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International Edition

Slaughters, Sullivan guide Standard Chartered to £217m US settlement

Slaughter and May corporate partner Nigel Boardman and dispute resolution partner Richard Swallow helped Standard Chartered yesterday (14 August) reach a $340m (£217m) settlement with the New York State Department of Financial Services (DFS) over allegations that it breached US sanctions and hid transactions with Iran. The magic circle firm provided UK advice to the bank, alongside Wall Street leader Sullivan & Cromwell, where corporate and financing partner Rodgin Cohen and dispute resolution partner Samuel Seymour provided US advice. Both firms were instructed after the alleged illegal activity took place.
3 minute read

International Edition

Slaughters, Sullivan advise Standard Chartered on latest banking scandal

Slaughter and May has secured a mandate advising Standard Chartered in relation to claims by the New York State Department of Financial Services (DFS) that the bank was involved in a $250bn (£160bn) money laundering scheme with the Iranian government. The magic circle firm is advising over allegations published by the DFS yesterday (6 August), which claim the bank violated US sanctions for almost 10 years, alleging it "schemed with the Government of Iran and hid from regulators roughly 60,000 secret transactions, involving at least $250bn (£160bn)."
2 minute read

International Edition

SFO confirms criminal powers to tackle Libor manipulation offences

Bankers involved in the Libor-rigging scandal could face jail terms after the Serious Fraud Office (SFO) confirmed that existing legislation will suffice to bring criminal actions against banks and individuals. In a statement, the SFO said: "The Director of the Serious Fraud Office, David Green QC, is satisfied that existing criminal offences are capable of covering conduct in relation to the alleged manipulation of Libor and related interest rates. The investigation, announced on 6 July, involves a number of financial institutions."
3 minute read

International Edition

Norton Rose signs up first white collar crime partner with Bindmans hire

Norton Rose has hired its first corporate and white collar crime partner, with the addition of Bindmans criminal law chief Neil O'May. O'May, who will join the firm in October, will be part of Norton Rose's business ethics and anti-corruption group which sits within the firm's wider disputes practice.
2 minute read

International Edition

LG scores role on BBA investigation into Libor fixing scandal

LG has picked up a lead role advising the British Bankers Association (BBA) on an independent investigation into the Libor rigging scandal. The firm, which is fielding a team led by employment partner Helga Breen, was appointed last week after the BBA confirmed an investigation prompted by evidence of rate rigging gathered by the Financial Services Authority (FSA), the US Commodity Futures Trading Commission and the US Department of Justice (DoJ).
2 minute read

International Edition

Ex-Minter Ellison Adelaide CFO handed 10-year jail term for A$2.7m theft

The former chief financial officer (CFO) of Minter Ellison's Adelaide arm has been sentenced to ten-and-a-half years in jail after admitting that he stole nearly A$2.7m (£1.8m) from the top-tier Australian law firm. Craig Raneberg, who was CFO of the firm's Adelaide and Darwin offices, pleaded guilty in March to 70 counts of theft between 2004 and 2011. The former CFO, who was made redundant in June 2011 after almost ten years at the firm, will face a non-parole period of six years and four months.
2 minute read

International Edition

Devereux corporate crime silk takes Treasury role on Libor inquiry

Devereux Chambers' Jonathan Fisher QC has been instructed to advise the Treasury Committee on its investigation into the Libor rate-rigging scandal, as details of the inquiry continue to emerge. Fisher, who specialises in cases involving corporate and financial crime, was appointed to advise Parliament on the inquiry earlier this month.
2 minute read

International Edition

Can the law nail the Libor bankers?

"One possibility is that the common law offence of conspiracy to defraud might be used. This form of conspiracy was preserved by the Criminal Law Act 1977 section 5, though the Law Commission would have liked to see the back of it..."
6 minute read

International Edition

Covington leads as GlaxoSmithKline receives record $3bn fine

US firm Covington & Burling has taken the lead role for pharma giant GlaxoSmithKline (GSK) on its record $3bn (£1.9bn) criminal and civil settlement over drug misbranding, reports The Blog of Legal Times. The settlement saw GSK agree to plead guilty to criminal charges and to pay $1bn (£638m) in criminal fines and forfeitures for the illegal marketing and promotion of the drugs Paxil and Wellbutrin.
2 minute read

International Edition

Former Hogan Lovells partner handed three-year jail term for expense fraud

Former Hogan Lovells litigation partner Christopher Grierson has been sentenced to three years in prison for defrauding the firm of £1.3m in false travel expenses. Grierson, who pleaded guilty in March this year after being charged by the City of London Police with four counts of false accounting, was today (30 May) handed sentences relating to four counts of fraud - one of 15 months, two of 36 months and one of 12 months, to run concurrently. He is expected to serve a total of 18 months in prison.
4 minute read

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