Category: interest

LIBOR Update – who will be next? – Dyers Chambers

Posted July 31st, 2013 in banking, deferred prosecution agreements, financial regulation, fraud, interest, news by sally

On 20th June 2013, Tom Hayes, a former trader with UBS, appeared before Westminster Magistrates Court charged with eight counts of fraud. He is the first individual to be prosecuted as a result of the SFO’s investigation into the LIBOR scandal. Peter Caldwell reviews the background to the investigation and examines the challenges that lie ahead for the Serious Fraud Office.

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Dyers Chambers, 11th July 2013

Source: www.dyerschambers.com

Standing and judicial review: why we all have a “direct interest” in government according to law – UK Human Rights Blog

Posted July 30th, 2013 in interest, judicial review, news by sally

“According to reports in yesterday’s Times (£) and Telegraph, the government is planning a further set of reforms to judicial review. (I have written before about why the original proposals, published in December 2012, were objectionable—and about the fact that the government pressed ahead with many, but not all, of them, excoriating criticism notwithstanding.)”

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UK Human Rights Blog, 30th July 2013

Source: www.ukhumanrightsblog.com

Corporate Crime Review – Dyers Chambers

Posted July 19th, 2013 in banking, company law, crime, financial regulation, fraud, interest, news, sentencing by sally

“Members of Dyers Chambers review developments across the spectrum of corporate crime and financial regulation, including updates on LIBOR, Sanctions, DPAs and Fraud Sentencing.”

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Dyers Chambers, 11th July 2013

Source: www.dyerschambers.com

A lot of Wonga – Sports Law Bulletin from Blackstone Chambers

Posted July 15th, 2013 in advertising, compensation, constructive dismissal, employment, interest, news, religious discrimination, sport by sally

“Papiss Cisse’s dispute with Newcastle United Football Club about wearing the official shirt sponsor’s logo raises some important questions for sports lawyers.”

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Sports Law Bulletin from Blackstone Chambers, 15th July 2013

Source: www.sportslawbulletin.org

Interesting times – New Law Journal

Posted May 14th, 2013 in agreements, consumer credit, costs, interest, law firms, loans, news by sally

“In Jeffrey Jones v SoS for Energy and Climate Change [2012] EWHC 2936 (QB) the High Court considered the use of credit agreements between a law firm and its clients.”

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New Law Journal, 13th May 2013

Source: www.newlawjournal.co.uk

Barclays Libor court case delayed until April 2014 – The Guardian

Posted April 30th, 2013 in banking, delay, fraud, interest, news, trials by sally

“The first UK trial concerning the alleged fraudulent manipulation of Libor rates has been delayed until next year after Barclays won the right to challenge aspects of the high court case.”

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The Guardian, 29th April 2013

Source: www.guardian.co.uk

Banks Take First Round In Interest Rate Swap Mis-Selling Claims – No. 5 Chambers

Posted April 17th, 2013 in banking, financial regulation, interest, news, unfair commercial practices by sally

“Following the announcement in June 2012 by the Financial Services Authority of a two month investigation in to the sale (and in particular mis-selling) of interest rate hedging products such as swaps, collars, structured collars there is considerable interest in whether such claims are likely, following Payment Protection Insurance, to become another key battleground in financial services litigation.”

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No. 5 Chambers, 7th February 2013

Source: www.no5.com

LIBOR Cases – A Return to Normality? – Littleton Chambers

Posted April 17th, 2013 in amendments, banking, financial regulation, interest, misrepresentation, news by sally

“Last year I discussed Mr Justice Flaux’s decision in Graiseley Properties Limited and others v Barclays Bank plc [2012] EWHC 3093 (Comm) (see Littleton Comment on 4 December 2012). In that case Flaux J. had allowed amendments to plead fraudulent misrepresentation and breach of implied terms in relation to LIBOR which smoothed the path to claims which were, in essence, that the Bank had sold LIBOR-related products when it knew that its employees were attempting to ‘rig’ LIBOR rates for their own purposes (i.e. making their trades profitable) and that such conduct would disadvantage clients who relied on the Bank not attempting to manipulate LIBOR rates. Although I pointed out that allowing the amendments, which lacked the particularity to be expected, was unusual, I also observed that ‘This is a welcome and realistic approach to the difficulties faced by customers in claims against banks.'”

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Littleton Chambers, 15th April 2013

Source: www.littletonchambers.com

Libor scandal: RBS fined £390m – BBC News

Posted February 6th, 2013 in banking, fines, interest, news, professional conduct by sally

“Royal Bank of Scotland (RBS) has been fined £390m ($610m) by UK and US authorities for its part in the Libor rate-fixing scandal.”

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BBC News, 6th February 2013

Source: www.bbc.co.uk

No anonymity for bankers involved in Libor scandal – UK Human Rights Blog

Posted January 31st, 2013 in anonymity, banking, interest, news, public interest, trials by sally

“The Commercial Court has resisted an application to anonymise those individuals at Barclays involved in the LIBOR scandal.”

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UK Human Rights Blog, 30th January 2013

Source: www.ukhumanrightsblog.com

Judge denies Barclays staff anonymity in Libor case – The Guardian

Posted January 25th, 2013 in anonymity, banking, interest, news, public interest by tracey

“Barclays has been forced to reveal the identities of more than 100 employees who had been attempting to keep their names out of the public domain ahead of a case involving the alleged manipulation of the Libor rate.”

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The Guardian, 24th January 2013

Source: www.guardian.co.uk

A balanced approach to the challenges of economic crime – Attorney General’s Office

Posted January 25th, 2013 in banking, deferred prosecution agreements, financial regulation, fraud, interest, prosecutions, speeches by tracey

“Attorney General, Dominic Grieve QC MP outlined steps taken to prosecute economic crime at the Cityforum round table. Originally given at City of London Guildhall. This is the text of the speech as drafted, which may differ slightly from the delivered version.”

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Attorney General’s Office, 21st January 2013

Source: www.gov.uk/ago

Defendants in Libor-fixing case may be named, court rules – The Guardian

Posted January 22nd, 2013 in anonymity, banking, interest, news, public interest, trials by sally

“More than 100 bankers have failed in a bid to prevent their names being revealed during preliminary hearings of a high court case centred on alleged rigging of the key London interbank offered rate (Libor) by Barclays staff.”

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The Guardian, 21st January 2013

Source: www.guardian.co.uk

RBS awaits hefty fines for Libor rigging – The Guardian

Posted January 21st, 2013 in banking, financial services ombudsman, fines, hedge funds, interest, news by sally

“Stephen Hester lays groundwork for penalties expected to be £500m or more.”

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The Guardian, 20th January 2013

Source: www.guardian.co.uk

LIBOR administrators will be required to corroborate submissions under FSA proposals – OUT-LAW.com

Posted December 7th, 2012 in banking, consultations, financial regulation, interest, news by sally

“Clear, unambiguous rules on the administration of, and submitting to, the London Interbank Offered Rate (LIBOR) and other benchmarks will be included in the regulatory handbook, the Financial Services Authority (FSA) has said.”

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OUT-LAW.com, 6th December 2012

Source: www.out-law.com

LIBOR to be regulated as Government accepts Wheatley’s recommendations “in full” – OUT-LAW.com

Posted October 18th, 2012 in banking, bills, crime, financial regulation, interest, news by sally

“Administering and contributing to the London Interbank Offered Rate (LIBOR) will become a regulated activity, while criminal sanctions will be introduced for ‘misleading statements’ in relation to the benchmark, the Government has confirmed.”

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OUT-LAW.com, 18th October 2012

Source: www.out-law.com

Libor review: key points – The Guardian

Posted September 28th, 2012 in banking, financial regulation, interest, news by tracey

“Martin Wheatley’s 10-point plan includes stripping the BBA of its role and making Libor manipulation a criminal offence.”

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The Guardian, 28th September 2012

Source: www.guardian.co.uk

 

Libor to be overhauled as part of reforms, says FSA – The Guardian

Posted August 10th, 2012 in banking, financial regulation, interest, news by tracey

“Martin Wheatley, FSA boss, says Libor is ‘no longer fit for purpose’ and intends to make Libor manipulation a criminal offence.”

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The Guardian, 10th August 2012

Source: www.guardian.co.uk

Type of interest due on overpaid tax is at discretion of national governments, ECJ says – OUT-LAW.com

Posted July 20th, 2012 in EC law, interest, news, repayment, VAT by tracey

“It is for European member states to determine how interest should be calculated on repayments of overpaid tax, the European Court of Justice (ECJ) has ruled.”

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OUT-LAW.com, 19th July 2012

Source: www.out-law.com

Serious Fraud Office launches Libor investigation – BBC News

Posted July 6th, 2012 in banking, fraud, interest, news, Serious Fraud Office by tracey

“The Serious Fraud Office (SFO) has confirmed that it has formally launched a criminal investigation into the rigging of inter-bank lending rates.”

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BBC News, 6th July 2012

Source: www.bbc.co.uk