Developer Can’t Revive Lloyds Suit Over Misselling Review
Paige Long, 16 April 2021
An English appeals court ruled on Friday that a property investor cannot sue Lloyds Banking Group over its conduct during a review of interest rate hedging products bought in the mid-2000s because his complaint was invalid.
The Court of Appeal upheld a decision from July that threw out the lawsuit brought by Clive Davis against Lloyds Bank. The higher court ruled that the property investor’s grievances did not comply with the regulatory definition of “complaint” in the Financial Conduct Authority’s dispute resolution rules. Continue reading “Article: Developer Can’t Revive Lloyds Suit Over Misselling Review”
Aussie Bank Westpac Inks $25M Deal In Rate-Rigging Suit
Caleb Drickey, 02 March 2021
Australian bank Westpac has agreed to a $25 million deal settling claims that it conspired with a cabal of banking institutions to rig the price of derivatives based on an Australian foreign exchange benchmark.
Tuesday’s proposed deal would also compel Westpac, which denied all illegal conduct or wrongdoing, to turn over information related to the alleged price-fixing conspiracy. This would, according to the investors, strengthen cases against Westpac’s co-defendants and lead to similarly-structured deals with the accused conspirators.
In a memorandum, representatives for the proposed class expressed confidence that the newly announced deal would lead to further victories against defendant banks. Continue reading “Article: Aussie Bank Westpac Inks $25M Deal In Rate-Rigging Suit”
Charles Phillips is a member of the board of directors at the Federal Reserve Bank of New York. He is chairman of the Board of Infor, the third largest business software applications company in the world. Prior to Infor, Phillips was president of Oracle Corporation and a member of its board of directors. Before Oracle, Phillips was a managing director at Morgan Stanley in the Technology Group and served on its board of directors. Phillips holds a B.S. in Computer Science from the U.S. Air Force Academy, a J.D. from New York Law School, and an MBA from Hampton University and is a member of the Georgia State Bar Association.
Federal Reserve Bank of New York
Dean Phillips, (D-MN) is a committee member of the 116th Congress U.S. House Committee on Financial Services. Phillips is an American businessman and politician from the state of Minnesota. A Democrat, he is the member of the US House of Representatives from Minnesota’s 3rd congressional district since the 2018 election. Phillips graduated from Brown University (BA), and the University of Minnesota (MBA).
U.S. House Banking Committee on Financial Services