LONDON, Nov 27 (Reuters) – Billionaire hedge fund manager
Chris Hohn has been ordered to pay his estranged wife Jamie
Cooper-Hohn 337 million pounds ($530 million) in the largest
divorce settlement in British legal history.
The size of the settlement was detailed in a draft judgment,
a legal source said on Thursday, cautioning that there could be
last-minute changes ahead of final publication on Dec. 12.
LONDON, Nov 25 (Reuters) – A London law firm is rallying
Tesco Plc shareholders to join a lawsuit and seek
compensation for losses after Britain’s largest retailer
discovered a hole in its profits, suspended eight senior
employees and sparked a series of investigations.
The Serious Fraud Office became the latest agency to wade
into the scandal last month, launching a criminal investigation
into accounting practices after Tesco admitted it had overstated
half year profits by 263 million pounds ($412 million) and
called in forensic accountants and lawyers.
LONDON (Reuters) – British MPs will quiz top bankers in the wake of last week’s $4.3 billion (3 billion pound) deal with regulators to settle allegations of collusion and manipulation in the foreign exchange market, a source familiar with the matter said on Tuesday.
The source said the decision by the powerful Treasury Select Committee (TSC) had been agreed in principle. But hearings into how traders attempted to rig the $5.3 trillion-per-day forex market may not be held until December or possibly the New Year.
LONDON, Nov 18 (Reuters) – British lawmakers will quiz top
bankers in the wake of last week’s $4.3 billion deal with
regulators to settle allegations of collusion and manipulation
in the foreign exchange market, a source familiar with the
matter said on Tuesday.
The source said the decision by the powerful Treasury Select
Committee (TSC) had been agreed in principle. But hearings into
how traders attempted to rig the $5.3 trillion-per-day forex
market may not be held until December or possibly the New Year.
LONDON (Reuters) – British bank executives and regulators could be in line for public grillings following this week’s landmark international settlement over allegations of manipulation and collusion in the $5.3 trillion-per-day foreign exchange market.
British regulators led a global investigation after whistleblowers raised concerns about misconduct in the forex market, resulting in six of the world’s largest banks being fined a total of $4.3 billion.
LONDON, Nov 12 (Reuters) – A year ago Tracey McDermott
marked mid-November 2014 in her diary for when British
regulators and their U.S. counterparts should aim to bring big
banks to a co-ordinated settlement over allegations that they
had manipulated currency markets.
But even her boss expected that timetable to slip.
Martin Wheatley, the chief executive of Britain’s Financial
Conduct Authority (FCA), told Reuters on Wednesday that nailing
the landmark settlement had been “touch and go” and therefore
had “managed expectations” by publicly stating that he only
expected a conclusion in 2015.
LONDON, Nov 12 (Reuters) – Chat room records published by
regulators who imposed massive fines on banks for trying to rig
foreign exchange rates reveal a macho culture among traders who
used banter laced with obscenities in a ruthless pursuit of
Foreign exchange traders at some of the world’s biggest
banks encouraged each other to join together in order to “team
whack” currency rates in a joint effort to manipulate the vast
foreign exchange market for profit.
LONDON, Nov 12 (Reuters) – Royal Bank of Scotland
Chairman Philip Hampton said it was regrettable the state-backed
lender did not respond more rapidly to client complaints about
its foreign exchange trading practices received as early as
“Two clients did express some concerns and, with hindsight,
I don’t think we followed them up terribly fully,” Hampton told
reporters on a conference call on Wednesday, after the bank was
fined $634 million by U.S. and UK financial regulators.
LONDON/ZURICH, Nov 12 (Reuters) – Global regulators imposed
penalties totalling $3.4 billion on five major banks, including
UBS, HSBC and Citigroup on Wednesday in
a landmark settlement over allegations of price fixing in the
foreign exchange market.
Royal Bank of Scotland and JP Morgan were
also fined for attempting to manipulate foreign exchange
benchmarks in a year-long probe that has put the largely
unregulated $5 trillion-a-day market on a tighter leash, with
dozens of dealers suspended or fired.
WASHINGTON/LONDON, Nov 6 (Reuters) – U.S. regulators plan to
join their UK peers in a multi-billion-dollar settlement with a
group of the biggest global banks accused of manipulating the
foreign exchange market, sources familiar with the matter said,
adding the deal could come as early as next week.
The U.S. Commodity Futures Trading Commission, which
oversees futures and swaps trading, aims to announce its
settlement around the same time as London’s Financial Conduct
Authority, said one of the sources, who was not authorized to