Libor

News & Analysis as of

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

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

DOJ Criminal Cartel Enforcement: Six-Month Summary

This is the first in what we expect to be a series of updates on DOJ criminal actions in the cartel area. Here, we look at highlights over the last six months in the DOJ’s investigations of the auto parts industry, LIBOR, and...more

FCA Enforcement Performance: Part 2 – The Forex Effect

Only a couple of weeks ago I was commenting on a NERA report that had found that in the period between April 2012 and October 2014 the FCA had imposed fines of over £1bn, in sharp contrast to the preceding decade during which...more

IBA Publishes Position Paper on LIBOR

On October 20, ICE Benchmark Administration Limited (IBA) published a position paper on the evolution of the London Interbank Offered Rate (LIBOR) (also known as ICE LIBOR)....more

What Price Market Integrity? The Various “Benchmark Reviews”

When the LIBOR scandal first came to light, governments and regulators quickly took the view that “something had to be done” about pricing indices (Benchmarks). Since that moment, the FX scandal and further investigations...more

Second Circuit Aluminum Warehousing Appeal Halted Until SCOTUS Weighs In

On October 23, 2014, the Second Circuit agreed to hold an appeal in abeyance until the U.S. Supreme Court rules on an issue of appellate procedure in Gelboim v. Bank of America Corp. (formerly known as In re LIBOR-Based...more

Orrick's Financial Industry Week in Review

EBA Updates Single Rulebook Q&As - On October 17, the European Banking Authority (EBA) updated its Q&As on the single rulebook, publishing two new answers to questions relating to supervisory reporting and credit risk....more

Credit Crunch Digest -- September 2014

This issue of the Credit Crunch Digest focuses on the push by the Federal Reserve for the creation of a Libor alternative; additional updates on high-frequency trading lawsuits; settlements of residential mortgage backed...more

"Cases to Watch in the 2014-15 Supreme Court Term"

The Supreme Court will begin its new term on Monday, October 6, 2014. Although the Court has not yet accepted for review any headline-grabbing cases of the type we’ve seen in recent years in such areas as campaign finance,...more

DOJ Makes Headway in Fight Against Financial Fraud

On August 18, 2014, following a Department of Justice (DOJ) investigation and criminal indictment, Paul Robson became the second former Rabobank employee to plead guilty for his participation in a scheme to manipulate the...more

Credit Crunch Digest -- August 2014

This issue of the Credit Crunch Digest focuses on Libor yen manipulation; Bank of America’s nearly $17 billion settlement with regulators; ongoing investigations into “dark pool” trading; a $1.3 billion fine imposed on Bank...more

Credit Crunch Digest -- July 2014

This issue of the Credit Crunch Digest focuses on upcoming Libor-related litigation before the Supreme Court and a recent Libor settlement; Citigroup’s $7 billion settlement with the Department of Justice; BNP Paribus’ guilty...more

Reviews into LIBOR, EURIBOR and TIBOR

On July 22, the International Organisation of Securities Commissions (IOSCO) published a Web page on its review of the implementation of IOSCO’s principles for financial benchmarks by administrators of the London Interbank...more

Credit Crunch Digest

This issue of the Credit Crunch Digest focuses on ongoing civil lawsuits and regulatory investigations into Libor manipulation by large banks, including the possible imposition of new criminal penalties by U.K. authorities...more

Working on the Chain Gang - Supply Chain Finance as the 'New Normal'

Adjusting to the “new reality,” many companies have focused on all aspects of their balance sheets to improve performance for stakeholders. Companies have realized that material extensions of credit terms regarding its...more

Credit Crunch Digest -- May 2014

This issue of the Credit Crunch Digest focuses on ongoing investigations into Libor manipulation by Deutsche Bank; fines against Barclays stemming from manipulation of the gold market; a warning by the SEC regarding Bitcoins;...more

The British Are Coming: The Redcoats Get Serious About Prosecuting International White-Collar Crime

United States financial entities and their individual employees should be aware that a new sheriff is in town. Last week, the United Kingdom’s Serious Fraud Office (SFO) brought criminal charges against three American bankers...more

Credit Crunch Digest -- April 2014

This issue of the Credit Crunch Digest focuses on Barclays’ settlement of two important U.K. Libor lawsuits; the reversal of a Libor-related securities action dismissal by the Second Circuit Court of Appeals; a former Tullett...more

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