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Criminal Prosecution Libor Financial Conduct Authority (FCA)

ArentFox Schiff

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

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On October 1, 2024, the United Kingdom Financial Conduct Authority (UK FCA) phased out ‘Zombie’ LIBOR, as a transitional benchmark, with the move to alternative “risk-free” rates....more

A&O Shearman

UK Conduct Regulator Bans Former LIBOR Submitter From Performing Any Regulated Activity

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The U.K. Financial Conduct Authority has published the Final Notice (dated October 30, 2018) that it issued to a former employee of a major international bank, prohibiting him from performing any function relating to any...more

A&O Shearman

UK Conduct Regulator Bans RBS Trader for Manipulation of Japanese Yen LIBOR

A&O Shearman on

The Financial Conduct Authority published a Final Notice in relation to Neil Danziger, a former RBS interest rate derivatives trader, in connection with his involvement in the manipulation of Japanese Yen LIBOR. The FCA...more

Skadden, Arps, Slate, Meagher & Flom LLP

Cross-Border Investigations Update - November 2017

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases, regulatory activity and other key developments, including new U.K. reporting obligations for sanctions violations,...more

A&O Shearman

UK Financial Conduct Authority Decision to Ban Ex-Libor Trader Hayes Delayed Pending Criminal Review

A&O Shearman on

The Financial Conduct Authority has announced that it has decided to prohibit former trader Tom Hayes from performing any function relating to any regulated activity in the financial services industry. The FCA stated that Mr....more

The Volkov Law Group

LIBOR Criminal Convictions Reversed – The Perils of Global Enforcement

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The growth of global enforcement systems raises important policy issues and risks for enforcement authorities. In an interesting case, US v. Allen and Conti, the Second Circuit Court of Appeals reversed criminal convictions...more

McDermott Will & Emery

Second Circuit Clarifies Fifth Amendment Law, with Implications for US Prosecution of International Cartels

McDermott Will & Emery on

On July 19, 2017, the Second Circuit vacated the convictions and dismissed the indictments of two individuals accused of playing a role in the manipulation of the London Interbank Offered Rate (LIBOR). United States v. Allen,...more

Cadwalader, Wickersham & Taft LLP

US Second Circuit Finds Testimony Compelled by UK Regulators to be Inadmissible in Criminal Proceedings

Creating a potential new impediment for collaboration between UK and US investigators, the Court of Appeals for the Second Circuit in New York recently held that evidence derived from compelled testimony cannot be used in a...more

Troutman Pepper Locke

Fifth Amendment Prohibits Use of Compelled Foreign Testimony in U.S. Criminal Trials

Troutman Pepper Locke on

On July 19, the U.S. Court of Appeals for the Second Circuit vacated the conviction of two former London-based bankers, Anthony Allen and Anthony Conti, who were convicted in October 2015 on multiple counts of bank and wire...more

BCLP

Second Circuit Hands Government a Major Setback in LIBOR Fraud Case

BCLP on

On July 19, 2017, the United States Court of Appeals for the Second Circuit issued a decision that could impact prosecutions of corporate employees that result from multi-jurisdictional investigations, such as those involving...more

WilmerHale

Testing The 5th: Compelled Testimony From Foreign Regulators

WilmerHale on

The circumstances of the prosecution of Anthony Allen and Anthony Conti exemplify how cross-border cooperation and parallel investigations can give rise to novel issues in a subsequent criminal trial. Allen and Conti were...more

Katten Muchin Rosenman LLP

Bridging the Week - September 2015

Alleged Flash Crasher's Formal Indictment Provides More Details Regarding His Purported Spoofing - The US Department of Justice filed a formal indictment against Navinder Singh Sarao in a US federal court in Chicago on...more

Burr & Forman

Lessons of the Deutsche Bank Story

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Deutsche Bank, a German lender agreed to plead guilty and pay $2.5 billion to settle with regulators in the United States and the United Kingdom in connection with criminal charges that it rigged and manipulated the London...more

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