Global Investigations Review - The law and practice of international investigations

Financial services misconduct

Wells Fargo employees routinely warned leadership of “growing plague” of misconduct

Wells Fargo employees routinely warned leadership of “growing plague” of misconduct

February 24, 2020, GIR

Senior leadership at US-based Wells Fargo’s community bank repeatedly ignored warnings that unlawful sales practices at the bank, which led to a $3 billion settlement, were “spiralling out of control”.

Sports Direct wins partial victory in privilege wrangle

Sports Direct wins partial victory in privilege wrangle

February 20, 2020, GIR

The ruling rejects the notion that email attachments are privileged simply because they are linked to privileged communications.

Judge tells DOJ to reveal how it identified alleged spoofing episodes

Judge tells DOJ to reveal how it identified alleged spoofing episodes

February 13, 2020, GIR

A US federal judge has ordered prosecutors to turn over information about the filters it used to comb stock market data for suspected “spoofing” attacks by two former Deutsche Bank traders.

Purported whistleblower says DOJ investigated Dubai gold producer

Purported whistleblower says DOJ investigated Dubai gold producer

January 31, 2020, GIR

A former partner at EY told a London court on Friday that the US Justice Department contacted him in 2014 about an investigation into Dubai-based gold refiner Kaloti Metals.

Trader says Deutsche Bank “created evidence” at DOJ’s direction

Trader says Deutsche Bank “created evidence” at DOJ’s direction

January 13, 2020, GIR

A former Deutsche Bank trader accused of spoofing argues that the DOJ outsourced its investigation to the bank’s external lawyers as he attempts to prevent interview audio recordings from being used.

Senior managers make up 4% of FCA’s investigations into individuals

Senior managers make up 4% of FCA’s investigations into individuals

January 06, 2020, GIR

The UK’s financial regulatory body is investigating a “huge” number of individuals for alleged misconduct but only a small fraction of cases focus on senior executives.

Barclays-Qatar agreements were “appropriate and signed off”, court hears

Barclays-Qatar agreements were “appropriate and signed off”, court hears

November 27, 2019, GIR

The rapid growth of the Qatari sovereign wealth fund and Barclays’ prestige meant both parties were “ready to jump” at the idea of entering into an agreement together, a former Barclays banker has said.

Ex-Barclays exec “taken aback” by Qatar’s demands for higher commission fees

Ex-Barclays exec “taken aback” by Qatar’s demands for higher commission fees

November 26, 2019, GIR

A former executive at Barclays maintained a jovial relationship with Qatari investors despite their demands for uncharacteristically high commission fees, a court has heard.

Citigroup fined £44 million for governance and control failings

Citigroup fined £44 million for governance and control failings

November 26, 2019, GIR

The Bank of England’s regulatory arm has fined Citigroup’s UK business £43.9 million after finding that its regulatory reporting framework was not designed, implemented or operating correctly.

Ex-Deutsche Bank trader fights Libor rigging conviction

Ex-Deutsche Bank trader fights Libor rigging conviction

November 22, 2019, GIR

Former Deutsche Bank trader Gavin Black has appealed against his 2018 conviction for manipulating the London interbank offered rate.