Author: completebodyneeds

UBS was fined $125 million by U.S. regulators on Aug. 3 for violating the Bank Secrecy Act, the largest civil fine ever against a broker-dealer for violating the main U.S. anti-money laundering law. The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) said UBS Financial Services admitted to willfully violating the BSA by failing to implement and maintain an anti-money laundering program and by failing to file suspicious activity reports. Monday’s settlement reflected UBS’ status as a repeat offender, after the Swiss bank failed to address problems that led to a $14.5 million fine by FinCEN in December…

The New Jersey Department of Labor and Workforce Development (NJDOL) has reached a $2.7 million settlement with STG Logistics, Inc. and subsidiaries resolving allegations that the shipping and logistics companies misclassified hundreds of truck drivers as independent contractors in violation of the state’s labor laws. This settlement resolves the first lawsuit filed under New Jersey’s 2021 law that permits the state to file suit in New Jersey Superior Court against employers who have misclassified workers as independent contractors. NJDOL began investigating STG’s predecessor, XPO Logistics, in 2019, focusing on its facility in Newark. STG Logistics purchased XPO’s New Jersey intermodal…

A Florida appeals court has upheld a $103 million jury award against Ford Motor Co. after a modified Ford Mustang exploded in 2017, leaving the owner with severe burns over much of his body and the loss of his hands. The appeal was centered on the scope of a Florida legal doctrine that determines when product-defect lawsuits should be heard by a jury. It’s a doctrine that many manufacturers and insurers have long objected to. The 5th District Court of Appeal did not retry the case but focused on what the judges called Ford’s lawyers’ insufficient and misleading arguments in…

Specialty insurance platform DOXA announced it has acquired LimitFi, a platform for capital and credit-risk insurance products. Connecticut-based LimitFi specializes in default-risk transfer and alternative credit products including non-payment insurance. The platform connects banks and lenders seeking capital relief and …

Farmers Insurance filed an upgraded business insurance rating plan to expand commercial insurance coverage for business owners across the state and a rate hike of 15%. The plan, which incorporates elements from the Sustainable Insurance Strategy, includes coverage in in areas identified by the California Department of Insurance as wildfire distressed. Zurich in June filed a plan under the Sustainable Insurance Strategy, an effort by Insurance Commissioner Ricardo Lara and the California Department of Insurance to address the state’s insurance market crisis The Travelers Companies in April said it intends to expand its homeowners insurance offerings across California. Travelers notified…

Dallas Barber and Stylist College, Inc., which operates multiple barber and hair styling locations and instructional campuses in the Dallas metropolitan area, will pay significant monetary damages and provide other relief to settle a pregnancy discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC), the agency announced today. The EEOC’s suit charged that Dallas Barber rejected an applicant because of her pregnancy. The agency claimed that after the applicant satisfied the company’s skills test for the hair braider position she sought, the company’s owner learned that she was pregnant and rejected her. The owner allegedly told the applicant…

Michigan on Saturday joined Minnesota in reporting cyberattacks on nine of the state’s water systems but an official said all systems were operating “safely.” Earlier this week, authorities said cyberattacks targeted over 30 water systems in Minnesota. The source of the attacks is being investigated, but they came amid warnings that Iranian hackers have been focused on such systems. The reports in Michigan surfaced after the state received a federal cyber alert Tuesday about attempts to tamper with operational technology at water systems. Soon after, the state received “a small number of reports from Michigan communities indicating activity consistent with…

Two people have died in Michigan from the severe diarrhea-causing parasite that has sickened thousands across the US, according to the Centers for Disease Control and Prevention. Both had underlying health conditions, the agency said in a statement Monday. The cyclosporiasis infections and dehydration may have exacerbated their existing, significant health conditions, Michigan’s health department said in a statement. They’re the first deaths in a growing US outbreak of cyclosporiasis, a disease caused by eating food contaminated with a microscopic parasite. The CDC has recorded 6,707 infections across 45 states this year. State health departments have recorded even higher numbers…

Insurers are turning to catastrophe bonds to pass on historic levels of wildfire risk to the capital markets. Issuance of cat bonds that include exposure to wildfires has already soared to more than $5 billion so far this year, according to data published on Monday by industry specialist Artemis. That’s approaching the record amount sold during all of 2025, which was roughly double the level issued the previous year. Though the market remains dominated by California, insurers and investors interviewed by Bloomberg say Europe will inevitably need to explore ways to transfer wildfire risks to private investors. That’s as the…

The U.S. agency that enforces laws banning workplace discrimination moved to scrap a requirement that employers annually submit data on the race and sex of their workers, which since its adoption in the 1960s has been a cornerstone of civil rights enforcement. The Equal Employment Opportunity Commission, led by Republican appointees, voted 2-1 to publish a proposed rule that would end the practice, known as EEO-1 reporting, named for the forms that companies with 100 or more employees have been compelled to complete since 1966. The proposal would also eliminate similar reporting requirements for unions, state and local governments and…