US officials hand down multi-billion forex-rigging fine to UBS, JPMorgan, RBS, Citicorp and Barclays May 20, 2015 US officials have confirmed the multi-billion-dollar bill being paid by five of the world's biggest banks for their involvement in the forex-rigging scandal. JPMorgan Chase, Royal Bank of Scotland, Citicorp and Barclays will plead guilty to US criminal charges, paying a total of $5.6bn to settle the allegations that date back to 2007. UBS is [...]
Corporate manslaughter fines could be raised to £20m: What’s the most dangerous job in the UK? November 14, 2014 Companies that commit corporate manslaughter should face fines of up to £20m, according to legal watchdog the Sentencing Council. Corporate health and safety nightmares such as pedestrians killed by falling scaffolding, gas leaks caused by an unregistered gas fitter or employees injured by falling machinery all fall under this type of crime and punishments should [...]
UBS to pay US authorities $545m over forex-rigging scandals May 20, 2015 UBS is to pay $545m (£351.7m) to US authorities to settle a series of investigations into the bank's alleged rigging of the foreign exchange markets and Libor. The Swiss bank confirmed the total, to be paid to the Department of Justice, the board of governors of the Federal Reserve and the Connecticut Department of [...]
Serious Fraud Office to examine Fifa allegations after being accused of “failing its duty” May 29, 2015 Britain's Serious Fraud Office (SFO) will examine information relating to alleged Fifa corruption after announcing it is "ready to assist in ongoing international criminal investigations". Two large British banks – HSBC and Barclays – were both named in the indictment filed by the US Department of Justice (DoJ), which led to the explosive arrest of [...]
Bank of England’s forex probe under US scrutiny May 13, 2015 THE US Department of Justice (DoJ) is extending its probe into foreign-exchange market wrongdoing. It has requested an interview with senior forex trader James Pearson at the RBS, who had frequently discussed forex matters with the Bank of England (BoE), about who at the Bank knew of manipulation of the forex market. Attempts to secure the [...]
Autumn Statement 2015: George Osborne’s speech transcript in full including stamp duty, business rates and corporation tax announcements November 25, 2015 Mr Speaker, this Spending Review delivers on the commitment we made to the British people that we would put security first. To protect our economic security, by taking the difficult decisions to live within our means and bring down our debt. To protect our national security, by defending our country’s interests abroad and keeping our [...]
Consumers are being ignored in the financial market abuse crackdown September 7, 2015 MPs coming back to Westminster after the summer recess will be returning to financial markets that have shown levels of volatility not seen since the banking crisis. While it is unlikely that the recent share rout will lead to another global meltdown, it will give added impetus to MPs’ efforts to pass legislation aimed [...]
Rabbatts resigns from Fifa role in protest at Blatter June 1, 2015 FOOTBALL Association (FA) board member Heather Rabbatts yesterday quit her role on Fifa’s anti-discrimination task force in protest at Sepp Blatter’s re-election as president. The anti-discrimination task force was chaired by Fifa vice-president Jeffrey Webb of the Cayman Islands, who is one of seven serving officials of the embattled world governing body to be arrested [...]
Can brands bring about the next summer of love? October 31, 2014 I count myself very lucky. I was a "yoot" in the second summer of love, that heady blip in the late eighties when we revelled in the utopian vision that 10,000 people and 10,000 watts of belly-rumbling bass could actually signify a change in the human state: love could indeed save the day. It was [...]
“Flash crash” trader Navinder Singh Sarao returns to court this week to fight bail setting May 19, 2015 The trader accused of bringing about the flash crash of 2010 is to return to London's High Court tomorrow. Navinder Singh Sarao, 36, remains in custody after failing to pay his £5.05m bail. He is fighting efforts by the US authorities to have him extradited, with the Department of Justice claiming he made £26m [...]