News for Brian Mahany


Cybersecurity Whistleblowers Are Growing Corporate Challenge

Cybersecurity Whistleblowers Are Growing Corporate Challenge

- The Wall Street Journal
Signals from the U.S. Securities and Exchange Commission over how seriously it takes cybersecurity, combined with a Supreme Court ruling on whistleblower protections, are putting pressure on companies to be more careful about how they deal with potential tipsters, lawyers say.
The securities regulator issued guidance in February on how companies should handle cybersecurity issues. In April it fined Altaba Inc., formerly Yahoo Inc., $35 million over its handling of a 2014 hack, marking the...

Whistleblowers Score a Big Payday -- Update

Whistleblowers Score a Big Payday -- Update

- The Wall Street Journal
There is a new winner in the biggest bank settlement to come out of the financial crisis: whistleblowers.
Four whistleblowers will collect a total of more than $170 million for helping investigators get a record $16.65 billion penalty against Bank of America Corp., among the biggest such payouts to tipsters in history.
The payments, to three individuals and a small New Jersey mortgage company, are in exchange for the whistleblowers' cooperation in a probe into Bank of America's...

Bank of America to Pay $17 Billion in Justice Department Settlement

Bank of America to Pay $17 Billion in Justice Department Settlement

Deal with Justice Department could be announced as early as Thursday.

- The Wall Street Journal
Bank of America Corp. is expected to pay nearly $17 billion to settle U.S. Department of Justice accusations it packaged shoddy mortgages into securities and sold them to investors in the run-up to the financial crisis, according to a person familiar with the negotiations.
The agreement, which could come as early as Thursday, would mark the biggest settlement between the U.S. government and a single company. The roughly $17 billion will be a combination of cash and consumer aid – an...

Former Employee Sues Vanguard, Alleges False Tax Filing

Former Employee Sues Vanguard, Alleges False Tax Filing

Mutual-Fund Company Says Case Is Without Merit, Will Defend Matter Vigorously

- The Wall Street Journal
A former employee of Vanguard Group Inc. has sued the mutual-fund company in New York, saying it has avoided paying federal and state taxes and sheltered hundreds of millions of dollars annually.
The civil suit, unsealed in the Supreme Court of New York on Friday, accuses the Malvern, Pa.-based firm of operating an illegal tax shelter for nearly 40 years, thus avoiding $1 billion of U.S. federal income tax and at least $20 million of New York tax over the last 10 years, according to a...

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