In this infographic, Visual Capitalist’s Marcus Lu details four of the biggest corporate fines handed out in 2024 (as of October 2024).
Companies from different industries are included here, from banks to engine manufacturers.
Multi-Billion Dollar Fines
2024 has been a standout year when it comes to government crackdowns on businesses, especially in the U.S.
TD Bank
First is TD Bank, which was hit with a record-breaking $3 billion fine for violating the Bank Secrecy Act and committing money laundering. Part of this fine includes $1.3 billion to the U.S. Treasury Department’s Financial Crimes Enforcement Network.
TD Bank admitted to allowing three separate money-laundering networks to transfer over $670 million over a six-year period. In addition to its monetary fines, the bank will be subject to three years of monitoring and five years of probation.
Cummins
The next multi-billion dollar fine was handed out to Cummins, an American manufacturer of diesel engines. Similar to Volkswagen’s Dieselgate scandal, Cummins was found guilty of installing devices that tricked emissions control systems.
Cummins was hit with a $1.675 billion fine, the largest civil penalty in the history of America’s Clean Air Act. It must also fund a recall program at an estimated cost of $330 million.
Apple
In third spot is Apple, which was fined nearly $2 billion in the EU for anticompetitive practices. The iPhone maker was found guilty of restricting app developers from informing users about cheaper alternatives to its Apple Music streaming platform.
This fine is the result of a complaint filed by Spotify, which noted that competitors were required to pay a 30% fee on purchases made through Apple’s in-app payment system (this fee did not apply to Apple’s own music service).
During the investigation, it was determined that European consumers did not have “a free choice as to where, how and at what prices to buy music streaming subscriptions.”
If you enjoyed this post, check out the latest data on EU data protection fines on Voronoi, the new app from Visual Capitalist.
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