Blackstone Chambers – Financial Treason & Crime

Christopher Crosby, 25 February 2021

Institutional investors suing some of the world’s largest banks for manipulating the foreign exchange market will have to prove their losses were not passed on to others after a London court ruled on Thursday that the issue has to be determined at trial.

Nigel Teare, sitting as a judge at the High Court, refused to knock down the legal defense raised by Barclays, CitiBank, HSBC and other lenders to fight claims for damages for allegedly manipulating benchmark rates in the forex market.. Continue reading “Article: Banks Can Argue Funds Passed On UK Forex Rigging Losses”

05/15/202005/18/2020

Article: Burford Loses Bid For LSE Trader Info In Short-Selling Attack

Article - Media

Burford Loses Bid For LSE Trader Info In Short-Selling Attack

Richard Crump, Ed Harris

Law360, 15 May 2020

Burford Capital has failed to win a court order to force the London Stock Exchange to hand over the names of traders that dealt in its shares. (iStock)

Judge Andrew Baker has refused to grant an application by Burford Capital Ltd. for a court order to force the exchange to hand over the names of traders that bought and sold the funder’s shares on Aug. 6 and 7, 2019.

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05/15/202005/18/2020

Article: Burford Capital loses fight to force London Stock Exchange to hand over confidential trading data

Article - Media

Burford Capital loses fight to force London Stock Exchange to hand over confidential trading data

Global Legal Post, 15 May 2020

Litigation funder Burford Capital has conceded defeat in an unprecedented battle with the London Stock Exchange (LSE) after the High Court rejected its application for the LSE to hand over confidential trading information.

Burford was seeking the identities of market participants trading in its shares in a bid to prove that its share price had been illegally manipulated during a sell-off that occurred after a heavily critical research report by hedge fund Muddy Waters last August.

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10/20/201005/25/2020

Article: Bank of America: Bondholders’ Naked Play for a “Do-Over” on Mortgages

Article - Media

Bank of America: Bondholders’ Naked Play for a “Do-Over” on Mortgages

Marion Maneker

CBS, 20 October 2010

Yesterday’s Bank of America (BAC) bond scare was an interesting reminder of just how much of a mess the foreclosure crisis really is. It may not be the same kind of swoon we experienced two years ago, but the vulnerabilities created by the shoddy mortgage origination and servicing industry will probably haunt the financial system for years to come — like war reparations.

It took a while for the financial world to sort out the meaning of the letter PIMCO, Blackstone and the New York Federal Reserve Bank sent to Bank of America yesterday asking that $47 billion in bonds be “put back” to the bank because of deficient servicing by Countrywide, the Bank of America subsidiary that originated the loans. The markets and the journalistic community can be forgiven for over-reacting.

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