OSC announces “no-contest” settlement program
The Ontario Securities Commission decided it will now settle enforcement proceedings in some cases without requiring admissions of fault (announced on March 11, 2014). This changes the OSC’s prior practice of generally requiring parties subject to enforcement to openly admit misconduct before the OSC would settle the enforcement proceeding. This remains the practice if the accused has committed fraud or other serious misconduct. But in other cases (explained in OSC Staff Notice 15-702), for example if a company self-reports a lesser compliance issue and pays necessary compensation, the OSC may resolve charges against the company without requiring it to say it did anything wrong. The final settlement must still be approved by an OSC hearing panel. The United States Securities ... [more] Full article
Air Cargo Conspiracy Fines and Class Action Settlements
A number of airlines from around the world have pleaded guilty to fixing various surcharges on air cargo shipments to and from Canada, and paid large fines and class action settlements. [more] Full article