In a May 13, 2013 order (here), Southern District of New York Judge Shira Scheindlin granted defendants’ motion to dismiss the Libor-scandal related securities suit that had been filed against Barclays and two of its former executives following the company’s entry into a massive Libor-related settlement last summer. Full Story
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When Southern District of New York Judge Naomi Reice Buchwald entered her order in the consolidated Libor litigation on March 29, 2013, she dismissed the plaintiffs’ antitrust and RICO claims against the Libor rate-setting banks, and she also declined to exercise supplemental jurisdiction over the plaintiffs’ state law claims, which she dismissed without prejudice. Full Story
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On March 29, 2013, in a ruling that she acknowledged some might find to be “unexpected” in light of the substantial regulatory fines and penalties that some of the defendants have paid, Southern District of New York Naomi Reice Buchwald granted the defendants’ motions to dismiss the antitrust and RICO claims in the consolidated Libor-based antitrust litigation. Full Story
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Much happened in recent days while The D&O Diary was away on extended travel. Some of the developments were significant. What follows is a brief summary of the more significant events over the last few days. Full Story
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It is nothing new for seemingly outrageous emails to trigger attention-grabbing claims of wrongdoing. Full Story
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Swiss banking giant UBS has become the second global financial institution to enter a series of massive regulatory settlements in connection with the ongoing Libor scandal investigation.
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In the United States, LIBOR cases are going through endless “Twiqbal” motions. In the UK, on the other hand, LIBOR cases are being set for trial. And, over there, some are attacking the defenses of the banks (e.g. everybody knew LIBOR was rigged) by pointing to bank CEO’s denying knowledge of the rigging. Full Story
On September 28, the UK Treasury released the Final Report of the Wheatley Review of LIBOR setting out recommendations for LIBOR reform. (The Wheatley Review, headed by Martin Wheatley, the CEO-designate of the Financial Conduct Authority, was launched in mid-August (see the August 17, 2012, edition of Corporate and Financial Weekly Digest). Full Story
According to Governing.com, Chapter 9 filings by municipalities are likely to increase. See “Mapping Municipal Bankruptcies” by Mike Maciag (July 25, 2012) for a visual of cities, towns, counties, utility authorities and other municipal organizations that have waved the distress flag. Full Story
On August 10, HM Treasury published an initial discussion paper of the LIBOR Review which is being conducted by Martin Wheatley, the CEO-designate of the Financial Conduct Authority. Full Story
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