivers.

The TD Bank Group, which includes Primmum Insurance, Security National Insurance Company and TD Home and Auto Insurance, received $885,000 in fines, the highest amount among all of the companies that were penalized.

The TD Bank Group issued a statement to CBC News saying the overcharges were the result of a system error that affected some customers’ policies. The company says the error was disclosed to the superintendent of insurance and “all impacted current and past customers” were reimbursed with interest.

“We regret the inconvenience this may have caused some of our customers and have

Steelers’ Mike Hilton, Minkah Fitzpatrick fined for personal fouls called against Broncos

September 26, 2020

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