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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Bond-Rigging: Big Banks Escape Class-Action Lawsuit
Citigroup, Barclays, HSBC, BNP Paribas, Credit Agricole, Credit Suisse, Nomura, RBC, and TD Bank.
Judge Edgardo Ramos tossed out a 2-year old class-action lawsuit against these 9 banks for rigging prices in the market for supranational, sub-sovereign and agency debt - often called SSA bonds - a $9 trillion portion of the bond market. The plaintiffs, led by 2 union pension plans, used 150 chat transcripts to show price manipulation in the agency bond market.
In dismissing the antitrust claim, the judge cited that the plaintiffs did not prove that they themselves were injured by the alleged conspiracy - though he opted not to rule "yea or nay" on the merits of the case. Bank of America and Deutsche Bank previously agreed to pay a combined total of $65.5 million to settle the claims.
Judge Ramos gave the plaintiffs until Oct. 23 to file an amended complaint.