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Border Crossing: How a U.K. Banker Helps U.S. Clients Trim Their Taxes
Border Crossing: How a U.K. Banker Helps U.S. Clients Trim Their Taxes --- Deals Devised by Roger Jenkins Of Barclays Capital Lift Own Firm's Fortunes, Too --- Paid Once, Credited Twice ---- By Carrick Mollenkamp and Glenn R. Simpson The Wall Street Journal via Dow Jones, 30 June 2006 LONDON -- At Barclays PLC, a British bank steeped in 300 years of tradition, the work of a team led by banker Roger Jenkins is far from traditional. For instance, in 2003 his team set up a company with no employees, no products and no customers -- just a mailing address in Delaware and a slate of British directors, mostly employees of his office. It was co-owned by Barclays and U.S. bank Wachovia Corp. The following year, according to documents filed in the United Kingdom, the jointly owned company had $317 million in profits. It paid U.K. taxes on them. Barclays and Wachovia were both able to claim credit for paying all of the tax. This was one of at least nine such structures Mr. Jenkins and his team have set up involving U.S. banks, which also included Wells Fargo & Co. and Bank of America Corp. The complex transactions involve a strategy called tax arbitrage, which plays off one nation's tax system against another to reduce the banks' tax bills. Barclays is the leader in this esoteric field. It collects hundreds of millions of dollars in revenue generated by Mr. Jenkins's group. His team of lawyers and bankers has helped turn Barclays from a sleepy Main Street lender into an investment-banking power. -
Global Legal News a Monthly Media Round-Up of News, Views and Comment Pertaining to Global Law
Global Legal News A monthly media round-up of news, views and comment pertaining to global law Monday 25th March 2019 NORTH AMERICA Uber reaches $20m settlement with drivers Uber has agreed to pay $20m to thousands of its drivers in California and Massachusetts who sought to be reclassified as employees. The proposed settlement is substantively less than a previous $100m settlement reached in the same case. Uber, like other gig companies, robustly resists attempts to turn its independent contractors into employees, saying this would be inimical to workforce flexibility. Critics contend that such companies are seeking to avoid the expense of paying minimum wage, overtime, expense reimbursement, unemployment insurance, and other benefits. Bloomberg NBC News San Francisco Chronicle Half of insider-trading defendants net less than $60k Half of all inside traders targeted by authorities made less than $59,000, while nearly 40% were friends and relatives of company employees who were close to market-moving information, according to a new paper from St. John’s University School of Law in New York. Nevertheless, the average haul for insider-trading defendants was still almost $1m in the 465 cases examined from 2011 to 2015. Michael Perino, author of the study, said the findings raise questions about whether authorities, including the Securities and Exchange Commission, have become too cautious in the wake of court setbacks to pursue the most challenging cases. Wall Street Journal How Tesla sought to destroy a whistleblower A former security manager at Tesla’s Nevada Gigafactory has told Bloomberg's Businessweek magazine that the auto company engaged in a smear campaign against whistleblower Martin Tripp. -
Sharan Nirmul Exhibits 211-234
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Ex-Barclays Man: Qatari Deal 'A Boost'
BUSINESS WITH PERSONALITY CHIEF FOR A DAY FERRARI’S NEW UNDERDOG THE CHALLENGES LECLERC IS GIVING VETTEL FACING ROYAL A RUN FOR HIS MONEY P27 MAIL’S BOSS P25 THURSDAY 28 NOVEMBER 2019 ISSUE 3,510 CITYAM.COM FREE Ex-Barclays man: Qatari deal ‘a boost’ POLL POSITION JAMES BOOTH @Jamesdbooth1 POLLSTERS FORECAST A TORY FORMER top Barclays banker Roger Jenkins told a fraud MAJORITY AND LABOUR LOSSES trial in London yesterday that a deal between the bank and AMID EXPLOSIVE ROW OVER NHS Qatar characterised as a sham by prosecutors was actually a SEBSASTIAN MCCARTHY Meanwhile, the Scottish National “tremendous boost”. @SebMcCarthy Party would win 43 seats, securing a Jenkins was in the witness further eight MPs. box at the Old Bailey as he BORIS Johnson’s Conservative party is “Labour’s red wall is crumbling,” the stood trial for fraud alongside on course to secure a thumping victory polling company said, with the Tories former top Barclays execs in next month’s election, according to set to pick up 44 seats from Labour Thomas Kalaris and Richard a highly-anticipated poll published including Tom Watson’s vacated seat. Boath. All deny wrongdoing. late last night. However, with two weeks still to go The Serious Fraud Office Were the election held tomorrow, the until polling day Corbyn could yet accused the three of cooking Prime Minister would defeat Labour’s close the gap, with several surveys up phoney advisory services Jeremy Corbyn in dramatic fashion, suggesting the Tory lead is narrowing. agreements (ASAs) as a way to returning to Downing Street on 12 A Savanta Comres poll, also funnel £322m to Qatar to December with a 68-seat majority. -
In Re Barclays Bank Plc Securities Litigation 09-CV-1989-Second
Case 1:09-cv-01989-PAC Document 66 Filed 09/16/13 Page 1 of 101 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK x In re BARCLAYS BANK PLC SECURITIES : Master File No. 1:09-cv-01989-PAC LITIGATION : : CLASS ACTION This Document Relates To: ALL ACTIONS. x DEMAND FOR JURY TRIAL SECOND CONSOLIDATED AMENDED COMPLAINT FOR VIOLATION OF THE FEDERAL SECURITIES LAWS 596508_1 Case 1:09-cv-01989-PAC Document 66 Filed 09/16/13 Page 2 of 101 NATURE OF THE ACTION 1. This is a securities class action on behalf of all persons who acquired preferred securities pursuant or traceable to the materially false and misleading Registration Statements and Prospectuses filed with the United States Securities and Exchange Commission (“SEC”) by Barclays Bank Plc (“Barclays” or the “Company”) (the “Class”). 1 The two Shelf Registration Statements were filed on September 14, 2005 (“2005 Registration Statement”) and August 31, 2007 (“2007 Registration Statement”) (collectively, the “Registration Statements”); 2 the four Supplemental Prospectuses were filed on April 21, 2006, September 10, 2007, November 30, 2007 and April 8, 2008 (collectively, the “Offering Materials”). All told, from April of 2006 through April of 2008, Barclays consummated four offerings of the Securities pursuant to the false and misleading Registration Statements and Prospectuses (the “Offerings”), selling 218 million shares of the Securities at $25 per share for proceeds of $5.45 billion. This action asserts claims under the Securities Act of 1933 (“1933 Act”) against Barclays, Barclays Plc, its senior insiders, and the investment banks that underwrote the Offerings of the Securities (collectively, “defendants”). -
United States District Court Southern District of New York
Case 1:09-cv-01989-PAC Document 58 Filed 02/04/11 Page 1 of 13 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK : In re BARCLAYS BANK PLC SECURITIES : Master File No. 1:09-CV-01989-PAC LITIGATION : : ECF Case : This Document Relates to: : ALL ACTIONS. : : MEMORANDUM OF LAW IN SUPPORT OF PLAINTIFFS’ MOTION FOR RECONSIDERATION OF THE COURT’S JANUARY 5, 2011 ORDER Case 1:09-cv-01989-PAC Document 58 Filed 02/04/11 Page 2 of 13 I. PRELIMINARY STATEMENT On January 5, 2011, the Court granted Defendants’ motions to dismiss the Consolidated Amended Complaint for Violation of the Federal Securities Laws (the “CAC”), and dismissed the CAC in its entirety. Pursuant to Local Civil Rule 6.3 and Fed. R. Civ. P. 59(e) and 60(b), Lead Plaintiffs Marshall Freidus, Dora L. Mahboubi and Stewart Thompson and Sharon Thompson, Trustees for the S.O. Thompson Rev. Trust and the S.G. Thompson Rev. Trust (“Plaintiffs”) respectfully submit this memorandum of law in support of Plaintiffs’ motion for reconsideration of the Court’s January 5, 2011 Order (“Order”) (Docket No. 53). Plaintiffs’ motion for reconsideration is strictly limited to the Court’s decision not to grant Plaintiffs’ request for leave to amend under Fed. R. Civ. P. 15 and seeks leave to file the proposed Second Consolidated Amended Complaint for Violations of the Federal Securities Laws (the “SCAC”) (Exhibit 1). The proposed SCAC amends only those deficiencies the Order identified with respect to the Series 5 Offering. However, to preserve their rights, Plaintiffs have left the Series 2, 3 and 4 allegations in the proposed SCAC. -
MOBS, MESSIAHS, and MARKETS Surviving the Public Spectacle in Finance and Politics
JWPR031-Bonner-Sample July 18, 2007 22:31 MOBS, MESSIAHS, AND MARKETS Surviving the Public Spectacle in Finance and Politics WILLIAM BONNER LILA RAJIVA JWPR031-Bonner-Sample July 18, 2007 22:31 MOBS, MESSIAHS, AND MARKETS Surviving the Public Spectacle in Finance and Politics WILLIAM BONNER LILA RAJIVA JWPR031-Bonner-Sample July 18, 2007 22:31 Copyright C 2007 by William Bonner and Lila Rajiva. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. Wiley Bicentennial Logo: Richard J. Pacifico. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose.