Cambridge Analytica is Shutting Down

Cambridge Analytica announced Wednesday that its parent group, SCL, has filed applications to begin insolvency proceedings in the UK and will be ceasing all operations. The political consulting firm is also planning to begin bankruptcy proceedings in the U.S.

The company reportedly made the decision because it was losing clients and has to pay soaring legal fees as a result of allegations that it improperly accessed Facebook data. read more »

Outdoor - Ad Firm Flags Risk of Bribery-Law Violations

Investigations of misappropriated funds at a Hong Kong-listed unit of Clear Channel Outdoor Holdings Inc. could lead to sanctions against it under the Foreign Corrupt Practices Act, a U.S. antibribery law.

The company is a publicly traded unit of  iHeartMedia Inc. It earlier said several employees of Clear Media Ltd., an indirect subsidiary listed on the Hong Kong Stock Exchange, are under investigation by Chinese police. read more »

SEC Files Subpoena Enforcement Action vs. ‘Jay-Z’ Shawn Carter

The SEC has filed a subpoena enforcement action against Shawn Carter seeking an order for him to comply with an investigation subpoena for his testimony, Bloomberg News reports. 

The SEC is investigating potential violations related to financial reporting of Iconix brand, which paid Jay-Z more than $200 million to acquire assets related to his Rocawear apparel brand. read more »

Fund says Wells Fargo unit worsened 'vol-mageddon' losses

A Chicago fund manager that suffered catastrophic losses in a market plunge this year has blamed the actions of its broker, a Wells Fargo & Co unit, according to court documents filed on Wednesday.

The allegations were spelled out in response to a March lawsuit by Wells Fargo Securities against fund manager LJM Partners Ltd.

The response to the Wells Fargo Securities lawsuit is LJM’s first detailed public explanation of why it was one of the biggest casualties of February’s “vol-mageddon,” the volatility-linked collapse of investments that had profited in calmer markets. read more »

TSB's middleware nightmare: Execs grilled on Total Sh*tshow at Bank

MPs slam bosses for failure to grasp reputational damage to UK online banking

The boss of TSB has insisted it carried out rigorous testing ahead of a systems migration that saw thousands without access to their accounts for over a week - but revealed he won't be getting a chunk of his bonus.

In a heated evidence session in front of the influential Treasury Committee, representatives from the bank were accused of failing to grasp the full scale and implications of the failure, and slammed for their tone-deaf approach in handling the outage and the hearing. read more »

Australia's largest bank forced to reveal it lost 20 million accounts

The Commonwealth Bank of Australia has been forced to reveal it lost the records of almost 20 million accounts and decided not to inform its customers, another blow to an institution already reeling from multiple scandals. read more »