One of the biggest class-action claims has been filed in New York by the Mayor
and City Council of Baltimore and the City of New Britain Firefighters and
Police Benefit Fund. Damages claims running to billions of dollars against the
world’s biggest banks have been given fresh “credibility” by Barclays £290m
Libor settlement, lawyers said. The cases are being brought under the Sherman
Act, America's anti-trust legislation, which allows for triple damages. Lawyers
for the banks are due on Friday to file an attempt to have the Baltimore case
thrown out. But Mr Hausfeld said Barclays' settlement “should undermine any
effort to dismiss the claim on the basis that it is implausible that the alleged
events took place”. Barclays is named as one of around 20 defendants, which
also include Royal Bank of Scotland and HSBC, as well as US lenders Bank of
America, Citigroup and JP Morgan. The action is co-ordinated with five other
lawsuits, including a claim by discount brokerage Charles Schwab against 11
banks, including Barclays. The sums involved are potentially vast. Libor is
used to price various financial products. The Bank for International Settlements
calculates that the market for over-the-counter interest rate derivatives, such
as swaps, had a notional value of more than $500 trillion in 2011. Just a small
element of proven mispricing could trigger billions of dollars of claims.
Access Investments-Building Awareness - European Union-ROMANIA
Friday, June 29, 2012
Barclays is named as one of around 20 defendants, which also include Royal Bank of Scotland and HSBC, as well as US lenders
One of the biggest class-action claims has been filed in New York by the Mayor
and City Council of Baltimore and the City of New Britain Firefighters and
Police Benefit Fund. Damages claims running to billions of dollars against the
world’s biggest banks have been given fresh “credibility” by Barclays £290m
Libor settlement, lawyers said. The cases are being brought under the Sherman
Act, America's anti-trust legislation, which allows for triple damages. Lawyers
for the banks are due on Friday to file an attempt to have the Baltimore case
thrown out. But Mr Hausfeld said Barclays' settlement “should undermine any
effort to dismiss the claim on the basis that it is implausible that the alleged
events took place”. Barclays is named as one of around 20 defendants, which
also include Royal Bank of Scotland and HSBC, as well as US lenders Bank of
America, Citigroup and JP Morgan. The action is co-ordinated with five other
lawsuits, including a claim by discount brokerage Charles Schwab against 11
banks, including Barclays. The sums involved are potentially vast. Libor is
used to price various financial products. The Bank for International Settlements
calculates that the market for over-the-counter interest rate derivatives, such
as swaps, had a notional value of more than $500 trillion in 2011. Just a small
element of proven mispricing could trigger billions of dollars of claims.
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12 comments:
The brass neck on some of these idiots.
Borrow and spend themselves into oblivion to buy votes then expect everyone else to pick up the tab when their credit rating is crap pushing up borrowing costs.
Yet again the poor German tax payer is expected to bend over and take it dry to keep broke morons in the manner they have become accustomed to.
Please Germany, exit the Euro and leave these morons in the sewer they made for themselves.
I'm actually starting to feel a little sorry for the people of Belgium.
With no economy to speak of apart from servicing the EU and some of the most splendid office space in the western world, what exactly are they going to do when the the EU Implodes?
No country can survive on pomme fritte and mayonnaise alone and I doubt Cathy Ashton will want to base her next "Charity" or lobby group in Brussels when there is no one to lobby?
No matter how bad things get here in the UK, me must always be greatful that we are not Belgium.
Sometimes, being a swivel eye'd bast#rd has it's advantages.
There is no point in picking a "side" here. On the one hand you have Hollande proposing to stimulate the EZ economy with money they don't have, in an environment where yields on debt are rapidly rising. On the other hand you have Merkel, saying that she will only contribute German money if she also has the right to regulate the peripheral countries into 20% unemployment and a ten year Depression.
This is why this crisis is drifting on for so long. One party wants to borrow more after a decade of over-borrowing, while the other party wants austerity and strong money when the periphery of the EZ is already in deep recession
Fighting like ferrets in a sack - an edifying example of EU 'solidarity'.
If German taxpayers are on the hook for another 168 billion euros (!!), Angie has every right to be as tough as she likes.
The Latin gang should be surprised she isn't on the fast train back to Berlin.
The MPs’ letter challenges the Prime Minister “to place on the statute book before the next general election a commitment to hold a referendum during the next Parliament on the nature of the relationship with the EU”.
In a reference to Mr Cameron’s refusal to hold a vote on the EU’s Lisbon Treaty, the MPs’ letter warns that voters resent politicians’ broken promises on Europe.
At a summit in Brussels, David Cameron tried to underline his eurosceptic credentials by reminding other leaders of his promise to defend Britain’s £3 billion annual rebate from the EU budget.
Earlier he said he “understood and shared” his MPs’ concerns about the need for a referendum, but offered no public support for the prospect of a popular vote on the EU relationship.
David Cameron left the Brussels summit at 1am local time, with nine other non-euro EU leaders as the 17 other eurozone member states continued in an emergency session to try and overcome the deadlock.
Spain and Italy blocked a flagship €120 billion “growth pact” as Mario Monti, the Italian Prime Minister, warned that there would be gridlock unless the EU mobilised its bailout funds to underwrite Italian and Spanish bonds.
As talks dragged on into the early hours of today, without any progress on long-term solution to fix the eurozone crisis, Herman Van Rompuy, the president of the European Council of EU leaders, tried to play down the deepest splits since the European debt crisis erupted two years ago.
“There are two countries who are very keen to make sure that there is an agreement both on the long term measures and on the short term measures, but I wouldn't say there was any blockage,” he insisted late on Thursday night.
During a bad-tempered summit, Francois Hollande and Angela Merkel clashed over the pleas from Italy and Spain with Gremany dismissing their fears as “scaremongering” by allies.
Ahh my little europhiles, there there now.
Now I want you come out from under the bed and to stop that rocking backing and forth siting in the corner, I want you to be brave because I have a little story to tell you to cheer you all up.
Come on chelly, you too, I can hear you and I know that loud wailing anywhere, even from the back of the wardrobe.
There now, thats better, I want you to dry up all those little tears as I tell you a little story.
you see sometimes mummies and daddies just don't get on, when you grow up, you will understand these grown up things, and i know it makes you want to cry when you see mummy get cross and daddy start to shout.
But you must realize they are not shouting at you. And yes, soon mummy and daddy are going to live in their own separate houses, but you can still visit each of those houses my little europhiles..
Won't that be exciting, soon you can have little gardens to play in.
Yes, I know the sandpits will be smaller, but you see mummy and daddy made a terrible mistake. and they couldn't afford to pay for the really big sandpit you wanted.
And soon it will all be fixed, and even chelly can go back to sucking his thumb again but you just won't able to play in the really really big sandpit, but now you can have lots of little ones to play..
Now won't that be fun.
Now off you go and play, and let the grown ups make the nice comments on here telling the world what a bunch of effin useless criminally insane filthy degenerate bastards mummy and daddy was.
Leaders were more stridently at odds than ever before in the 30-month euro crisis. But with the stakes arguably at their highest since the currency and sovereign debt crisis erupted in Greece almost three years ago, the real substance of the summit was derailed, at least temporarily, by the Italian and Spanish hardball tactics, which were aimed at forcing Germany to soften its line on financial assistance to the weaker members of the eurozone.
This is a classic example as to why we should reduce our exposure to the EU as soon as possible. When the good times roll everything is rosy but as soon as the chips are down, the reality of nation states crops up.
If I was to go to my local bank and threaten them with a scandalous exposure unless they gave me a preferential mortgage rate, I would have committed a criminal act. However it appears that some countries feel that regardless of their wasteful ways when the goose was fat feel they can extract better conditions by blackmail.
Does anyone really think that the EU or the EURO is anything other than a huge great fraud now?
No matter what, blood is thicker than water. Germany does not want to save other wasteful countries despite having benefited hugely. The other countries do not wish to deal with their problems. The UK desperately has to bring our debt under control and then ease our way out of the clutches of the hicks across the Channel before we are dragged yet further into the mire. All of this is grist to the UKIP mill and the more I see the more feel my vote will be heading in their direction.
This is a classic example as to why we should reduce our exposure to the EU as soon as possible. When the good times roll everything is rosy but as soon as the chips are down, the reality of nation states crops up.
If I was to go to my local bank and threaten them with a scandalous exposure unless they gave me a preferential mortgage rate, I would have committed a criminal act. However it appears that some countries feel that regardless of their wasteful ways when the goose was fat feel they can extract better conditions by blackmail.
Does anyone really think that the EU or the EURO is anything other than a huge great fraud now?
No matter what, blood is thicker than water. Germany does not want to save other wasteful countries despite having benefited hugely. The other countries do not wish to deal with their problems. The UK desperately has to bring our debt under control and then ease our way out of the clutches of the hicks across the Channel before we are dragged yet further into the mire. All of this is grist to the UKIP mill and the more I see the more feel my vote will be heading in their direction.
The BBC's Andrew Walker in Brussels says although Germany appears to have compromised, Chancellor Angela Merkel has managed to ensure that Brussels has more control over the finances of eurozone countries, something she had wanted.
The deal came about after new French President Francois Hollande appeared to throw his weight behind Italy and Spain.
"I'm here to try to find rapid solutions for those countries facing pressure from the market, despite having made huge efforts to balance their budgets," the socialist French president said.
The new growth package, announced by Mr Rompuy, is made up of:
A 10bn-euro boost of capital for the European Investment Bank, expected to raise overall lending capacity by 60bn euros
Targeting 60bn euros of unused structural funds to help small enterprises and create youth employment
A pilot launch of EU project bonds worth 4.5bn euros for infrastructure improvements, focusing on energy, transport and broadband.
The tough negotiations were deadlocked for hours, prompting the departure from the summit after midnight of the 10 non-euro countries, including Britain, leaving the eurozone leaders to fight it out.
After 14 hours of wrangling, they emerged with a three-point statement rewriting the rules for the eurozone's new bailout regime in a way likely to soften the draconian terms that have accompanied the rescue programmes for Greece, Portugal, and Ireland over the past two years.
The leaders said a new eurozone banking supervisory system should be established by the end of the year. Once it is operational, the eurozone's new permanent bailout fund, the European Stability Mechanism, would be able to recapitalise failing banks directly, without the loans going via governments as at present and adding to national debt burdens. The shift had been demanded particularly by Mariano Rajoy, the prime minister of Spain.
The new supervisory system is likely to come under the authority of the European Central Bank. Under plans being mooted, the new banking regime is to entail pooling eurozone liability for guaranteeing savers' deposits and a common resolution fund for winding up bad banks. But the statement mentioned neither of these two points, which are controversial in Germany, which is reluctant to accept responsibility for the conduct of other countries.
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