European Financial Correspondent
Kirstin's Feed
Oct 21, 2015

Whistleblower letter backs Lloyds investor claims over HBOS purchase: lawyers

LONDON (Reuters) – A whistleblower has written to a group of investors suing British bank Lloyds, alleging that senior managers were aware they were over-paying for failing rival HBOS in 2008, lawyers for the investors say in a court document.

The lawyers for the 6,000 investor group, which alleges it was misled over the ill-fated deal they say wiped billions off the value of their shares, said in the document that they received the letter on Oct. 6 from a “concerned member of staff”.

Oct 8, 2015

UK court hears possible recruit to Libor conspiracy ‘to get the odd Mars bar’

LONDON, Oct 8 (Reuters) – A former manager at ICAP, the
world’s largest interdealer brokerage, and a former trader at
U.S. bank JPMorgan, plotted to corrupt a new recruit as
part of an alleged scam to rig global interest rates, a
prosecutor told London’s second Libor trial on Thursday.

In a recorded telephone conversation dated Aug. 20, 2007 and
played to Southwark Crown Court, the former JPMorgan trader
Stuart Wiley told the former ICAP manager Danny Wilkinson that
the bank had replaced an employee responsible for Libor rates,
whom he described as “so by-the-book”.

Oct 7, 2015

Broker went on nights to help trader Hayes, prosecutor tells London Libor trial

By Kirstin Ridley

(Reuters) – Danny Wilkinson, a former London manager at
interdealer broker ICAP, was so keen to help Tom Hayes
from his first day as a UBS trader he changed the
shifts of broker Darrell Read to allow the two to work together,
a prosecutor told London’s second Libor trial on Wednesday.

Read was put on night duty to accommodate Tokyo-based Hayes
as soon as he started at UBS in 2006, prosecutor Mukul Chawla
said on the second day of a trial over alleged plots to rig
rates used as benchmarks for $450 trillion of global financial
contracts.

Oct 6, 2015

Brokers “enthusiastically” aided Libor conspiracy, prosecutor tells court

LONDON, Oct 6 (Reuters) – Six former interdealer brokers
from ICAP, RP Martin and Tullett Prebon were
rewarded for “enthusiastically” helping a trader rig a key
benchmark interest rate, a prosecutor told London’s second Libor
trial on Tuesday.

Mukul Chawla, counsel for Britain’s Serious Fraud Office
(SFO), said the actions of former UBS and Citigroup
trader Tom Hayes – who he said had been “dealt with” in a
previous trial – would loom large in a “simple” case about
dishonesty and conspiracy scheduled to run into the New Year.

Oct 5, 2015

First brokers face London trial over Libor rigging

LONDON (Reuters) – Six former brokers from ICAP, RP Martin and Tullett Prebon will face a London jury on Tuesday over allegations they were part of a criminal conspiracy to rig benchmark interest rates in the world’s second Libor trial.

The men, aged between 44 and 53, are the first brokers to be tried over alleged rigging of the London interbank offered rate (Libor), a benchmark for about $450 trillion of financial contracts worldwide, from complex derivatives to student loans.

Oct 1, 2015

Former star trader says UK watchdog ‘shamed’ him in Deutsche notice

LONDON (Reuters) – Lawyers representing former Deutsche Bank star trader Christian Bittar on Thursday accused the UK watchdog of denying him his right of reply despite publicly “shaming” him with scant regard to protecting his identity when fining the German lender.

Bittar is one of eight traders who allege they were improperly identified and prejudiced when the Financial Conduct Authority (FCA) fined a string of banks for alleged benchmark interest rate manipulation and foreign exchange market rigging.

Oct 1, 2015

Ex star trader says UK watchdog ‘shamed’ him in Deutsche notice

By Kirstin Ridley

(Reuters) – Lawyers representing former Deutsche Bank
star trader Christian Bittar on Thursday accused the
UK watchdog of denying him his right of reply despite publicly
“shaming” him with scant regard to protecting his identity when
fining the German lender.

Bittar is one of eight traders who allege they were
improperly identified and prejudiced when the Financial Conduct
Authority (FCA) fined a string of banks for alleged benchmark
interest rate manipulation and foreign exchange market rigging.

Oct 1, 2015

Lawyers circle as Europeans eye new route to FX-rigging payouts

LONDON (Reuters) – Large companies and fund managers in Britain looking to sue banks over foreign exchange rigging are eyeing a fresh route to seeking damages, as a new law ushers in U.S.-style class actions for antitrust cases on Thursday.

Litigators are hoping to replicate from Britain the success of U.S. class action claims against banks such as Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz), HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) and Barclays (BARC.L: Quote, Profile, Research, Stock Buzz), that have yielded more than $2.0 billion for investors in settlements to date.

Sep 24, 2015

European investors weigh Volkswagen lawsuits over emissions scandal

LONDON, Sept 24 (Reuters) – European shareholders in
Volkswagen are considering claiming damages from the
German car maker after it admitted rigging U.S. diesel emissions
tests in a scandal that has wiped around $25 billion off its
market value.

Investors as well as car owners, who bought VW vehicles on
the basis of false emissions information, are examining their
rights as the once-venerable company battles a crisis that casts
fresh doubt on the integrity of the entire auto industry.

Sep 15, 2015

Jailed Libor trader has until end September to lodge final appeal request

LONDON (Reuters) – Tom Hayes, the first trader convicted by a jury of manipulating Libor benchmark interest rates, has until the end of September to lodge final grounds for appeal against his conviction and 14-year jail sentence, a London court clerk said on Tuesday.

Hayes, who has been diagnosed with mild Asperger’s Syndrome and was recently transferred from Wandsworth Prison in southwest London, initially applied for leave to appeal on Sept. 1 but was given extra time to polish the request.

    • 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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