Turkish Bank’s Immunity Claim Gets Frosty Court Reception
Run by the government of Turkey, Halkbank is accused of criminal money laundering charges in the U.S. that it says run afoul of the Foreign Sovereign Immunities Act.
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banks
Bank Pushes Supreme Court for Reins on Growing Class Action Style
Goldman Sachs wants a reversal after the Second Circuit gave class status to investors without making them show that the bank’s misstatement actually led to any stock inflation.
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Top Banks Warn of Losses After US Fund Dumps Stocks
Top global banks Nomura of Japan and Switzerland’s Credit Suisse warned Monday they could face significant losses following reports of their exposure to a U.S. fund that sold billions in stocks last week.
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Bank of England: Cautious Optimism Over UK Economic Outlook
The Bank of England voiced cautious optimism Thursday about the U.K.’s economic outlook in the wake of a sharp fall in coronavirus infections and the rapid rollout of the nation’s COVID-19 vaccination program.
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Italian Bank Rescue Plan Upheld by Top EU Court
The court rejected the European Commission’s contention that a scheme to rescue a failing Italian bank by using Italy’s deposit guarantee fund was a form of illegal state aid.
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Huawei Exec Loses UK Court Bid to Access HSBC Records
A senior executive for the Chinese tech giant Huawei lost a British High Court bid Friday to access banking records which she said would help her battle extradition from Canada to the U.S.
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Halkbank
A federal court in New York conditionally dismissed a suit brought by hundreds of judgment creditors of Iran against Turkey’s Halkbank relating to claims it skirted U.S. sanctions against Iran and supported state-sponsored terrorism. Most of the plaintiffs do not live in the U.S. and Turkey would be a more appropriate forum for the case.
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Human Rights
A group of Sudanese refugees have sufficiently alleged that BNP Paribas cooperated with the Sudanese regime and knew or should have known that it was contributing to the regime’s human rights abuses, a federal court in New York ruled, finding the refugees may pursue some of their claims against the French bank.
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Tough Luck for Citibank After $900 Million Payment Oops
Citibank’s mistake is now money in the bank for lenders that got paid out, a federal judge ruled, saying the financial titan can’t claw back its erroneously distributed cash.
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Huawei Takes HSBC to UK Court for Docs in Extradition Fight
Huawei took U.K. bank HSBC to court on Friday seeking documents the Chinese company says are key to its legal efforts to stop its chief financial officer from being extradited to the U.S. from Canada.
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Vatican Convicts Ex-Bank Chief in Property Embezzlement Scam
The Vatican’s criminal tribunal on Thursday convicted the former head of the Vatican bank and his lawyer of embezzling millions of euros in proceeds from the sales of Holy See-owned real estate, and sentenced them to nearly nine years in prison each.
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Hong Kong Bank Staff Arrested in $810M Laundering Probe
Seven former and current bank employees have been arrested in Hong Kong as part of a major operation against a US$810 million international money-laundering syndicate, police said Wednesday.
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Deutsche Bank Strikes Deal on Bribery & Price ‘Spoofing’ Charges
Pledging to pay $130 million, Deutsche Bank resolves claims that it fraudulently hid bribery payments and “spoofed” prices in the precious metals futures markets.
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Court Allows Swiss Bank to Deny Russian Oligarch Account: Report
A Swiss court has ruled the country’s postal bank can refuse an account to Russian oligarch Viktor Vekselberg, who lives in Switzerland and faces U.S. sanctions, Swiss media reported Thursday.
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Credit Suisse Indicted Over Alleged Ties to Bulgarian Mafia
The Swiss attorney general’s office said Thursday it has filed an indictment against bank Credit Suisse for allegedly failing to do enough to stop money laundering linked to drug trafficking by a Bulgarian criminal organization that also involved a wrestler who once hauled millions in notes by car to Switzerland.
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Mexico Says Credit, Debit Card Settlements a Near Monopoly
Mexican regulators said Wednesday that the two firms handling the country’s debit or credit card settlement process represent a near monopoly, and have recommended that leading banks be forced to sell off their ownership share in the companies.
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Dutch Court Calls for Criminal Probe Into Former ING CEO
A Dutch court on Wednesday ordered prosecutors to open a criminal investigation into the former CEO of ING bank, Ralph Hamers, for his role in a money laundering scandal that led to a huge settlement in 2018.
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Horde of Brazilian Bank Robbers Attack Another City, Kill 1
A large gang of heavily armed bank robbers invaded the Brazilian city of Cameta just one day after a similar force struck another mid-sized city on the opposite side of the country, taking residents hostage as they looted a bank.
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Dozens of Bandits Seize Brazilian City, Loot Bank
Dozens of gunmen armed with assault rifles invaded a city in southern Brazil overnight Tuesday and took control of the streets as they assaulted a local bank.
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Swiss Photographer Cleared of Aiding Hong Kong Protest Assault
A Swiss photographer who closed a door on a Chinese mainlander moments before he was assaulted during last year’s Hong Kong protests was on Friday found not guilty of aiding the attack.
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