US: 5 more banks settle forex claims

US: 5 more banks settle forex claims

On July 28 in the US District Court in Manhattan, preliminary settlements were filed as Morgan Stanley, Royal Bank of Canada, Societe Generale, Standard Chartered Plc and Bank of Tokyo-Mitsubishi UFJ settle claims accusing them of having manipulated the foreign exchange market. Friday’s settlements still need a judge’s approval, but if approved mean that 14 […]

US: 11 banks must face class action

US: 11 banks must face class action

On July 28, US District Judge Paul Engelmayer in Manhattan ruled that 11 of the 12 banks named in a lawsuit must defend against claims that they boycotted three electronic platforms for swaps trade with the intention of ruining them. The banks are facing an antitrust lawsuit claiming that they colluded to rig the US$275 […]

Japan: Regulator concerns delay bank merger

Japan: Regulator concerns delay bank merger

Two of southwestern Japan’s regional banks will probably delay their merger since they have failed to address antitrust regulators’ concerns. An official announcement is expected from Fukuoka Financial Group and Eighteenth Bank as early as next week after they finalize the details. The banks are abandoning a clear timetable because they now realize a long […]

US: BNP Paribas fined US$246m

US: BNP Paribas fined US$246m

The Federal Reserve announced on Monday that it was fining BNP Paribas US$246 million for “unsafe and unsound” practices in its foreign exchange markets. The regulator said it found deficiencies in the bank’s oversight and internal controls of its traders, and in particular failed to detect and address traders’ use of chatrooms to talk with […]

US: Judge dismisses most of Euribor-rigging lawsuit

US: Judge dismisses most of Euribor-rigging lawsuit

A US judge on Tuesday dismissed most of an investor lawsuit accusing several major banks of conspiring to manipulate the benchmark European Interbank Offered Rate, or Euribor, and related derivatives. In a 100-page decision, US District Judge Kevin Castel in Manhattan said several claims in the proposed class action must fail because of a lack […]

Competition Policy in Consumer Financial Services: The Disparate Regulation of Online Marketplace Lenders and Banks

Thomas P. Brown and Molly E. Swartz, March 20, 2016 In October 2014, Washington D.C. City Council passed legislation that effectively allowed Uber to operate in the District. David Plouffe, formerly an advisor to the President and now an executive with Uber, greeted the new legislation with the following observation: Obviously what we’re doing doesn’t […]

DEC-08(1)

In this issue: Antitrust in Times of Economic Crisis: A Global Perspective George Addy, Anita Banicevic, Mark Katz, Dec 15, 2008 Antitrust Legislation and Policy in a Global Economic Crisis—A Canadian Perspective To date, the approach of antitrust agencies has been anything but uniform. In Canada, the Competition Bureau has been silent on its views […]

CPI(7)2

In this issue, CPI examines the intersection of antitrust and financial regulation. Letter from the Editor David Evans, Dec 22, 2011 Letter from the Editor – Fall 2011 What is antitrust’s role in financial regulation after the financial crisis? (David S. Evans) Antitrust, State Aid, and Financial Regulation Gert-Jan Koopman, Dec 22, 2011 Stability and […]

Recent Successes of Screens for Conspiracies and Manipulations: Why Are There Still Skeptics?

This article is part of a Chronicle. See more from this Chronicle Rosa Abrantes-Metz, Oct 29, 2014 A veritable “who’s who” of high profile financial benchmarks has been under investigation for years now, and likely for years to come. The first was USD LIBOR. In 2008 two Wall Street Journal articles reported possible manipulation intended […]

EU State Aid and the Financial Sector – Is the Crisis Over Yet?

This article is part of a Chronicle. See more from this Chronicle Andreas von Bonin, May 28, 2014 According to Commissioner Almunia, the European Union will be faced with a transition period over the next few years before a fully functioning EU Banking Union enters into force. For this period, the Commission has adopted a new […]

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