In This Issue:
- Industry Scorecard
- Case Development – Supreme Court Declines to Hear Foreign Trade Antitrust Improvements Act Appeal
- The Impact of the AU Optronics Corp. Convictions
Excerpt from Industry Scorecard
Financial: While class action lawsuits have been pending in the Southern District of New York regarding alleged manipulation of interest rate benchmarks, evidence of a rumored parallel criminal investigation finally emerged. Class action plaintiffs had filed discovery requests that the civil defendants turn over any information supplied to the government as part of an investigation. The Justice Department appears to have confirmed that it is conducting an investigation of the Libor rates associated with several foreign currencies. Some large banks had previously advised they received subpoenas regarding their practices related to the Libor; others, like Barclays and Royal Bank of Scotland, mentioned multiple information requests from regulators in the United States, Europe, and Asia in their annual reports. The banks have also indicated they are defending the investigations and any claims that may arise. Like many recent antitrust investigations, it appears that European and Asian regulators are also looking at whether banks artificially deflated interest rate benchmarks by agreeing to submit misleading information regarding their financial strength....
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