Ex-UBS Worker, Day Trader Convicted Of Insider Dealing
A jury in London found a former UBS compliance officer and her trader friend guilty of insider dealing in a partial verdict on Tuesday, a win for the Financial Conduct Authority in its long-running prosecution of the pair.
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A London judge on Tuesday mostly barred AIG from making new arguments about why it shouldn't have to pay former employees bonuses that could run more than $100 million, ruling that the financial giant can't raise new defenses during the damages phase of the case.
Credit Suisse has accused the British government of violating European competition law when it levied a one-off tax on bankers' bonuses in the aftermath of the financial crisis, as a trial over the lender’s £239 million ($304 million) damages claim against the tax authority kicked off in London on Tuesday.
A former executive at Unaoil Ltd., a Monaco-based oil consultancy accused of bribery in Iraq, pled not guilty at a London court on Tuesday to allegations that he conspired to pay officials to secure contracts in the Middle Eastern country for one of the company’s clients.
Financial regulators in Britain and the U.S. have said they will work together in derivatives markets to tackle “opportunistic strategies” employed by companies, such as deliberately missing payments to force a default and get compensation from credit-default-swap contracts.
UBS AG has told a New York federal court that the U.S. Department of Justice lawsuit accusing the bank of fraud in its precrisis sales of residential mortgage-backed securities falls short by not calling out any specific employees, but the government insists that it has alleged all it needs to for the case to proceed.
The planned closure of an Airbus subsidiary operating in Saudi Arabia could jeopardize the Serious Fraud Office's bribery probe against the aerospace corporation’s U.K. unit.
Switzerland's government said Monday it is prepared to ban Swiss shares from trading on European Union stock exchanges starting in July unless the EU extends its regulatory equivalence regime to allow the country access to the bloc's exchanges.
Banco Santander SA said Monday that it has agreed to pay €936.5 million ($1 billion) for insurer Allianz’s 60% stake in their joint venture, which distributes insurance and pension products in Spain.