Boeing agrees to pay $2.5B+ to settle criminal fraud charges over 737 MAX

SEATTLE TIMES

Boeing has agreed with the U.S. government to pay more than $2.5 billion to defer prosecution and resolve a charge of “criminal misconduct” in its certification of the 737 MAX, the Department of Justice announced Thursday.

Of that amount, only $243.6 million, less than 10%, is a fine for the criminal conduct, “which reflects a fine at the low end” of the sentencing guidelines, the court agreement states.

And Boeing commits to pay an additional $500 million in compensation to the families of the MAX crash victims. read more »

SEC mulls expanding ongoing cases after law change

Reuters

The U.S. Securities and Exchange Commission is considering whether a new law that lets the agency claw back profits from decade-old schemes should be used to expand claims in a case brought two years ago, a lawyer for the agency said in Brooklyn federal court on Wednesday.

SEC Senior Trial Counsel Kevin McGrath told U.S. Magistrate Judge Vera M. Scanlon that the agency is still reviewing the law which took effect days ago, extending what had been a five-year statute of limitations for the SEC to seek disgorgement to ten years. McGrath said the law, which applies to ongoing cases, could potentially be used to expand allegations in the case against three people accused of defrauding investors in an oil technology company. read more »

Deutsche Bank Is Said to Agree to Pay $100 Million Over Bribery Violations

NY TIMES

Federal prosecutors are expected to announce that Deutsche Bank violated anti-bribery laws as it tried to win business in places like China, according to a person familiar with the matter.

Deutsche Bank is expected to agree to pay more than $100 million to settle the charges and to enter into a so-called deferred prosecution agreement in Brooklyn federal court on Friday, said the person, who spoke on the condition of anonymity because the agreement had not been announced.

Such an agreement would be the latest black eye for Deutsche Bank, which has been repeatedly penalized in recent years for its involvement with money laundering and for violating international sanctions. read more »