EU prepares crackdown on high-frequency trading April 14, 2014 European politicians are set to vote tomorrow on a controversial new measure to crack down on high-frequency trading (HFT) – firms that use high powered computers and super fast internet connections to profit from discrepancies in share prices – in Europe. HFT first hit headlines in 2010 following the US flash crash that saw the [...]
US judge allows aluminium cases March 10, 2014 A US judge overseeing litigation accusing Goldman Sachs, JPMorgan Chase, their warehousing businesses and the London Metal Exchange of conspiring to reduce the supply and increase the price of aluminium will allow for now three groups of plaintiffs to pursue separate lawsuits. US District Judge Katherine Forrest made the order for direct purchaser plaintiffs and [...]
What the other papers say this morning – 20 June 2014 June 19, 2014 FINANCIAL TIMES Ministers blast shambolic IT overhaul A Whitehall initiative to loosen the hold of big business on government contracts has come under fire from cabinet ministers, who have told the prime minister that “shambolic” IT provision by smaller firms has brought their departments to a virtual standstill in recent weeks. Vince Cable, business secretary, [...]
Former ENRC director set to fight lawsuit July 21, 2013 FORMER ENRC director Sir Paul Judge has pledged to fight a lawsuit brought by the mining company over claims he leaked information to the media. Judge said in a statement over the weekend that he “den[ies] entirely” the company’s claims that he leaked an email to the press in October. Judge, who stepped down from [...]
Societe Generale pays $122m fine February 27, 2014 Societe Generale yesterday agreed to pay $122m (£73m) to settle a lawsuit by a US regulator The Federal Housing Finance Agency (FHFA) accusing the bank of misleading Fannie Mae and Freddie Mac in the purchase of mortgage-backed securities. “The settlement will have no material impact on the group’s earnings,” Societe Generale said.
Armstrong lawyers urge judge to dismiss government lawsuit July 24, 2013 DISGRACED cyclist Lance Armstrong has asked a federal judge to dismiss the US government’s multi-million dollar lawsuit against him. Armstrong, 41, won the Tour de France seven times between 1999 and 2005 while riding for the US Postal Service and Discovery Channel teams, but was stripped of his titles last year after a US Anti-Doping [...]
MtGox wins US bankruptcy protection March 11, 2014 Troubled Bitcoin exchange MtGox has received some welcome news as a Texas judge temporarily halted two US lawsuits, while bankruptcy proceedings continue in Japan. In February, MtGox filed for bankruptcy protection in Tokyo and said it had an outstanding debt of $63m (£37m). MtGox will return to court 1 April to attempt to extend the [...]
Tobacco plain packaging braced for legal showdown at the WTO April 28, 2014 The battle over Australia's law compelling the standardised packaging of tobacco is set to come to a head after two years of procedural wrangling. The case will now be settled in court by the World Trade Organisation (WTO) after five countries brought the action against Australia arguing the law was a restriction on intellectual property [...]
MtGox finds 200,000 forgotten Bitcoin March 21, 2014 Troubled Bitcoin exchange MtGox has said it has found 200,000 Bitcoin worth roughly £70m. Chief executive of the company Mark Karpeles said the Bitcoin were found in an online wallet, which MtGox believed held none of the digital currency. The exchange said: MtGox had certain old-format wallets which were used in the past and which, [...]
SEC tells jurors in fraud lawsuit of Fabrice Tourre’s make believe July 30, 2013 FORMER Goldman Sachs trader Fabrice Tourre should not be allowed to get away with deceiving investors in a mortgage deal that went bad in the financial crisis, an SEC lawyer told jurors who will decide a civil fraud lawsuit brought by the regulatory agency. On the final day of a more than two-week trial, US [...]