Apple fined by South Korean regulator following 'Locationgate' scandal

By on August 3, 2011 at 10:35 AM.

Apple fined by South Korean regulator following 'Locationgate' scandal

Apple has been fined by South Korea’s telecommunications regulator following the “Locationgate” scandal that caused public outrage earlier this year, Dow Jones reports. This marks the second time Apple has had to pay penalties resulting from the iOS location-tracking snafu. A South Korean lawyer sued Apple and was awarded $1 million won, or approximately $945 at the time, by a court this past June. It was discovered in April that the iPhone and some iPad models were secretly tracking users and storing their locations in a local file. Apple determined that a software bug was responsible for the collection of location data, and it promptly issued a fix. The damage had already been done, however, and lawsuits were filed. Apple’s prompt attention to the matter likely limited the damage, and Wednesday’s fine levied by the Korea Communications Commission is the first penalty we’ve seen issued by a regulatory body. So what’s the damage this time around? $3 million won, or approximately $2,829. More →

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Regulators could possibly fine RIM co-CEOs up to $100 million CDN for role in decade old stock controversy

By on January 22, 2009 at 4:14 PM.

Regulators could possibly fine RIM co-CEOs up to $100 million CDN for role in decade old stock controversy

Um, wow. Just wow. Remember how Mike Lazaridis and Jim Balsillie, the co-CEOs of RIM, got in trouble all the way back in 2006 after being busted for stock options backdating? They had apparently been doing it since 1996 and it eventually led to Balsille steping down as Chairman. The Ontario Securities Commission apparently remembers the incident well, and boy does it ever seem like it’s out for blood now. A report today from Canada’s The Globe and Mail said that the OSC is seeking up to a $100 million CDN ($79.48 million USD) fine for the co-CEOs. Apparently Balsillie is the one that should be the most worried as he’s facing the bulk of the fine, but the OSC is also alleged to be pushing for him to step down from his role on the board of directors for an unspecified period of time. Lazaridis, who is of course the big brains behind the famous BlackBerry devices the company makes, would likely only have to pay a small portion of the fine. During the investigation into the matter, both Balsillie and Lazardis paid approximately $7.5 million CDN for legal costs so that RIM itself would not be financially burdened for their wrongdoings. By now you’re probably wondering, “Wow! How much did they make through backdating options?” About $2 million CDN each. [Insert crime doesn’t pay remark here]

Thanks, Dani!

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