C‑39/18P, Commission v. Icap Management Services: The Rights of Defense in a Dissuasive Fining System

C‑39/18P, Commission v. Icap Management Services: The Rights of Defense in a Dissuasive Fining System

August 2019 CPI EU News Column edited by Thibault Schrepel, Sam Sadden & Jan Roth (CPI) presents: C‑39/18P, Commission v. Icap Management Services: The Rights of Defense in a Dissuasive Fining System By Godefroy de Moncuit (Business Law and New Technologies Center)1 Click here for a PDF version of the article   Summary On July 10, […]

US: British traders acquitted in LIBOR trial

US: British traders acquitted in LIBOR trial

A New York court has found three former London-based currency traders not guilty of manipulating benchmark foreign exchange rates. Chris Ashton, Rohan Ramchandani and, Richard Usher, who worked at Barclays, Citigroup and JPMorgan Chase respectively, were acquitted of all charges by a jury on October 26. US prosecutors announced the charges in January 2017, and […]

US: Ex-Deutsche Bank traders guilty in LIBOR-rigging trial

US: Ex-Deutsche Bank traders guilty in LIBOR-rigging trial

According to Bloomberg, two former traders at Deutsche Bank AG were convicted by a New York jury of conspiring to rig LIBOR—a key interest-rate benchmark—handing a victory to US prosecutors targeting behavior by individuals at financial institutions that have paid billions of dollars to settle government claims. On Wednesday, October 17, Matthew Connolly and Gavin […]

US: Ex-Deutsche traders want Libor case to focus on Bank not them

US: Ex-Deutsche traders want Libor case to focus on Bank not them

According to Bloomberg, former Deutsche Bank traders Matthew Connolly and Gavin Black want to shift the focus to Deutsche Bank at their trial on allegations they conspired to rig the LIBOR benchmark. The lawyers say the bank has been subject to so many US inquiries, for manipulating mortgage securities, interest-rate indexes, and precious-metals—not to mention […]

US: DOJ SocGen brass Ordered Libor rigging

US: DOJ SocGen brass Ordered Libor rigging

According to the Financial Times top executives at Société Générale ordered the bank’s manipulation of the US-dollar Libor interest rate sin 2015. Michel Péretié, the former head of corporate and investment banking, and Didier Valet, who recently resigned as deputy chief executive, allegedly directed the rate-rigging scheme, according to a Department of Justice letter to […]

UK: Watchdog fines ex-Deutsche Bank trader over Libor

UK: Watchdog fines ex-Deutsche Bank trader over Libor

Britain’s Financial Conduct Authority has fined ex-Deutsche Bank trader Guillaume Adolph £180,000 (US$249,000) for “improperly influencing” quotes used for the Libor interest rate benchmark and banned him from working in finance reported Bloomberg. Adolph is the latest in a string of traders who have been fined, banned or sent to prison because of their role […]

EU: General Court quashes ICAP fine in first Libor judgment

EU: General Court quashes ICAP fine in first Libor judgment

TP ICAP, the world’s largest interdealer broker, has been partially cleared by the Luxembourg-based General Court over allegations that it plotted with a cartel in the yen swaps markets to rig Libor, the mechanism used to set interest rates. In 2015, and after a long-running probe into rate manipulation, the European Commission fined ICAP €14.9 […]

US: Citigroup follows Barclays in settling US Libor rigging lawsuit

US: Citigroup follows Barclays in settling US Libor rigging lawsuit

Citibank agreed to a US$130 million settlement with a plaintiffs group of plaintiffs in the ongoing dollar Libor litigation Monday, according to plaintiffs’ counsel. The bank is the second in the sprawling suit to settle with so-called over-the-counter purchasers in the consolidated case before US District Judge Naomi Reice Buchwald of the Southern District of […]

UK: FCA chief sets deadline for LIBOR replacement

UK: FCA chief sets deadline for LIBOR replacement

The chief executive of the UK’s Financial Conduct Authority, Andrew Bailey, spoke on Thursday at an event in London saying that the currency exchange benchmark LIBOR will be replaced by the end of 2021. He said, “By having a date by which transition will need to be complete, however, we give market participants a schedule […]

US: JPMorgan and Deutsche Bank settle LIBOR allegations

US: JPMorgan and Deutsche Bank settle LIBOR allegations

On July 21, JPMorgan Chase & Co and Deutsche Bank AG agreed to pay US$71 million and US$77 million respectively to end private litigation claims of manipulation of the yen LIBOR and Euroyen TIBOR. The settlements are still subject to a judge’s approval, but follow similar settlements from Citigroup and HSBC last year. The settlements […]

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