RIM CEO Steps Down Amid Back-Dating Issue
RIM co-CEO Jim Balisillie will have to vacate his board seat and re-pay tens of millions of dollars in order to settle with the Canadian government over backdating of stock options. According to Reuters, Balsillie will have to pay a penalty of $4.1 million to the Ontario Securities Commission. Co-Chief Executive Mike Lazaridis will also pay a $1.2 million fine. Both men, and RIM's former CFO, Dennis Kavelman, will repay $31.25 million to the company as well as $24.48 million to cover the expense of the internal investigation conducted by RIM. Balsillie may not return to RIM for at least 12 months, though Lazaridis can stay.
Google Encouraging Android Pay Adoption with Donations
Google hopes the prospect of charitable giving will spur more people to use Android Pay for purchases during the holiday season. The company today said it will donate $1 for every Android Pay transaction between now and Dec.
ZTE Agrees to Pay Massive Fine to Settle Export Violations
ZTE today said it has agreed to pay the U.S. government significant financial penalties for exporting technology to Iran in violation of sanctions against the country.
Sprint and Verizon Fined Total of $158M to Settle Cramming Charges
The FCC today said Sprint and Verizon Wireless have agreed to pay $158 million to settle charges that they fraudulently charged customers for third-party services — a tactic referred to as cramming. Specifically, Sprint will pay a total of $68 million, $50 million of which will go back to customers, $14 million of which will go to state governments, and $2 million of which will go to the federal government.
Qualcomm Settles with SEC Over China Incentives
Qualcomm today agreed to pay the SEC a fine of $7.5 million to settle an investigation being conducted over potential Foreign Corrupt Practices Act (FCPA) violations. The SEC alleges that Qualcomm improperly gave state representatives of China financial benefits including travel, jobs, gifts, and event tickets.