Law360, New York (February 8, 2016, 2:40 PM ET) — Barclays PLC on Monday agreed to pay $2.5 million to settle U.S. claims that the bank processed transactions for government-backed entities in Zimbabwe that were subject to U.S. sanctions.
The U.S. Department of the Treasury’s Office of Foreign Assets Control said in an enforcement release that Barclays, through its units in New York, the U.K. and Zimbabwe, helped the Industrial Development Corp. of Zimbabwe, a state-sponsored development institution, and individuals linked to IDCZ, process 159 funds transfers valued at around $3.4 million between July 2008 and…
WASHINGTON (AP) — Two major global banks, Barclays and Credit Suisse, will pay a combined $154.3 million to settle state and federal investigations that they misled clients about the safety of trading on their “dark pool” financial exchanges, the New York Attorney General’s office expects to announce Monday.
The banks left their customers on these private exchanges vulnerable to “predatory, high-frequency traders” that could intercept their financial trades, despite assurances by Barclays and Credit Suisse to the contrary, according to a draft statement obtained by The Associated Press that announces the joint settlement with New York and the U.S. Securities and Exchange Commission.
“These cases mark the first major victory in the fight to combat fraud in dark pool trading,” said New York Attorney General Eric Schneiderman in the statement. “We will continue to take the fight to those who aim to rig the system and those who look the other way.”
Zurich-based Credit Suisse, a major firm on Wall Street, declined comment.
Yet, not one bank exec charged for this…
Six bankers were formally charged in British court on Monday with conspiring to manipulate Euribor benchmark interest rates, while another five accused in the case did not appear for the hearing.
The case involving 11 former Deutshce Bank (>> Deutsche Bank AG), Barclays (>> Barclays PLC) and Societe General (>> SOCIETE GENERALE) employees is Britain’s fourth prosecution of rate-fixing allegations since it joined a global inquiry kick-started by U.S. regulators in 2008.
It covers allegations of manipulation of Euribor, which alongside the London Interbank Offered Rate, Libor, is one of two main benchmarks used to set terms for $450 trillion in securities worldwide.
The acting head of Britain’s main financial regulator has denied softening her stance, after her decision last month to drop a wide-ranging review into banks’ behaviour sparked concerns about political interference.
Antipathy to banks has surged since some were bailed out with public money after the 2008 credit crisis. Since then global and local scandals including the rigging of currency rates and interest rate benchmarks have led to multi-million pound fines for banks including Barclays and HSBC.
NEW YORK (IFR/Reuters) – A class action lawsuit, filed Wednesday, accuses 10 of Wall Street’s biggest banks and two trading platforms of conspiring to limit competition in the $320 trillion market for interest rate swaps.
The class action lawsuit, filed in U.S. District Court in Manhattan, accuses Goldman Sachs Group, Bank of America Merrill Lynch, JPMorgan Chase, Citigroup, Credit Suisse Group, Barclays Plc, BNP Paribas SA, UBS, Deutsche Bank AG, and the Royal Bank of Scotland of colluding to prevent the trading of interest rate swaps on electronic exchanges, like the ones on which stocks are traded.
As a result, the lawsuit alleges, banks have successfully prevented new competition from non-banks in the lucrative market for dealing interest rate swaps, the world’s most commonly traded derivative.
The banks “have been able to extract billions of dollars in monopoly rents, year after year, from the class members in this case,” the lawsuit alleged.
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Tagged Bank of America, Banks, Barclays, BNP Paribas, Citigroup, Credit Suisse, Derivatives, Deutsche Bank, Goldman Sachs, JP Morgan Chase, Merrill Lynch, RBS, UBS, Wall Street
Law360, New York (November 13, 2015, 2:29 PM ET) — The United Kingdom’s Serious Fraud Office on Friday charged 10 former Deutsche Bank AG and Barclays PLC employees in connection with manipulation of the Euro Interbank Offered Rate, or Euribor — the first criminal proceedings initiated against anyone involved in the rate-fixing scheme.
Six of those charged once worked at Deutsche Bank and four at Barclays, the SFO said, noting that criminal proceedings against others involved in the scheme will be coming as the investigation continues. All 10 — Christian Bittar, Achim Kraemer, Andreas Hauschild, Joerg…
WASHINGTON, Nov. 13, 2015 (GLOBE NEWSWIRE) — Hausfeld, a global claimants’ law firm dedicated to handling complex litigation, announced today that the Over-The-Counter (“OTC”) Plaintiffs in In re LIBOR-Based Financial Instruments Antitrust Litigation, 11-md-2262 (S.D.N.Y.) have reached a $120 million settlement with Barclays Bank plc. In addition to the substantial monetary compensation, Barclays has agreed to cooperate with the OTC Plaintiffs in their continued litigation against the other bank defendants.
The LIBOR litigation stretches back to 2011, when the City of Baltimore and other purchasers filed lawsuits against Barclays and other international banks alleging that they conspired to artificially suppress the U.S. Dollar LIBOR rate during the financial crisis. In June 2012, Barclays admitted to manipulating LIBOR in settlements with U.S. and U.K. regulators. The settlement with the OTC Plaintiffs was achieved shortly before the Second Circuit Court of Appeals heard arguments on whether the plaintiffs’ antitrust claims should be reinstated after they were dismissed by the trial court.