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State Street Settles SEC Charges for Adding Undisclosed Markups on Client Expenses

The Securities and Exchange Commission today announced that State Street Bank and Trust Company has agreed to pay over $88 million to settle charges for overcharging mutual funds and other registered investment company clients for expenses related to the firm's custody of client assets. The overcharges included a secret markup that State Street tacked on to the cost of sending secured financial messages through the Society of Worldwide Interbank Financial Telecommunication (SWIFT) network. read more »

Federal government says it's owed part of Oklahoma’s $270 million opioid settlement

The federal government says it is entitled to a portion of a $270 million settlement the state reached with Purdue to end an opioid lawsuit.

Based on a preliminary review, “the federal government is entitled to a portion of that amount,” Bill Brooks of the Centers for Medicaid and CHIP Services said in a June 12 letter to Becky Pasternik-Ikard, Oklahoma Health Care Authority chief executive officer.

The federal government subsidizes a significant portion of the state’s Medicaid program. The Oklahoma Health Care Authority administers the program. read more »

Two Former Venezuelan Officials Charged and Two Businessmen Plead Guilty in Connection with Venezuela Bribery Scheme

A former Venezuelan government minister and a former officer at Venezuela’s state-owned and state-controlled electricity company, Corporación Eléctrica Nacional, S.A. (Corpoelec), were charged in an indictment returned today for their alleged roles in laundering the proceeds of violations of the Foreign Corrupt Practices Act in connection with their alleged receipt of bribes to award Corpoelec business to U.S.-based companies.  Today’s indictment follows the guilty pleas of two businessmen, earlier this week, for conspiring to violate the FCPA in connection with the corrupt payment scheme at Corpoelec. read more »

Baltimore Medical Center To Pay More Than $3 Million To Settle Federal False Claims Act Allegations

Anne Arundel Medical Center located in Annapolis, Maryland, has agreed to pay the United States $3,154,000 to settle allegations under the False Claims Act that it submitted false claims to Medicare for services that were not medically necessary.

The settlement resolves a lawsuit brought by Barbara McHenry, a former AAMC employee, under the qui tam, or whistleblower, provisions of the False Claims. As part of the settlement, the whistleblower will receive $473,100. read more »