News & Analysis as of

Section 1 Claims Dismissed in LIBOR, TIBOR Class Action

On March 28, 2014, Judge Daniels of the Southern District of New York dismissed antitrust and unjust enrichment claims against over 20 banks accused of manipulating prices in the Euroyen interbank lending market by submitting...more

Credit Crunch Digest -- September 2013

This issue of the Credit Crunch Digest focuses on JPMorgan’s $920 million “London Whale” settlement; interdealer broker fines for Libor manipulation; the European Union’s proposed regulations for Libor oversight; cost...more

ICAP Fined £14 Million by FCA

The FCA has fined broker ICAP Europe Ltd £14 million for misconduct regarding the London Interbank Offered Rate (LIBOR), according to the final notice published by the FCA on September 25. ICAP was found to be in...more

European Commission Proposes Measures to Restore Confidence in Benchmarks

On 18 September 2013, the European Commission (the Commission) published a draft proposal for a regulation on indices used as benchmarks in financial instruments and financial contracts (the Regulation). The Regulation will...more

Credit Crunch Digest -- June 2013

This issue of the Credit Crunch Digest focuses on new proposed Libor guidelines; a CFTC lawsuit against U.S. Bank stemming from Peregrine Financial’s fraud and collapse; a settlement between Citigroup and a large coalition of...more

U.K. Parliamentary Commission Report Offers Comprehensive Bank Governance Reforms

On June 19, the U.K. Parliamentary Commission on Banking Standards published a report titled “Changing Banking for Good.” ...more

Former Financial Trader Charged with Fraud in SFO LIBOR Investigation

As part of the continuing investigation by the UK’s Serious Fraud Office (SFO) into the manipulation of LIBOR, the City of London police charged former UBS and Citigroup trader Tom Hayes with eight counts of fraud on June 18....more

European Authorities Propose to Take Control of Libor from London

On June 6, the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) published their final report setting out principles for benchmark-setting processes in the EU (ESMA/2013/659)....more

Banking & Finance Litigation Update - Issue 65 (European Union)

In This Issue: - Domestic Banking - Domestic General - European Banking - European General - International Banking - International General - Press Releases - Case Law - Excerpt from...more

The Libor Scandal: What's Next?

The London Interbank Offered Rate (Libor) is calculated daily by the British Banking Association (BBA) and published by Thomson Reuters. The rates are calculated by surveying the interbank borrowing costs of a panel of banks...more

IOSCO Consultation Report on Financial Benchmarks

Background - As we have previously reported, a Task Force of the International Organization of Securities Commissions (“IOSCO”) published a consultation on financial benchmarks on 11 January 2013 in response, in part,...more

Credit Crunch Digest -- April 2013

This issue of the Credit Crunch Digest focuses on the dismissal of antitrust claims against major banks in Libor-related litigation; settlement in the Merrill Lynch/Bank of America merger case; settlement in the SAC Capital...more

Credit Crunch Digest -- March 2013

This issue of the Credit Crunch Digest focuses on developments in antitrust-based Libor claims against major banks; the status of European Union investigations into Libor manipulation; developments in IndyMac-related...more

February 2013: Libor Litigation Update

UBS and Barclays Acknowledge Making False Libor Submissions. Investigations into misconduct at UBS and Barclays have revealed pervasive corruption of the London Interbank Offered Rate (“Libor”), which provides a benchmark for...more

Orrick's Financial Industry Week In Review - February 11, 2013

In This Issue: *RMBS Litigation - Assured Wins $90 Million in Damages in RMBS Breach of Contract Trial - DOJ Brings Civil Fraud Action Against S&P - S&P Seeks Declaration That Credit Ratings Are Immune...more

RBS Fined £87.5 Million over LIBOR Rates

On February 6, the FSA issued a final notice to RBS imposing a fine of £87.5 million for misconduct in submitting rates for the calculation of LIBOR....more

RBS Fined £87.5 Million over LIBOR Rates

On February 6, the FSA issued a final notice to RBS imposing a fine of £87.5 million for misconduct in submitting rates for the calculation of LIBOR....more

Quadrophenia and Four Compliance Issues

This past weekend I saw the remaining members of The Who perform in their Quadrophenia Tour. While I had seen Roger Daltry perform the rock opera Tommy, I had never seen Pete Townsend in concert. To say I was blown away would...more

Orrick's Financial Industry Week in Review - January 7, 2013

In This Issue: *Financial Industry Developments - OCC Guidance on Transition Periods under Section 716 of the Dodd-Frank Act - CFTC Reporting of Swap Transactions and Swap Dealer Registration - Department...more

Financial Regulatory Update - December 2012

This newsletter highlights some of the key financial regulatory measures affecting the UK and EU during the period from 1 August to 14 December 2012. In This Issue: - Regulation of Banks and Investment...more

Orrick's Financial Industry Week In Review - December 17, 2012

In This Issue: *Financial Industry Developments - CFTC No-Action Relief for Securitizations from Commodity Pool Operator Registration - CFTC No-Action Relief for Mortgage REIT Operators from Commodity Pool...more

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