Global Investigations Review - The law and practice of international investigations


Tuesday, 18 March 2014

FDIC sues 16 banks over Libor

The US Federal Deposit Insurance Corporation (FDIC) has sued 16 banks for their alleged role in the London Interbank Offered Rate (Libor) scandal. The British Bankers’ Association, a London-based industry group which previously oversaw the Libor rate-setting, is also a defendant. The FDIC, which provides deposit insurance to bank depositors and is acting as the receiver to 38 failed banks, argues the Libor-setting banks fraudulently manipulated the rate. According to Bloomberg, the FDIC’s complaint says the failed banks were harmed by having to pay higher prices for financial products.

Partners James Martin, Jennifer Hackett and Richard Leveridge at Dickstein Shapiro in Washington, DC are acting for the FDIC.

Citigroup announces AML chief retirement

Citigroup global anti-money laundering head Sagheer Mufti will retire in late May after spending 33 years at the bank, according to an internal memo confirmed by a spokesperson. New York-based Mufti will continue in his role until a successor, who has not yet been found, is announced.

The bank has been scrutinised for alleged deficiencies in its anti-money laundering compliance in recent years, leading to three publicly known investigations.

In 2013, the US Federal Reserve ordered the bank to improve its anti-money laundering compliance after finding alleged deficiencies in Mexican subsidiary Banamex. On 4 March, Citigroup revealed it had been subpoenaed by the US Federal Deposit Insurance Commission and received a grand jury subpoena from the US Attorney's Office for the District of Massachusetts – both investigations relate to the bank's anti-money laundering and Bank Secrecy Act compliance. No further details were disclosed.

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