$25 billion foreclosure settlement announced
Five big banks punished for illegal lending practices.
Video: Banks begin paying victims of foreclosure abuse
Banks and mortgage companies have begun sending checks as part of a settlement with the government to compensate borrowers harmed by practices including excessive foreclosure fees and forged documents. Wyatt Andrews reports.
Found 1 month ago on channel CBS
Google’s Android Target of New Antitrust Complaint
BRUSSELS — A group of companies led by Microsoft have called on European authorities to launch an antitrust investigation into Google‘s dominance of mobile Internet usage on smartphones. The “FairSearch” initiative of 17 companies — which includes Microsoft, Nokia, and Oracle — claims Google is acting unfairly by giving away its Android operating system to mobile device companies on the condition that the U.S. online giant’s own software applications like YouTube and Google Maps are installed and prominently displayed. “Google is using its Android mobile operating system as a Trojan horse to deceive partners, monopolize the mobile marketplace, and control consumer data,” said Thomas Vinje, the group’s Brussels-based lawyer. (MORE: Was Instagram Really Worth $1 Billion?) Android operating systems are installed on about 70 percent of new smartphones, according to analyst estimates, handing Google the largest market share worldwide, followed by Apple‘s iOS platform. Systems ...
United States: Are Confidential AND Enforceable FLSA Settlements On The Horizon? - Foley & Lardner
For many years, the traditional practice has been that settlements of claims brought, and waivers of claims arising, under the FLSA required approval either from the Department of Labor or a court.
Found more than 1 month ago on channel Mondaq
Did Google Get Off Easy With $7 Million ‘Wi-Spy’ Settlement?
Seven million dollars. That’s how much Internet giant Google will pay to settle a multi-year investigation into its controversial “Wi-Spy” data collection practices. The furor erupted in 2010 when Google disclosed that it had collected Wi-Fi data from unsecured wireless networks as its “Street View” vehicles crawled major cities worldwide, photographing buildings for a ground-level view on Google Maps. On Tuesday, Google agreed to pay $7 million to 38 states and the District of Columbia to settle the matter. To put that in perspective, Google generated revenue of about $50 billion last year, or nearly $6 million per hour. Big Internet companies like Google and Facebook frequently push the boundaries of user privacy. But the “Wi-Spy” case was particularly alarming to consumer advocates, because it raised the specter of Google’s “Street View” cars — which had already raised privacy concerns — roaming around major cities vacuuming up personal data, including snippets ...
Ernst & Young Pays $123 Million to Settle With U.S. Over Tax Shelters
The Big Four accounting firm also agreed to permanent restrictions on its tax practice as part of the settlement, tied to fraudulent tax shelters more than a decade ago.