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Libor manipulation probe and litigation update
- Sedgwick LLP
- -
- United Kingdom, USA
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- July 5 2012
The record-breaking £59.5 million fine imposed on Barclays by the Financial Services Authority (FSA) and $360 million penalty imposed by the U.S. Commodity Futures Trading Commission and Department of Justice in connection with the improper submission of London InterBank Offered Rate (Libor) rates has led to intense public scrutiny of Barclays’ practices, procedures and management and possible misconduct by other financial institutions
Stanford found guilty on charges of fraud and conspiracy
- Sedgwick LLP
- -
- USA
- -
- March 28 2012
On March 6, 2012, three years after R. Allen Stanford was indicted for fraud, a federal jury returned a verdict against Stanford with regard to a $7 billion Ponzi scheme involving nearly 30,000 investors worldwide
Picard lawsuit against JPMorgan dismissed
- Sedgwick LLP
- -
- USA
- -
- November 30 2011
Irving Picard's lawsuit against JPMorgan Chase & Co. styled Picard v. JPMorgan Chase & Co., 11-cv-913, in the U.S. District Court, Southern District of New York, was dismissed on November 1, 2011
Former investors file class action complaint against JPMorgan seeking $19 million
- Sedgwick LLP
- -
- USA
- -
- November 30 2011
Less than a week after Judge McMahon dismissed Picard's lawsuit against JPMorgan, former Madoff clients filed a class action lawsuit against the bank seeking to recover $19 million
Goldman Sachs faces up to $16 billion in MBS lawsuits
- Sedgwick LLP
- -
- USA
- -
- November 30 2011
In a November 9, 2011 regulatory filing with the SEC, Goldman Sachs acknowledged that it is facing several lawsuits seeking more than $15.8 billion in damages in connection with now soured mortgage-backed securities (MBS) that Goldman bought, sold or underwrote
Judge Grills SEC enforcement division over $285 million Citigroup mortgage settlement
- Sedgwick LLP
- -
- USA
- -
- November 30 2011
During a November 9, 2011 hearing, Federal District Court Judge Jed Rakoff voiced significant concerns with regard to the $285 million settlement agreed to by Citigroup and the SEC over the bank's sale of mortgage-related securities
Morgan stanley denies allegations, seeks jury trial in CDO fraud case
- Sedgwick LLP
- -
- Singapore, USA
- -
- December 27 2011
Morgan Stanley & Co. Inc. denied claims of fraud by 18 Singaporean investors who allege that packaged collateral debt obligations were designed to fail
On three-year anniversary of Madoff arrest, Madoff trustee Picard still faces hurdles
- Sedgwick LLP
- -
- USA
- -
- December 27 2011
December 10, 2011, marked the three-year anniversary of Bernard L. Madoff's arrest
Lehman Brothers investors settle claims against underwriters
- Sedgwick LLP
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- USA
- -
- December 27 2011
Investors have agreed to settle securities claims against more than 30 underwriters who underwrote in excess of $31 billion in debt and equity offerings for Lehman Brothers, the collapse of which was a key chapter in the global financial crisis
The Rye funds file suit against Bank of New York Mellon
- Sedgwick LLP
- -
- USA
- -
- December 27 2011
On December 9, 2011, a lawsuit styled In re: Tremont Securities Law, State Law and Insurance Litigation v. Bank of New York Mellon Corp. was filed in New York State Supreme Court against Bank of New York Mellon and its BNY Alternative Investment Services unit alleging gross negligence in the administration of three separate Rye funds
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- Jurisdiction - USA
- Workarea - Banking
- Author - Jennifer Q. Broda
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