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July 20, 2010

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Alaska Annuity News

Three Samsung Executives Agree to Plead Guilty, Serve Jail Time

Three executives from Samsung Electronics Company Ltd., the world's largest manufacturer of a common computer component called dynamic random access memory (DRAM), have agreed to plead guilty and to serve jail time in the United States for participating in a global conspiracy to fix DRAM prices, the Department of Justice announced.

Four companies and 12 individuals have been charged and fines totaling more than $731 million have resulted from the Department's DRAM investigation. It is the second largest amount of fines ever collected by the Department of Justice from a single price-fixing conspiracy.

Each executive also has agreed to pay a $250,000 fine and to cooperate in the Antitrust Division's ongoing investigation of the DRAM industry. In agreeing to plead guilty, the executives have agreed not to contest the jurisdiction of the United States, so extradition will not be required. The pleas and sentences are subject to the approval of the U.S. District Court in San Francisco.

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Did You Know?

Employee Retirement Income Security Act (ERISA)
The federal law that establishes the basic requirements for employee benefit plans. The authority for administering and enforcing ERISA is divided among three federal agencies: The Internal Revenue Service (IRS), the Department of Labor (DOL), and the Pension Benefit Guaranty Corporation (PBGC).

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Annuity Lawyers.com Terms

Today's Terms

Option B

Definition:
Coverage, equal to up to 5 multiples of your annual basic rate of pay, that you can elect in addition to Basic insurance. Also called additional optional insurance.

Option A

Definition:
$10,000 in coverage that you can elect in addition to Basic insurance. Also called standard optional insurance.

Living Benefits

Definition:
Basic insurance benefits (full or partial) paid to you while you are still living, rather than paid to a beneficiary when you die. You must be terminally ill, with a life expectancy of 9 months or less, to qualify for a living benefit.

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Topics Related to Annuity:

Client Manipulation
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Unauthorized Transactions
Breach of Fiduciary Duty
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