Japanese panel faults regulators for nuclear disaster, EPA finalizes 2012 renewable fuel standards, cigarette label litigation, and much more.
- A investigatory body established by the Japanese government to study the Fukushima nuclear disaster published an interim report criticizing both TEPCO and Japanese regulators for underestimating the tsunami hazard and for poor communication that delayed many evacuation orders. See related essay in The Regulatory Review.
- The U.S. Court of Appeals for the Second Circuit has, at least for the moment, suspended trial court proceedings between Securities and Exchange Commission and Citigroup until at least January 17, 2012, while the appellate court decides whether to accept an appeal of Judge Rakoff’s decision to reject a settlement agreement reached by the two parties. See related essay in The Regulatory Review.
- Twenty-four attorneys general from various states filed an amicus brief supporting cigarette box labels recently approved by the FDA but challenged by tobacco companies on free speech grounds. See related The Regulatory Review essay.
- The EPA finalized its 2012 renewable fuels standards, which will require refiners to ensure a minimum of 9.23% of their sales are in renewable fuels such as ethanol or biodiesel.
- A federal judge blocked enforcement of California’s climate change regulation requiring greater use of low-carbon fuels.
- The Treasury Department proposed a rule that would impose fees on large banks in order to fund the new Federal Stability Oversight Council and other financial regulatory functions.
- Chinese dairy company Mengniu promised to improve scrutiny of its supply chain after government inspectors discovered carcinogens in one of its milk batches. See related essay in The Regulatory Review.
- The Justice Department is reportedly close to completing its investigation of the Deepwater Horizon oil spill, although prosecutors have apparently not yet decided whether to criminally prosecute BP employees. See related essay in The Regulatory Review.
- The Financial Industry Regulatory Authority fined Credit Suisse $1.75 million over alleged regulatory noncompliance related to its short sale orders.
- Deutsche Telekom, owner of T-Mobile, and its Hungarian unit, agreed to a $95 million settlement for bribery charges by the SEC, although without admitting any wrongdoing.
- Financial regulators extend comment period on the so-called Volcker rule until February 13, 2012.
