Who paid the Largest Criminal Fine in History and why?

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Who paid the Largest Criminal Fine in History - AllNewsStory

Do you know there are lots of businesses that have asked to pay millions or billions of capitals as criminal fines in the history? Individuals who are responsible for such misbehavior and environmental accidents are asked to pay a hefty amount. The criminal fine and compensation claim was stated in billions of dollars. In this article, we will discuss different companies that were involved in such environmental accidents. Therefore, stay with us to know who paid the largest criminal fine in history and why? 

1. TEPCO

Largest Criminal Fine in History and why- Tepco
FILE PHOTO: A worker puts up new logo of TEPCO Holdings and Tokyo Electric Power Company (TEPCO) Group on the wall ahead of the transition to a holding company system through a company split at the TEPCO headquarters in Tokyo, Japan, March 31, 2016. REUTERS/Masayuki Terazawa

You must be aware of the Fukushima nuclear disaster which happened in the year 2011. The critics have raised their voice at confusing government and inadequacy of preparation for the respective situation and plant operator response. As per the independent assessment arranged by the Japan government, it was declared that Fukushima was called a “profoundly man-made disaster.” The complete system failed in giving the safety regulations and making emergency planning.

In 2019, there was a single criminal case that was dismissed by a Japanese court. It was related to the carelessness of three former Tepco officials.

How much compensation claim was filed?

As per the records and history, people have been evicted from their homes as of radiation leaks. They have sentenced a compensation claim with the total amount of 5 trillion yen which is something near about £330 billion.

Why did this largest criminal fine happen in history?

  • The Japanese government has declared that Fukushima nuclear tragedy was completely intentional.
  • TEPCO has not worked according to the safety rules and regulations. 
  • TEPCO was not prepared for the tsunami and of which they must pay the largest criminal fine in history. 
  • As per the above-stated result, the victims because of the respective disaster have the complete right to sue the firm in the civil court. 
  • Some of the corporate offenses which will acquire civil and criminal fines are false statements, secret trading, bribery, and much more.

2. Bank of America

Largest Criminal Fine in History - Bank of America
RC1730 A logo sign outside of a facility occupied by Bank of America, in Baltimore, Maryland on January 11, 2019.

After the financial crisis happened in the year 2008, some new regulatory agencies were launched. There were some banks that were subjected to examine the business practices. The banks have made subprime loans to borrowers who were not in a condition to pay the amount back. This is the major reason for this respective crisis. As per the statement given by President Barrack Obama, the financial crisis was completely unethical, harmful, and dangerous. 

How much amount is been paid by Bank of America?

It was a heft amount of approximately $16.65 billion (£11 billion) which was paid in the year 2014 for the respective damage. JP Morgan has some amount to settle claims and it was in number as $13 billion (£8 billion). BNP Paribas has broken U.S sanctions against a few countries like Sudan, Iran, and Cuba and hence they paid the amount of $8.9 billion (£6.5 billion) for the respective cause.

Who paid the Largest Criminal Fine in History ?

3. B.P.

In late 2010, there was a significant marine oil disaster happened in history. As per the records, the business has paid an amount of £47 billion in compensation. 

4. V.W. affected by “Diesel Gate”

Diesel gate which is also as known as Volkswagen’s emissions scandal was the biggest corporate fine in history. They have an estimated cost of amount $34.9 billion which was filed in criminal and civil fines.

Here, we will conclude how the V.W paid the biggest criminal fine in us history:

  • V.W. has tried some factors like installing countermeasures to avoid pollution inspections.
  • Volkswagen has already declared felony and civil fines which were already paid by V.W.
  • People who have purchased 2-liter cars from the organization already got their payment from V.W which is about $5100 to $10000.

5. Facebook

 Largest Criminal Fine in History- Facebook

Yes, Facebook which is a well-known social media platform used nowadays was asked to pay about $5 billion as a fine for violating the user’s private content or privacy. This was the biggest criminal fine in us history for breaking the user’s privacy rules and agreement. As per the examination, F.T.C has conveyed the message that Facebook:

  • Tried to share the user information with some of the outsiders or outside programs.
  • The company has tried to use user cell phone numbers for other uses like advertising.
  • Facebook also tried to use the technologies like facial recognition.

6. Pfizer

Pfizer- AllNewsStory

This was one of the biggest criminal fines in us history. Another company that you must be eager to know that who paid the largest criminal fine in history and why? It is none other than Pfizer who has a criminal fine of $2.3 billion which is equal to (£1.7 billion). This is one of the biggest corporate fines in history which is the largest fraud settlement for the painkiller Bextra. This painkiller is withdrawn by the company in the year 2004. 

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