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Financial Services, Insurance and Banking

Six Banks Pay $5.6 Billion in Fines for Foreign Exchange Manipulation
Richard Smallteacher
May 22nd, 2015

Six major international banks – Bank of America, Barclays, Citibank, JPMorgan Chase, Royal Bank of Scotland (RBS) and Union Bank of Switerland (UBS) – have agreed to pay $5.6 billion in fines for rigging global foreign exchange markets. Four of the six have pleaded guilty to criminal behavior, an unprecedented admission.


Wall Street protest 2010. Photo: Jens Schott Knudsen. Used under Creative Commons license

Pharmaceuticals

DaVita Pays $895 Million To Settle Kidney Treatment Fraud Claims
Richard Smallteacher
May 14th, 2015

DaVita, a company that provides health care to patients with kidney problems, has agreed to pay $495 million to settle whistleblower complaints that the company conspired to overcharge the U.S. government. This is in addition to the $400 million that the company had to pay out last year.

DaVita clinic in Berkeley. Photo: Pratap Chatterjee
Food and Agriculture

Australian “Free Range” Chicken Company Alleged To Use Exploited Labor
Pratap Chatterjee
May 11th, 2015

Baiada, one of Australia’s biggest poultry producers, has been accused of using labor contractors that under pay and exploit foreign visitors on temporary work permits. The company sells Steggles and Lilydale Free Range Chickens to supermarket and fast food chains like Aldi, Coles, KFC and Woolworths.

Photo: Nimal Skandhakumar. Used under Creative Commons license.
Energy

BP Sued By Mexican Fishing Businesses for Deepwater Horizon Spill
Richard Smallteacher
May 7th, 2015

British Petroleum (BP) has been sued by some 25,000 Mexican fishing businesses over the 2010 Deepwater Horizon disaster in the Gulf of Mexico. The company says it has paid $1.8 billion in compensation to U.S. businesses but has yet to offer money to those affected south of the border.

Pelican affected by Deepwater Horizon spill. Photo: Louisiana GOHSEP. Used under Creative Commons license.
Energy

Fishing Community Sues World Bank Over Tata Mundra Power Plant
Pratap Chatterjee
May 1st, 2015

An Indian fishing community is suing the World Bank in Washington DC over the environmental damage caused by a coal powered plant owned by Tata Power, the largest electricity company in India. The 4,150 megawatt plant is located in the port city of Mundra in Gujarat state.

Fisherman return from the sea in front of the Tata Mundra plant. Photo: Joe Athialy. Used under Creative Commons license
Financial Services, Insurance and Banking

Deutsche Bank Pays $2.5 Billion Fine For Interest Rate Rigging
Pratap Chatterjee
April 27th, 2015

Deutsche Bank has agreed to pay out a record $2.5 billion fine to settle U.K. and U.S. government investigations into allegations of fixing global interest rates, just months after six other banks paid out $4.3 billion on similar charges. Activists say that the banks should have faced criminal charges.

Deutsche Bank headquarters. Photo: gravitat-OFF. Used under Creative Commons license
Human Rights

Swedish Paper Manufacturing Giant Blacklisted for Child Labor Practices
Fatima Hansia
April 20th, 2015

Stora Enso – a Swedish paper manufacturing giant – has been blacklisted after investigations into its supply chain in Pakistan showed that the company was knowingly using child labor. In March, AP7, a major Swedish pension fund, sold off its $4.1 million stake in Stora.

A child laborer scavenging in Pakistan's waste dump. Photo: Nadir Burney. Used under Creative Commons license.
Financial Services, Insurance and Banking

Ernst & Young Pays $10 Million To Settle Lehman Brothers Audit Failure Lawsuit
Pratap Chatterjee
April 16th, 2015

Ernst & Young, one of the Big Four auditing firms, has agreed to pay a $10 million to New York state to settle a lawsuit for overlooking accounting gimmicks by Lehman Brothers, the defunct Wall Street bank. The scheme allowed Lehman to hide billions of dollars in bad deals.

Photo: AK Rockefeller. Used under Creative Commons license.
Retail & Mega-Stores

UNIQLO, Japanese Fast Fashion Label, Accused of Labor Violations
Mayu Chang
April 13th, 2015

Chinese factories in Dongguan and Guangzhou that supply UNIQLO - a “fast fashion” label owned by Fast Retailing Co. from Japan - have been accused of endangering their workers’ lives, according to a new report from Students and Scholars Against Corporate Misbehavior (SACOM), a Hong-Kong based labor rights group.

Uniqlo Store. Photo: raptor_cZn. Used under Creative Commmons license.