Big Tech to tangle with Washington lawmakers in antitrust showdown

REUTERS

The CEOs of four of America’s largest tech firms will testify before the U.S. Congress on Wednesday in a hearing that promises a healthy dose of political theater, while also offering a window into the thinking of lawmakers trying to rein in Big Tech.

Facebook Inc’s Mark Zuckerberg, Amazon.com Inc’s Jeff Bezos, Alphabet Inc owned Google’s Sundar Pichai and Apple Inc’s Tim Cook - who together represent about $5 trillion of the U.S. economy - are set to speak before the House Judiciary Committee’s antitrust panel. read more »

AIG investment advisory unit to pay $40M to resolve SEC charges

REUTERS

The top U.S. markets regulator on Tuesday said VALIC Financial Advisors Inc, a unit of American International Group, has agreed to pay about $40 million for failing to disclose to teachers and other investors practices that generated millions for the firm.

The Houston-based firm failed to disclose that its parent company paid a for-profit entity owned by Florida K-12 teachers’ unions the firm’s services and failed to disclose it received millions in financial benefits from advisory mutual fund investments that were generally more expensive for clients than other options. read more »

$2.775 Million Settlement Of Medicaid Billing Fraud Case Against New York City And Computer Sciences Corporation

DOJ

The settlements resolved allegations brought by the United States and the State of New York that defendants knowingly failed to take reasonable measures to obtain private insurance coverage before billing Medicaid for early intervention program (“EIP”) services, such as speech and physical therapy, for young children.

These settlements arise from a whistleblower lawsuit filed under the qui tam provisions of the False Claims Act, which allow private persons – known as “relators” – to file civil actions on behalf of the United States and share in any recovery. read more »