Wednesday, December 21, 2016

Happy-Holiday Synopsis

What a year it has been!  We sign off for 2016 with a short brief on the wave of activity that has occurred in recent weeks, wishing our readers a happy holiday season and a terrific 2017.

The main new stories of the year have been the escalation of ERISA retirement plan litigation and the unfolding conundrum that is Wells Fargo.  Meanwhile, some of the other ongoing litigation has expanded, including with FX cases being filed abroad.

But here are some of the main happenings over the last 2-3 weeks.

Actions & Settlements

Gold & Silver Fixings Class Actions [1], [2]: The court approved Deutsche Bank’s settlements of $60 million and $38 million, respectively. Meanwhile, plaintiffs’ attorneys filed documents highlighting electronic communications provided by Deutsche Bank that they argue demonstrate alleged manipulation and collusion across banks. Deutsche is the only bank to settle so far. 

ISDAfix:

  1. Goldman Sachs settled ISDAfix manipulation class action allegations for $56.5 million. (Class action claims against seven banks/brokers remain outstanding.)
  2. Meanwhile the CFTC took an enforcement action, its third in regards ISDAFIX, against Goldman Sachs -- the others being against Barclays and Citibank. The ISDAFIX penalty brings the CFTC's tally to over $5bn in fines (across 18 actions) relating to FX, LIBOR, EURIBOR and ISDAFIX misconduct.
Euribor: The European Commission fined Crédit Agricole, HSBC, and JPMorgan Chase a total of €485 million (~$520 million) for manipulating the Euro Interbank Offered Rate (Euribor).

Dark Pools: Deutsche Bank settled with New York State for $37 million and FINRA for $3.25 million over its equities order routing practices.

Valuations:

  1. PIMCO settled for $20 million SEC allegations that the asset manager misled investors about the performance of its Total Return ETF (ticker: BOND) by failing to disclose that a significant factor in BOND’s outperformance was its strategy of purchasing odd-lot positions at discounts and then immediately marking them up to the round-lot prices.
  2. The DOJ charged executives at hedge fund Platinum Partners with fraud, alleging Platinum fraudulently overvalued its illiquid assets to stoke high returns, as well as for other problematic practices.  The SEC filed similar civil charges.

Happy holidays!

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[1] In re: Commodity Exchange, Inc., Gold Futures and Options Trading Litigation (1:14-md-02548)
[2] In re: London Silver Fixing, Ltd. Antitrust Litigation (1:14-md-02573) 
[3] Alaska Electrical Pension Fund et al v. Bank of America Corp et al (14-cv-07126)

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