Criminal Prosecution, Banking Sector, Appeals

The End of LIBOR: Hotel California Edition [Part V]

ArentFox Schiff on 9/5/2025

In a recent alert, we highlighted the United Kingdom (UK) benchmark manipulation cases of Tom Hayes and Carlo Palombo from 2015 and 2019, respectively. Hayes was the first banker to be jailed in the LIBOR scandal....more

Client Alert: UK Supreme Court Decision in R v Hayes/Palombo

Jenner & Block on 9/3/2025

Last week the United Kingdom’s Serious Fraud Office (SFO) announced that, as a result of the UK Supreme Court's decision in R v Hayes/Palombo, a number of convictions arising from allegations of manipulation of well-known key...more

U.S. Supreme Court Draws the Line: Misleading Statements Aren’t Always False

Pietragallo Gordon Alfano Bosick & Raspanti,... on 4/4/2025

Last week a unanimous U.S. Supreme Court issued an opinion in Thompson v. United States, 2025 WL 876266 (2025), holding that a statement that is literally true but allegedly misleading, is not a “false statement” under 18...more

U.S. Supreme Court rules misleading statements to FDIC not criminal

Orrick, Herrington & Sutcliffe LLP on 3/31/2025

On March 21, the U.S. Supreme Court issued an opinion regarding the meaning of “false statement” in 18 U.S.C. § 1014 which defines terms for those who knowingly make a false statement or report. The case’s petitioner had...more

Second Circuit Holds Common-Law Foreign Sovereign Immunity Does Not Save Halkbank from Criminal Prosecution

Foley Hoag LLP on 11/1/2024

On October 22, 2024, the U.S. Court of Appeals for the Second Circuit determined that common-law foreign sovereign immunity does not protect Halkbank, a commercial bank, majority-owned by Turkey, from criminal prosecution for...more

Expanding FIRREA Liability for Financial Institutions: Recent Second Circuit Developments

Latham & Watkins LLP on 6/16/2015

In a brief — and swiftly decided — per curiam decision issued June 4, 2015, the US Court of Appeals for the Second Circuit affirmed the wire fraud and wire fraud conspiracy convictions of three former UBS Financial Services,...more