Barclays

News & Analysis as of

UK Regulator Bans former Barclays Wealth Management Chief Operating Officer

The Financial Conduct Authority published a Final Notice banning Mr. Andrew James Tinney from the UK financial services industry. Mr. Tinney was the Global Chief Operating Officer of Barclays Wealth and Investment Management,...more

Your daily dose of financial news - The Brief – 9.21.16

Testifying before the Senate Banking Committee yesterday, Wells Fargo CEO John Stumpf admitted that the illegal sham-account-creation activity at the heart of its recent SEC fine may have begun earlier than first reported....more

Your daily dose of financial news - The Brief – 9.8.16

In a move anticipated over the past year or so, Caliber Home Loans—with PE Lone Star Funds’ backing—is making more loans to “borrowers with spotty credit histories.” A euphemism for subprime, by the way. That targeting has...more

Your daily dose of financial news - The Brief – 9.6.16

Dealbook gives us the story of Airgas, where founder Peter McCausland’s reticence to sell (despite serious shareholder pressure) resulted in a $5 billion windfall rather than the all-too-often result of a later sale for...more

Your daily dose of financial news - The Brief - 9.2.16

Turns out that the Anbang Insurance Group—the powerful Chinese insurer that’s made plenty of Brief appearances for its massive bids on US hotels, among others—really does live up to its air of mystery, with many of its...more

Your daily dose of financial news - The Brief – 8.30.16

And after all the sturm und drang surrounding the Hershey Trust and the Mondelez buyout offer over these past few months . . .  it’s over.  Mondelez announced yesterday that it’s no longer seeking to acquire the Hershey...more

Orrick's Financial Industry Week in Review

Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office...more

Bridging the Week - August 2016

FCM Agrees to Pay US $800,000 Fine to CFTC Because of US $1.1 Million in Erroneous Customer Exchange Fees Charges: Barclays Capital, Inc. agreed to pay a fine of US $800,000 to the Commodity Futures Trading Commission to...more

Orrick's Financial Industry Week In Review

Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office...more

The Often Ignored Importance of Antitrust Compliance (Part I of II)

If you ask any Chief Compliance Officer whether their compliance program includes antitrust laws, they will respond quickly and tell you – “Of course we do.” If you follow up you initial question and ask how do you ensure...more

Your daily dose of financial news - The Brief – 7.13.16

On Tuesday, the SEC announced that Citigroup would pay $7 million and admit that it submitted “inaccurate trade data” to the Commission over a period of 15 years in order to resolve claims that it left out “thousands of...more

CFTC Issues $560,000 Penalty for Inaccurate Large Trader Reporting of Swaps

On July 6, 2016, the Commodity Futures Trading Commission (“CFTC” or the “Commission”) fined Barclays Bank PLC (“Barclays”) $560,000 for inaccurate large trader reporting of swaps positions. This is the third and largest...more

Judgments

CoCos – Supreme Court decision in litigation between Lloyds and its noteholders - BNY Mellon Corporate Trustee Services Limited v. LBG Capital No 1 Plc and another [2016] UKSC 29 - June 2016 saw the publication...more

Your daily dose of financial news - The Brief – 7.11.16

A putative class action filed last week is accusing 25 prominent banks—including Deutsche Bank, Goldman Sachs, and Barclays—of “conspiring to rig the market for securities” sold by the US Treasury in their roles as primary...more

UK Court Finds Three Guilty of LIBOR Manipulation

The UK's Serious Fraud Office announced that Jonathan James Mathew, Jay Vijay Merchant and Alex Julian Pabon had been convicted by a jury at Southwark Crown Court of conspiracy to defraud for manipulation of the US Dollar...more

Your daily dose of financial news - The Brief – 7.5.16

Even with US markets shrugging off the Brexit [maybe?] by the end of last week, the effects of the split are FAR from over. One recent ripple: Standard Life Investments UK Real Estate mutual fund—which invests in high-end...more

US Board of Governors of the Federal Reserve System and US Federal Deposit Insurance Corporation Grant Extension to Four Foreign...

The Federal Reserve Board and the FDIC announced that they are giving four foreign banking organizations a one-year extension for the submission of their next US resolution plans. Barclays PLC, Credit Suisse Group, Deutsche...more

Your daily dose of financial news - The Brief – 6.29.16

Big financial firm stress test results are out from the Fed later today, and though all banks proved up to the task of reserving enough capital (as reported last Friday), the economic downturn simulation that’s part of round...more

Your daily dose of financial news - The Brief – 6.22.16

Elon Musk is curing what ails SolarCity by having his Tesla motors company buy it—a move he’s called “obvious” [though others disagree] but which will leave him personally exposed to margin calls if the stock price for the...more

Your daily dose of financial news The Brief – 5.24.16

Tribune’s not only given a hard “no” to Gannett, but it’s got some new firepower (and capital) on its side thanks to a $70.5 million investment by Nant Capital—a group “founded by Patrick Soon-Shiong, a billionaire who has...more

Australian Competition & Regulation Update - Misuse of Wholesale Electricity Market Power - US Class Action Proceeds

WHAT HAPPENED IN THE US? Class Action to proceed On 1 April 2016, a US District Court allowed a class action to proceed. The action was brought by Merced Irrigations District (Merced) against Barclays Bank PLC...more

Long-Awaited Decision is a Mixed Result for Litigants Battling FERC Enforcement Actions in Federal Court

Individuals and organizations litigating the imposition of civil penalties by the Federal Energy Regulatory Commission (“FERC” or “Commission”) under its anti-manipulation authority in federal court received another opinion...more

Orrick's Financial Industry Week in Review

ESMA Consults on Guidelines on Disclosure of Information on Commodity Derivatives Markets or Related Spot Markets under MAR - On March 30, the European Securities and Markets Authority ("ESMA") opened a public...more

Barclays and MassMutual Settle RMBS Litigation

On March 29, Barclays Capital Inc. and Massachusetts Mutual Life Insurance Co. jointly moved pursuant to a confidential settlement agreement for dismissal of an action brought by MassMutual. MassMutual brought claims under...more

Your daily dose of financial news The Brief – 4.6.16

Talk about a regulation with teeth. Within days of the Treasury Department announcing new rules meant to discourage corporate tax inversion deals, Pfizer and Allergan announced they were scrapping their planned $152 billion...more

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