In a letter to New York Judge Thomas Griesa, lawyers for Deutsche Bank said they were tired of being subpoenaed by the hedge funds suing Argentina.
“It is now evident that subpoenas being issued by NML, Aurelius and others are less in an effort to obtain information to locate and ultimately seize attachable assets of the Republic, and more a tool under the auspices of the Court to punish entities… that are identified in having played a role in financial transactions with the Republic…” it said.
In other words, stop bullying us.
On top of “harassment,” Deutsche Bank also accuses NML of leaking confidential Court documents.
For over a decade these hedge funds — known collectively as NML and led by hedge fund billionaire Paul Singer — have been suing Argentina over $1.7 billion in debt dating back to the country’s 2001 default. Argentina refused to pay them unless they took a massive haircut on their debt like most shareholders.
Read more: http://www.businessinsider.com/deutsche-bank-accuses-nml-of-harrassment-2015-7#ixzz3fEzM6CAe
Six staff from Britain’s biggest bank have been sacked after a video appeared online showing them taking part in a mock Islamic State style killing.
The footage is believed to have been taken during a team-building day and showed the workers dressed in overalls and balaclavas at a go-karting centre.
They were seen staging a beheading scene with five of them laughing and joking as a colleague in an orange jumpsuit knelt at their feet.
One clutched a coat hanger, apparently as a fake knife, while another held the man in the jumpsuit by the shoulders.
According to The Sun newspaper a worker shouted “Allahu Akbar” – meaning God is greatest in Arabic.
An HSBC spokesman said: “We do not tolerate inappropriate behaviour.
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If Las Vegas took bets on whether recently departed Attorney General Eric Holder would return to corporate law firm Covington & Burling, the casinos would have run out of money faster than Greek banks. Newborn infants could have guessed at a homecoming for the former partner at Covington from 2001 to 2009. Last year, Holder bought a condo 300 feet from the firm’s headquarters. The National Law Journal headlined the news, “Holder’s Return to Covington Was Six Years in the Making,” as if acting as the nation’s top law enforcement officer was a temp gig. They even kept an 11th-floor corner office empty for his return.
If we had a more aggressive media, this would be an enormous scandal, more than the decamping of former Obama Administration officials to places like Uber and Amazon. That’s because practically no law firm has done more to protect Wall Street executives from the consequences of their criminal activities than Covington & Burling. Their roster of clients includes every mega-bank in America: JPMorgan Chase, Wells Fargo, Citigroup, Bank of America. Yet Holder has joined several of his ex-employees there, creating a shadow Justice Department and an unquestionable conflict of interest. In fact, given the pathetic fashion in which DoJ limited punishment for those who caused the greatest economic meltdown in 80 years, Holder’s new job looks a lot like his old job.
You could actually make a plausible argument that Covington & Burling bears responsibility for the Great Recession: In the late 1990s, Covington lawyers drafted the legal justification for MERS, the private electronic database that facilitated mortgage-backed securities trading. MERS saved banks from having to submit documents and fees with county land recording offices each time they transferred mortgages. So it’s unlikely you would have seen mortgage securitization at such a high volume without MERS, and by proxy, without those legal opinions. Of course, securitization drove subprime lending, the housing bubble, its eventual crash and the financial meltdown that followed. Though evidence pointed to MERS’ implicationin the mass document fraud scandal that infected the foreclosure process, former Covington lawyer Holder never prosecuted them, and now he’s back with the old team.
Law360, New York (July 7, 2015, 1:38 PM ET) — Former New Jersey Gov. Jon Corzine and other former MF Global executives will pay $64.5 million to settle claims that they swindled investors by touting the brokerage’s financial health before its fall 2011 collapse, during which $1.6 billion worth of customer money went missing, according to a Tuesday filing.
Onetime New Jersey Gov. Jon Corzine is among the former MF Global executives who will shell out nearly $65 million to settle claims they lied to investors about the company’s financial stability. (Credit: AP) The proposed settlement…
A federal appeals court upheld the insider-trading conviction and three-year prison sentence Monday of a businessman accused of profiting from tips by a Citigroup investment banker about upcoming mergers and acquisitions.
A jury in San Francisco convicted Bassam Yacoub Salman, of Orland Park, Ill., of conspiracy and four counts of securities fraud in September 2013. In addition to his prison term, U.S. District Judge Edward Chen ordered him to pay $738,000 in restitution.
His sentence was the most severe in the case. Salman’s brother-in-law, Maher Kara of San Carlos, a former Citigroup investment banker, pleaded guilty to similar charges in 2011 and was sentenced to home detention. So was his older brother, Mounir “Michael” Kara of Walnut Creek, whose sentence also included $738,000 in restitution. Both cooperated with the prosecution at Salman’s trial.
JP Morgan Chase gave a group of workers who process loans new job titles in order to claim they were exempt from overtime pay, according to a new proposed class action against the bank, which last year agreed to pay more than $30 million to resolve wage-and-hour cases.
The $20 million lawsuit filed Monday in the U.S. District Court for the Southern District of Ohio by JPMorgan employee Amy Strangis alleges that the bank in 2013 bumped a group of operations analysts up to “senior operations analysts” so it could claim that overtime protections in the Fair Labor Standards Act and Ohio state law did not apply to them.