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BNP Paribas

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Several members of healthcare hedge fund Deerfield Mgmt have been implicated in an insider-trading case over the alleged use of confidential information about gov’t financing to trade shares in affected health care companies....more

Members of the Shari'ah Board - religious scholars or lawyers?

by DLA Piper on

Golden Belt v BNP Paribas (Golden Belt) is perhaps the most high profile English case on Islamic Finance for more than a decade. In it the High Court will be asked to determine an issue which has potentially enormous...more

Recent cases on standby letters of credit – does the issuing bank have to pay?

by Dentons on

Late 2016 saw three English court rulings on whether issuing banks were obliged to pay against what, on their face, appeared to be complying demands under standby letters of credit (SBLCs). These cases were...more

A wealth of recent unfair dismissal decisions

by Dentons on

Seasonal businesses can have a tough time if they try to sell ice cream in the UK in the winter or turkeys in the middle of summer. Conversely, when seasonal businesses are at peak time, employees and businesses are faced...more

Deciding fair value under pre-emption provisions in a company's articles

by Dentons on

A recent High Court decision involved interpreting the pre-emption provisions in a company's articles. In particular, the court had to consider the basis on which the appointed accountants should value the shares which the...more

Real News – Winter Edition 2015/16

by DLA Piper on

IN THIS EDITION - Ben Barrison reports on the long awaited Supreme Court’s decision in the case of Marks & Spencer plc v BNP Paribas Securities Services Trust Company (Jersey) Limited (pg 03); We dedicate two...more

The UK Supreme Court Clarifies The Test For Implying A Term In To A Contract Is A Stringent Test And Has Not Been Diluted

by Allen & Overy LLP on

Marks and Spencer plc v BNP Paribas Securities Services Trust Company (Jersey) Limited and anor [2015] UKSC 72 - This morning the UK Supreme Court handed down its much anticipated judgment in the case cited above. The...more

M&S v. BNP Paribas - Simply no implied apportionment

by Dentons on

The Supreme Court has handed down judgment in the seminal M&S v. BNP Paribas case....more

International Trade Alert: Iranian sanctions and a new Office of Financial Sanctions Implementation

by DLA Piper on

Under the terms of the agreement, EU and US sanctions relief will be provided through the suspension and eventual termination of sanctions measures, beginning only if and when the International Atomic Energy Agency verifies...more

Bridging the Week - August 2015 #5

Charles Schwab Fined US $2 Million by FINRA for Net Capital Deficiencies: Charles Schwab & Co. agreed to pay US $2 million to the Financial Industry Regulatory Authority to resolve allegations that it had net capital...more

Bank of America Settles RMBS Suit

On April 2, 2015, plaintiffs BNP Paribas Mortgage Corporation and BNP Paribas and defendant Bank of America filed a Joint Stipulation of Dismissal with Prejudice stating that both parties had reached an agreement to settle...more

Commerzbank’s Settlement — The Government’s Frustration Boils Over (Part I of III)

by Michael Volkov on

Global banks are caught in US prosecutor’s cross hairs. Not only do they have to worry about basic AML compliance and enforcement, they now have major risks in sanctions compliance. For some inexplicable reasons, global...more

Bitcoin Game Changer?

Former Goldman Sachs, Morgan Stanley, BNP Paribas and Societe Generale bankers have announced a new futures and options derivatives-trading platform for bitcoin. The derivatives, tied to the price of bitcoin, will enable...more

Know the Risks: Domestic and International Compliance

by Foley & Lardner LLP on

The penalties for compliance missteps have never been higher — particularly in the international regulatory context. As the record-setting penalties against BNP Paribas (nearly $9 billion in penalties for violations of...more

False Claims Act: 2014 Year In Review

In what is becoming an annual refrain, 2014 marked another year of robust False Claims Act (FCA) enforcement by the U.S. Department of Justice (DOJ) and mushrooming qui tam lawsuits by whistleblowers. Indeed, fiscal year 2014...more

Financial Institutions and a Lack of Ethics

by Michael Volkov on

If there is one industry that needs an ethics overhaul, it has to be the financial industry. The list of transgressions continues to grow – AML/sanctions, LIBOR, Foreign Exchange Currency Cartels and Market Manipulations,...more

Alien Tort Case Development: The Second Circuit Assesses the Appropriate Focus of Jurisdictional Inquiries

On October 23, the Second Circuit Court of Appeals issued a decision in Mastafa v. Chevron Corp., a case filed against Chevron Corp. and BNP Paribas pursuant to the Alien Tort Statute (“ATS”). The court upheld the District...more

DOJ’s Marshall Miller: You’re All FCPA Lawyers Now

by Brooks Pierce on

Marshall Miller, the Justice Department’s principal Deputy Assistant Attorney General for the Criminal Division, has been heating up the compliance conference circuit in recent weeks. On September 17th, it was the Global...more

The Justice Department and Individual Criminal Prosecutions

by Michael Volkov on

Recently, Attorney General Holder and DAAG Marshall Miller from the Criminal Division delivered important speeches on the Justice Department’s initiative to increase individual criminal prosecutions....more

Red Notice Newsletter - July 2014

Welcome to the July 2014 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. This month on the anticorruption front, two Noble Corporation executives settle with the U.S. Securities and Exchange...more

BNP: A Window Into A Systemic Compliance Breakdown

by Michael Volkov on

BNP Paribas’ recent settlement of nearly $9 billion for violating US Sanctions against Sudan, Iran and other countries is another important achievement for the US Attorney’s Office in the Southern District of New York and the...more

It’s Not Rocket Science: Taking the Steps Necessary to Avoid Costly Sanctions Violations

by Baker Donelson on

The $963 million settlement OFAC recently reached with French banking giant BNP Paribas SA (BNP) was both the largest OFAC settlement to date and represents only a small fraction of the nearly $9 billion in total fines...more

BNP Paribas Agrees to Record Penalty for Violating US Sanctions Laws

by Dechert LLP on

On June 30, 2014, BNP Paribas SA (“BNPP”), the largest bank in France, pled guilty to conspiring to violate U.S. sanctions laws and agreed to pay a total of nearly $8.9 billion in criminal forfeiture and penalties to the U.S....more

BNP Paribas and La Résistance: Why Compliance is not Capitulation and Cooperation Could Save an Economy

I will start by saying I am a proud Francophile. I love many things about French culture; from the just-right draw of their espresso (sorry, Italy, that ristretto is just too short and bitter) to the sacrosanct treatment of...more

AML Compliance: The Four Pillars

by Michael Volkov on

With all the attention to Anti-Money Laundering and Bank Secrecy Act enforcement, I thought it would be a good time to review some basic AML ethics and compliance principles....more

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