FX collusion scandal reaches Australia, class action launched
Byron Kaye, 27 May 2015
An Australian law firm filed a class action lawsuit on Monday against five major international investment banks accusing them of colluding to rig foreign exchange rates during 2008-2013 to jack up profits at the expense of businesses and investors.
The case involved some of the same banks caught up in similar currency market scandals in Europe and the United States.
UBS AG, Barclays Bank Plc, Citigroup Inc, Royal Bank of Scotland Group Plc and JP Morgan AG are accused, according to Australian court documents, of colluding to increase the price clients paid for certain investment products in order to fix exchange rates at more costly levels. Continue reading “Article: FX collusion scandal reaches Australia, class action launched”
KYLE BASS VS POZEN INC. (POZN): PETITION FOR INTER PARTES REVIEW
ValueWalk, 21 May 2015
The Coalition for Affordable Drugs VII LLC (“CFAD” or “Petitioner”) respectfully requests inter partes review of claims 1-23 of U.S. Patent No. 6,926,907 (“the ’907 Patent”) (Ex. 1001) in accordance with 35 U.S.C. §§ 311-319 and 37 C.F.R. § 42.100 et seq. The ’907 Patent is assigned to Pozen Inc. II. Mandatory Notices Per 37 C.F.R. § 42.8 Continue reading “Article: KYLE BASS VS POZEN INC. (POZN): PETITION FOR INTER PARTES REVIEW”
Barclays, Citicorp, JPMorgan, RBS, and UBS Enter Guilty Pleas Stemming from Collusion and Fraud in Foreign Exchange Market; Banks Agree to Pay More Than $5.8 Billion in Fines for Misconduct
GLOBE NEWSWIRE, 20 May 2015
Hausfeld, a global claimants’ firm dedicated to handling complex litigation, announced today that five defendants in In re Foreign Exchange Benchmark Rates Antitrust Litigation, 13-cv-7789 (S.D.N.Y.), have agreed with the U.S. Department of Justice to plead guilty to violating U.S. law through their conduct in the foreign exchange (“FX”) market. Barclays PLC, Citicorp, JPMorgan Chase & Co., and The Royal Bank of Scotland PLC pled guilty to violating U.S. antitrust laws. UBS AG pled guilty to wire and mail fraud after the DOJ determined that UBS’s misconduct in the FX market had breached UBS’s prior non-prosecution agreement for LIBOR-related misconduct. The guilty pleas entered today reflect widespread collusion in the FX market over a period of several years.
In addition to the guilty pleas, the banks agreed to pay more than $2.7 billion to the Department of Justice to resolve the DOJ’s FX investigations. The Federal Reserve imposed further fines of more than $1.6 billion on affiliates of the same five banks and a fine of $205 million on Bank of America Corporation for “unsafe and unsound practices.” Barclays will also pay a $1.3 billion fine as part of settlements with the New York Department of Financial Services, the Commodity Futures Trading Commission, and the Financial Conduct Authority. Continue reading “Article: Barclays, Citicorp, JPMorgan, RBS, and UBS Enter Guilty Pleas Stemming from Collusion and Fraud in Foreign Exchange Market; Banks Agree to Pay More Than $5.8 Billion in Fines for Misconduct”
Four Banks Plead Guilty To Foreign Exchange Collusion, UBS Pleads Guilty To Wire Fraud
Antoine Gara, 20 May 2015
U.S. banking giants Citigroup and JPMorgan Chase and U.K.-base conglomerates Barclays and The Royal Bank of Scotland have agreed to plead guilty antitrust violations stemming from their collusion to manipulate prices in the foreign exchange market over the course of five years, the Department of Justice said on Wednesday. Those banks and UBS have agreed to pay a total of $5.8 billion in fines to global regulators as part of their FX market collusion.
Five banks will pay the Department of Justice nearly $3 billion in fines and penalties for their manipulation of U.S. dollar and Euro exchange rates, which the DoJ characterized as occurring “almost every day for five years” through private chat rooms, benefiting their trading positions but harming countless consumers and investors around the world. Separately, the Federal Reserve said on Wednesday, six banks would pay a total of $1.8 billion in fines for “unsafe and unsound practices” in the FX market. Continue reading “Article: Four Banks Plead Guilty To Foreign Exchange Collusion, UBS Pleads Guilty To Wire Fraud”
UBS pays $545m to settle foreign exchange probe
BBC News, 20 May 2015
Swiss bank UBS has paid US authorities a total of $545m (£352m) to settle an investigation into the manipulation of foreign exchange rates.
The total includes a $203m fine after UBS pleaded guilty to a charge it rigged Libor benchmark interest rates. UBS announced the move hours before US and UK authorities said five banks were to pay fines totalling $5.7bn related to the foreign exchange investigation.
The others are JPMorgan, Citigroup, Barclays and RBS. UBS said it had settled with the US Department of Justice, the US Federal Reserve and the Connecticut Department of Banking. Continue reading “Article: UBS pays $545m to settle foreign exchange probe”
Swiss Bank UBS To Pay $342 Million Currency Manipulation Fine, Plead Guilty On LIBOR
Antoine Gara, 20 May 2015
UBS said on Wednesday morning it would pay a $342 million fine for its involvement in manipulating the foreign exchange market, averting criminal prosecution as a result of its cooperation in the multi-year probe. The Swiss banking giant, however, will plead guilty to one count of wire fraud for its role in manipulating interest rate benchmarks such as LIBOR, paying a $202 million fine, and tearing up a previously agreed 2012 deferred prosecution agreement with U.S. regulators.
The collective $545 million in fines and guilty plea will help UBS put to rest some of its largest legal issues in the United States and won’t have a financial impact given the bank’s exiting provisions for litigation. Continue reading “Article: Swiss Bank UBS To Pay $342 Million Currency Manipulation Fine, Plead Guilty On LIBOR”
5 big banks pay $5.4 billion for rigging currencies
Virginia Harrison and Mark Thompson, 20 May 2015
Citigroup (C), Barclays (BCS), JP Morgan Chase (JPM), and Royal Bank of Scotland (RBSPF)were fined more than $2.5 billion by the U.S. after pleading guilty to conspiring to manipulate the price of dollars and euros. The four banks, plus UBS (UBS) , have also been fined $1.6 billion by the Federal Reserve, and Barclays will pay regulators another $1.3 billion to settle related claims.
The first four banks operated what they described as “The Cartel” from as early as 2007, using online chatrooms and coded language to influence the twice-daily setting of benchmarks in an effort to increase their profits. The guilty banks “participated in a brazen display of collusion and foreign exchange rate market manipulation,” said U.S. Attorney General Loretta Lynch. Continue reading “Article: 5 big banks pay $5.4 billion for rigging currencies”
UBS to Pay Over $500 Million in Fines for Manipulating Currencies and Libor
Chad Bray, 08 March 2021
The Swiss bank UBS said on Wednesday that it would pay more than $500 million in fines to the authorities in the United States for its role in the manipulation of currency markets and benchmark interest rates.
UBS said it would not face a criminal charge over currency misconduct but would be required to separately plead guilty to a criminal charge for its prior conduct over the manipulation of the interest rates, including the London interbank offered rate, or Libor, after the Justice Department tore up a 2012 nonprosecution agreement. Continue reading “Article: UBS to Pay Over $500 Million in Fines for Manipulating Currencies and Libor”
BCSC clears short seller Jon Carnes of fraud in Silvercorp case
Peter Koven, 15 May 2015
Short seller Jon Carnes has been cleared of fraud allegations by a British Columbia Securities Commission panel, which found his attacks on Silvercorp Metals Inc. were not prohibited. The panel did, however, raise serious concerns with his conduct. Continue reading “Article: BCSC clears short seller Jon Carnes of fraud in Silvercorp case”
Fraud allegations against short-seller dismissed in Silvercorp case
KEITH BEDFORD, 14 May 2015
A Canadian securities panel has dismissed fraud allegations against short-seller Jon Carnes, who was accused of manipulating Silvercorp Metals Inc.’s stock. The dismissal by the British Columbia Securities Commission panel is the latest twist in a prolonged affair that saw Silvercorp stock drop 90 per cent, landed a Canadian researcher in a Chinese jail and put Mr. Carnes through a lengthy regulatory battle. In 2013, staff at the B.C. securities regulator accused Mr. Carnes of committing fraud when he anonymously wrote negative reports about Silvercorp while building his short position in the Vancouver-based mining company.
Continue reading “Article: Fraud allegations against short-seller dismissed in Silvercorp case”
FINRA v Morgan Stanley
13 May 2015
Based on the foregoing reviews, the staff determined that the firm violated FINRA Rule 4560, NASD Rule 3360, NYSE Rule 421, FINRA Rule 2010, NASD Rule 2110, NASD Rule 3010, and SEC Rule 200(1). Specifically, the staff determined the firm failed to submit accurate short interest reports during certain short interest reporting periods and failed to provide a supervisory system reasonably designed to achieve compliance with short interest reporting requirements.
PDF (10 pages): FINRA v Morgan Stanley