European Financial Correspondent
Kirstin's Feed
May 26, 2015

First defendant in Libor scandal faces jury trial in London

LONDON, May 26 (Reuters) – Tom Hayes, a former star trader
at UBS and Citigroup, becomes on Tuesday the first
person to face trial by jury over allegations he conspired to
rig global Libor interest rates.

The trial in London marks a new phase in a seven-year,
global inquiry that has culminated in banks and brokerages
paying around $9 billion to settle regulatory allegations of
rate rigging — shredding public faith in the integrity of
financial markets.

May 21, 2015

First Libor defendant faces jury trial in London

LONDON (Reuters) – Tom Hayes, a former star trader at UBS and Citigroup, will next Tuesday become the first person to face trial by jury over allegations he conspired to rig global Libor interest rates when his case begins in London.

The trial marks a new phase in a seven-year, global inquiry that has culminated in banks and brokerages paying around $9 billion to settle regulatory allegations of rate rigging — shredding public faith in the integrity of financial markets.

May 20, 2015

In FX rigging: ‘If you ain’t cheating, you ain’t trying’

LONDON (Reuters) – Foreign exchange traders clubbed together in a brazen “heads I win, tails you lose” strategy to rip off customers as they rigged the $5 trillion-per-day currency market, British and U.S. authorities said on Wednesday.

Transcripts released as part of a multi-billion dollar settlement are littered with examples of how customers were misled and prices manipulated in a trading scandal that has seen seven of the world’s top banks fined around $10 billion and four plead guilty to trying to manipulate forex rates.

May 19, 2015

Former JPMorgan exec wins London appeal over Whale case

LONDON (Reuters) – A former JPMorgan executive who supervised a division that ran up $6.2 billion of losses in the “London Whale” scandal of 2012 has won a second legal challenge against Britain’s regulator in a closely-watched court battle.

The Court of Appeal said on Tuesday that although Achilles Macris had not been named, he had been identified and should have been allowed to respond when the Financial Conduct Authority (FCA) fined JPMorgan almost 140 million pounds ($217 million) in 2013 over huge bets by former trader Bruno Iksil.

May 12, 2015

Grant Thornton countersues Tchenguiz for defamation

LONDON, May 12 (Reuters) – UK professional services firm
Grant Thornton and two of its partners on Tuesday labelled a 2.2
billion pound ($3.45 billion) legal suit by Vincent Tchenguiz a
“distortion of the truth” and said it was countersuing the
property mogul for defamation.

Filing a defence to a High Court lawsuit launched in
November 2014, Grant Thornton said it had complied with its
legal obligations, had not intended to shape any criminal
inquiry into Tchenguiz and dismissed allegations of a conspiracy
in a row linked to the collapse of Icelandic bank Kaupthing in
2008.

Apr 24, 2015

Deutsche Bank fined record $2.5 billion over rate rigging

LONDON/NEW YORK (Reuters) – Deutsche Bank (DBKGn.DE: Quote, Profile, Research) on Thursday agreed with U.S. and British authorities to pay a record $2.5 billion to resolve investigations it manipulated benchmark interest rates used to price loans and contracts around the world.

As part of the deal, Deutsche Bank’s London-based subsidiary pleaded guilty to criminal wire fraud and the parent group entered into a deferred prosecution agreement to suspend criminal charges.

Apr 23, 2015

Deutsche Bank fined record $2.5 bln in rate rigging inquiry

LONDON/NEW YORK, April 23 (Reuters) – U.S. and British
regulators fined Deutsche Bank $2.5 billion and its
British subsidiary pleaded guilty to criminal wire fraud on
Thursday as it became the eighth financial group to settle
allegations of rigging interest rate benchmarks.

The record penalty in a seven-year investigation that has
shredded the banking industry’s reputation takes the total fines
imposed on some of the world’s top financial institutions to
more than $8.5 billion. Twenty-one traders and brokers face
criminal charges.

Apr 23, 2015

Deutsche Bank fined record $2.5 billion in rate rigging probe

LONDON/NEW YORK (Reuters) – U.S. and British regulators fined Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz) a hefty $2.5 billion and its key London subsidiary pleaded guilty to benchmark interest rate rigging on Thursday as it became the latest financial group to settle allegations of misconduct.

The record penalty in a seven-year investigation that has shredded the industry’s reputation takes the total fines imposed on some of the world’s top financial institutions to more than $8.5 billion. Twenty-one traders and brokers face criminal charges.

Apr 21, 2015

Goldman Sachs settles London discrimination case

LONDON (Reuters) – Goldman Sachs has reached an
out-of-court settlement in London with a female vice president
who alleged the Wall Street bank owed her millions of pounds
(dollars) in unpaid bonuses and discriminated against her after
she revealed she was pregnant.

Goldman Sachs said on Tuesday it had reached a confidential
deal with Sonia Pereiro-Mendez, a distressed debt research
analyst in credit trading, on the day the closely-watched
employment tribunal case was due to begin.

Mar 24, 2015

Financial crime replaces house prices on UK regulator watch list

LONDON, March 24 (Reuters) – Financial crime has replaced
rapid house price growth on the watch list of Britain’s markets
regulator after a series of scandals that have shaken public
faith in the finance industry.

The Financial Conduct Authority (FCA) announced on Tuesday
seven key risk areas as part of its 2015-16 business plan, with
financial crime added to the list and house price growth –
which has cooled in recent months — dropped since last year.

    • About Kirstin

      "Based in London, I cover European financial regulation, banking and legal stories. Before that, I was European Telecommunications Correspondent and have worked on assignments in countries such as Germany, Switzerland, Austria, Italy, Japan and Dublin."
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