Libor

News & Analysis as of

Financial Regulatory Developments (FReD)

Headlines - Commission urges EP to accept MLD 4, ESMA consults on knowledge and competence guidelines, EU Court judges on plain and intelligible language, FCA fines Deutsche Bank £227 million for IBOR failings and misleading...more

Financial Regulatory Developments Focus - April 2015 #4

In this issue: - Federal Deposit Insurance Corporation Seeks Comment on Potential New Deposit Account Records Requirements for Banks with a Large Number of Deposit Accounts - Basel Committee Removes Selected...more

DOJ and International Investment Bank Enter Into Plea Agreement to Resolve LIBOR Manipulation Claims, Bank Agrees to Pay $2.5...

On April 23, the DOJ announced that an international investment bank and its subsidiary agreed to plead guilty to wire fraud for its alleged conduct, spanning from 2003 through 2011, in manipulating the London Interbank...more

Deutsche Bank Settles LIBOR Charges With FCA, DOJ, CFTC, NY State

Deutsche Bank paid $2.519 billion in fines and disgorgement, a subsidiary pleaded guilty to criminal charges and the parent entered into a three year deferred prosecution agreement which requires a monitor to resolve charges...more

Lessons of the Deutsche Bank Story

Deutsche Bank, a German lender agreed to plead guilty and pay $2.5 billion to settle with regulators in the United States and the United Kingdom in connection with criminal charges that it rigged and manipulated the London...more

Credit Crunch Digest - March 2015

This issue of the Credit Crunch Digest focuses on recent developments in criminal Libor manipulation actions; a significant victory for several large banks facing RMBS-related claims; the U.K. Serious Fraud Office’s probe of...more

Credit Crunch Digest - February 2015

This issue of the Credit Crunch Digest focuses on a €15 million fine imposed on ICAP for aiding the manipulating of the Japanese yen Libor; pressure from departing U.S. Attorney General Holder for U.S. prosecutors to bring...more

Benchmarks: Agreement Reached on ECON Committee

On March 31, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) adopted its report on benchmarks. Key issues include: The Economic and Monetary Affairs Committee backed a draft EU law to make the...more

An Eerie Silence

There’s an eerie silence in the world of fraud prosecutions in the UK. A Libor trial is about to start, a FCA land banking prosecution is on trial at Southwark, but with reporting restrictions, and a couple of weeks ago David...more

US Supreme Court Clarifies Appellate Rights in Multi-District Litigation Proceedings

In Gelboim v. Bank of America, the Supreme Court of the United States clarified the appellate rights of litigants in Multi-District Litigation. The Court's ruling in January expands the availability of appeal as an option to...more

Financial Services Regulation: Exchange International Newsletter - Issue 25 - February 2015

DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-fifth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in the...more

Bridging the Week - February 2015 #2

Industry Watchdogs Warn Brokers and Advisory Firms on Cybersecurity Threats - Both the Securities and Exchange Commission and the Financial Industry Regulatory Authority published observations of their review of...more

Credit Crunch Digest - January 2015

In This Issue: - Libor and Foreign Exchange Litigation - Litigation and Regulatory Investigations - Government and Regulatory Intervention - Excerpt from Libor and Foreign Exchange...more

Motion to Dismiss Denied in FX Rigging Case

A federal judge in New York on Wednesday allowed a consolidated class action by U.S.-based investors concerning the rigging of the foreign exchange (FX) market to move forward. In denying a motion to dismiss, U.S. District...more

If A Case Is Part Of An MDL Proceeding, When Can A Dismissal Of That Case Be Appealed?

Last week, the U.S. Supreme Court decided an interesting appellate issue involving a case that was part of an MDL proceeding. In Gelboim v. Bank of America Corp., the plaintiffs brought a class action alleging a federal...more

"United Kingdom: The SFO Focuses on Corporate Fraud and Corruption"

Once the subject of speculation regarding its possible consolidation with other agencies, the Serious Fraud Office (SFO) had an exceedingly busy 2014, with all signs suggesting that it will continue its aggressive enforcement...more

Financial Regulatory Developments Focus - January 2015 #3

In this issue: - US Office of the Comptroller of the Currency Releases Community Reinvestment Act Evaluations - Amendment to Regulation on Supervisory Reporting of Institutions on Asset Encumbrance, Single Data...more

U.S. Supreme Court Clarifies Timing for Appeal of Individual Case Dismissed Within Consolidated Multidistrict Litigation...

On January 21, 2015, the U.S. Supreme Court issued its decision in Gelboim v. Bank of America Corp., No. 13-1174, a case involving the timing for an appeal of an individual case that has been dismissed within a consolidated...more

Supreme Court Revives LIBOR Antitrust Appeal in Gelboim et al. v. Bank of America Corp. et al.

On January 21, 2015, the Supreme Court of the United States issued a highly anticipated decision in a LIBOR-based antitrust class action suit allowing a plaintiff to immediately take a direct appeal from an order dismissing...more

Supreme Court Update: T-Mobile V. City Of Roswell (13-975), Hana Financial, Inc. V. Hana Bank (13-1211), Gelboim V. Bank Of...

Greetings, Court Fans! What began as a trickle of decisions from the Court's October sitting has swiftly burgeoned into a flood. Yesterday, the Court announced decisions in three more cases, on top of the three decisions...more

FCA to Regulate Seven Additional Financial Benchmarks

On December 22, 2014, the UK Financial Conduct Authority (FCA) issued a consultation paper with respect to extending the FCA’s regulation of the London Interbank Offered Rate (LIBOR) benchmark to seven additional major...more

Credit Crunch Digest - December 2014

This issue of the Credit Crunch Digest focuses on Libor civil penalties; three former ICAP brokers pleading not guilty to criminal Libor charges; a large whistle-blower award to a former Countrywide Financial Corp. executive;...more

Financial Institutions and a Lack of Ethics

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

Credit Crunch Digest - October 2014

This issue of the Credit Crunch Digest focuses on estimated Forex-related fines and exposure; requests by U.K. authorities for additional funding to investigate rate-rigging and Forex manipulation; a guilty plea in connection...more

Credit Crunch Digest - November 2014

This issue of the Credit Crunch Digest focuses on recent forex settlement agreements; rate-swapping claims in a Libor consolidated action; Bank of Tokyo’s $315 million settlement with the New York Department of Financial...more

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