Article: CREDIT SUISSE INTERNATIONAL HAS MARKET MANIPULATION LAWSUIT AGAINST IT DISMISSED

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CREDIT SUISSE INTERNATIONAL HAS MARKET MANIPULATION LAWSUIT AGAINST IT DISMISSED

MARIA NIKOLOVA, 26 March 2018

Credit Suisse International (CSI) has had the complaint against it dropped in a case targeting a number of primary dealers of US Treasuries. The order, filed earlier today with the New York Southern District Court, was signed by Judge Paul Gardephe on March 23, 2018.

The order stipulates that CSI is no longer a party in the market manipulation case captioned Breakwater Trading LLC et al v. Bank Of America Corporation et al (1:17-cv-06497). The plaintiffs have voluntarily dismissed all claims against CSI without prejudice to reassert such claims against CSI at a later time should evidence arise in discovery or otherwise that reveals information providing a basis for joining CSI on the claims being litigated in this case. Continue reading “Article: CREDIT SUISSE INTERNATIONAL HAS MARKET MANIPULATION LAWSUIT AGAINST IT DISMISSED”

Article: This small online retail stock will plunge if Facebook takes its data ‘punch bowl’ away, says short-seller Andrew Left

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This small online retail stock will plunge if Facebook takes its data ‘punch bowl’ away, says short-seller Andrew Left

Thomas Franck, 26 March 2018

Citron Research’s Andrew Left, who’s gained notoriety for successful bets against companies such as Valeant Pharmaceuticals, on Monday posted a new bearish report on Shopify. Shares of Shopify fell more than 3 percent after Left disparaged the relationship between Shopify and Facebook as an “unholy alliance,” based on the exchange of personal information collected by Facebook and sold to Shopify “entrepreneurs.”

Founded in 2004, Shopify’s software helps merchants run their businesses across a variety of platforms, including web, social media storefronts, and brick-and-mortar pop-up shops. It assists merchants in managing products, processing orders and analyzing customer trends.
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Article: Britain’s collusion with radical Islam: Interview with Mark Curtis

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Britain’s collusion with radical Islam: Interview with Mark Curtis

Ian Sinclair, 18 March 2018

A former Research Fellow at Chatham House and the ex-Director of the World Development Movement, British historian Mark Curtis has published several books on UK foreign policy, including 2003’s Web of Deceit: Britain’s Real Role in the World, endorsed by Noam Chomsky and John Pilger. Ian Sinclair asked Curtis about the recently published new edition of his 2010 book Secret Affairs: Britain’s Collusion with Radical Islam.

Ian Sinclair: With the so-called ‘war on terror’ the dominant framework for understanding Western foreign policy since 9/11, the central argument of your book – that Britain has been colluding with radical Islam for decades – will be a shock to many people. Can you give some examples?

Mark Curtis: UK governments – Conservative and Labour – have been colluding for decades with two sets of Islamist actors which have strong connections with each other.

In the first group are the major state sponsors of Islamist terrorism, the two most important of which are key British allies with whom London has long-standing strategic partnerships – Saudi Arabia and Pakistan. The second group includes extremist private movements and organisations whom Britain has worked alongside and sometimes trained and financed, in order to promote specific foreign policy objectives. The roots of this lie in divide and rule policies under colonialism but collusion of this type took off in Afghanistan in the 1980s, when Britain, along with the US, Saudi Arabia and Pakistan, covertly supported the resistance to defeat the Soviet occupation of the country. After the jihad in Afghanistan, Britain had private dealings of one kind or another with militants in various organisations, including Pakistan’s Harkat ul-Ansar, the Libyan Islamic Fighting Group and the Kosovo Liberation Army (KLA), all of which had strong links to Bin Laden’s al-Qaida. Covert actions have been undertaken with these and other forces in Central Asia, North Africa and Eastern Europe.

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Article: State Street CEO Gets Highest Pay in 2017, 26% Rise Y/Y

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State Street CEO Gets Highest Pay in 2017, 26% Rise Y/Y

Zacks Equity Research, 20 March 2018

Joseph L. Hooley, chairman and CEO of State Street Corporation STT, received $16 million as total compensation for 2017, according to a proxy filing. While the amount marks a 26% rise from his pay in 2016, it is also the highest that Hooley has ever earned since becoming CEO in 2010. Per the securities filing, the $16 million includes his salary, stock awards and other incentives. However, it does not include a change in the value of his pension and certain other deferred compensation earnings. Continue reading “Article: State Street CEO Gets Highest Pay in 2017, 26% Rise Y/Y”

Article: SEC Announces Judgment Against Stephen Hicks, Southridge Capital Management, Southridge Advisors

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SEC Announces Judgment Against Stephen Hicks, Southridge Capital Management, Southridge Advisors

Fitapelli and Kurta, 15 March 2018

A Securities and Exchange Commission release published on February 15, 2018 states that the SEC has obtained “final judgments” against a Stephen Hicks, a hedge fund manager based in Ridgefield, Connecticut, as well as his investment advisory firms. According to the release, a Connecticut federal court ordered the defendants “to pay nearly $13 million in disgorgement and penalties” following the court’s prior determination that they had engaged in the unlawful diversion of investor funds “for use by other hedge funds that were illiquid and in need of cash.” Continue reading “Article: SEC Announces Judgment Against Stephen Hicks, Southridge Capital Management, Southridge Advisors”

Article: LIBOR, FX and Key Benchmark Rigging Claims against RBS, Barclays, HSBC & Lloyds set to Strengthen for Customers Mis-sold Derivatives

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LIBOR, FX and Key Benchmark Rigging Claims against RBS, Barclays, HSBC & Lloyds set to Strengthen for Customers Mis-sold Derivatives

Jaron Dosanjh, 09 March 2018

The door has been opened by the Court of Appeal in PAG v RBS [2018] for misrepresentation claims to be brought by a counter-party to a derivative which is linked to LIBOR, FX or key benchmark where the Swap is with a bank which has been found to have engaged in the manipulation of a benchmark.

This judgment is now the leading authority on claims concerning a customer’s ability to rescind contracts with a bank that has manipulated the London Interbank Offered Rate (LIBOR). Although this case focused on LIBOR-linked derivatives, the same principles will surely apply to other key benchmark rigging (including the manipulation of FX markets).

This decision will be of particular interest to customers that believe they have been mis-sold a Forex hedging products or a LIBOR-linked derivative. These customers of RBS, Barclays, HSBC and Lloyds Plc may potentially have grounds to rescind the derivative contract if the implied representations made by the banks are considered false due to regulatory findings of benchmark rigging. RBS, Barclays, HSBC and Lloyds Plc have all either undermined the integrity of LIBOR or have been fined for Forex failings.

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Article: Crius Energy Trust Provides Further Response to False and Misleading Statements by Anonymous Short Seller

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Crius Energy Trust Provides Further Response to False and Misleading Statements by Anonymous Short Seller

GLOBE NEWSWIRE, 02 March 2018

On February 28, the market price of Crius Energy Trust (“Crius Energy” the “Company” or the “Trust”) (TSX:KWH.UN) units declined significantly in response to false and misleading statements made in a blog posting by an anonymous, self-described short seller of our Trust units (the “Short Seller”). While it is not the Company’s practice to respond to bloggers or commenters in investor forums, we believe that given the magnitude of the impact on the price of our units as well as the malicious nature of the statements made by the Short Seller, it is in the best interests of our unitholders for us to respond. Furthermore, Crius Energy believes that it has identified the persons and entities responsible for the blog post. The Trust intends to take appropriate measures, both in the courts and with appropriate securities regulatory authorities, to address the harm done to our unitholders.
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Article: Statements by Anonymous Short Seller

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Statements by Anonymous Short Seller

GLOBE NEWSWIRE, 02 March 2018

On February 28, the market price of Crius Energy Trust (“Crius Energy” the “Company” or the “Trust”) (TSX:KWH.UN) units declined significantly in response to false and misleading statements made in a blog posting by an anonymous, self-described short seller of our Trust units (the “Short Seller”). While it is not the Company’s practice to respond to bloggers or commenters in investor forums, we believe that given the magnitude of the impact on the price of our units as well as the malicious nature of the statements made by the Short Seller, it is in the best interests of our unitholders for us to respond. Furthermore, Crius Energy believes that it has identified the persons and entities responsible for the blog post. The Trust intends to take appropriate measures, both in the courts and with appropriate securities regulatory authorities, to address the harm done to our unitholders.
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