Case 1:13-Cv-07789-LGS Document 656 Filed 08/31/16 Page 1 of 10

Total Page:16

File Type:pdf, Size:1020Kb

Case 1:13-Cv-07789-LGS Document 656 Filed 08/31/16 Page 1 of 10 Case 1:13-cv-07789-LGS Document 656 Filed 08/31/16 Page 1 of 10 81,7('67$7(6',675,&7&2857 6287+(51',675,&72)1(:<25. ,15()25(,*1(;&+$1*( 1RFY/*6 %(1&+0$5.5$7(6$17,75867 /,7,*$7,21 -2,17'(&/$5$7,212) 9,1&(17%5,*$17, *5(*25<6$6&,2//$ Case 1:13-cv-07789-LGS Document 656 Filed 08/31/16 Page 2 of 10 9LQFHQW%ULJDQWLDQG*UHJRU\6$VFLROODMRLQWO\GHFODUHSXUVXDQWWR86& DVIROORZV 9LQFHQW%ULJDQWL LVDVKDUHKROGHUZLWKWKHILUP/RZH\'DQQHQEHUJ&RKHQ +DUW 3& ³/RZH\´ *UHJRU\ 6 $VFLROOD LV D SDUWQHU DW WKH ILUP /DEDWRQ 6XFKDURZ//3 ³/DEDWRQ 6XFKDURZ´ :H ERWK SDUWLFLSDWHG DV $OORFDWLRQ &RXQVHO LQ WKH DERYH FDSWLRQHG PDWWHU DQG VXEPLWWKLVGHFODUDWLRQLQVXSSRUWRIWKH>3URSRVHG@3ODQRI'LVWULEXWLRQ7KHWHUPVXVHGKHUHLQ KDYHWKHVDPHPHDQLQJVDVLQWKH>3URSRVHG@3ODQRI'LVWULEXWLRQXQOHVVRWKHUZLVHLQGLFDWHG ([SHULHQFHRI$OORFDWLRQ&RXQVHO /RZH\DQG/DEDWRQ6XFKDURZKDYH H[WHQVLYH H[SHULHQFHSURVHFXWLQJ FODLPVXQGHUWKH&RPPRGLW\([FKDQJH$FW ³&($´ 86&et seq. DQG 6KHUPDQ $QWLWUXVW $FW 86& et seq. LQFOXGLQJ WKRVH DULVLQJ RXW RI WKH PDQLSXODWLRQRIILQDQFLDOEHQFKPDUNV )RUH[DPSOH/RZH\ VXFFHVVIXOO\SURVHFXWHG DV FRXUWDSSRLQWHGOHDGFROHDG RU LQGLYLGXDOSODLQWLII¶VFRXQVHOZKDWZHUHDWWKHWLPHWKHILUVWVHFRQGWKLUGDQGIRXUWKODUJHVWFODVV DFWLRQUHFRYHULHVXQGHUWKH&RPPRGLW\([FKDQJH$FWIn re Sumitomo Copper Litig.1R&9 6'1< 3ROODFN - PLOOLRQ VHWWOHPHQW Hershey v. Pacific Investment Management Corp.1R& 5$* 1',OO PLOOLRQVHWWOHPHQW In re Natural Gas Commodity Litig.1R&9 6'1< 0DUUHUR- PLOOLRQVHWWOHPHQW DQG In re Amaranth Natural Gas Commodities Litig.1R&LY 6'1< 6FKHLQGOLQ- PLOOLRQVHWWOHPHQW /RZH\LVFXUUHQWO\ FRXUWDSSRLQWHGOHDGRUFODVVFRXQVHOLQ VHYHUDOFDVHVDOOHJLQJ DQWLFRPSHWLWLYHFRQGXFWDQGPDQLSXODWLRQRIWKHZRUOG¶VPRVW LPSRUWDQWILQDQFLDOEHQFKPDUNV Case 1:13-cv-07789-LGS Document 656 Filed 08/31/16 Page 3 of 10 LQFOXGLQJWKH (XUR\HQ7RN\R,QWHUEDQN2IIHUHG5DWH ³7,%25´ DQG <HQ/RQGRQ,QWHUEDQN 2IIHUHG5DWH ³/,%25´ Laydon v. Mizuho Bank et al.1RFY *%' 6'1< Sonterra Capital Master Fund Ltd. et al. v. UBS AG et al.1RFY *%' 6'1< 6ZLVV)UDQF /,%25 Sonterra Capital Master Fund Ltd. et al. v. Credit Suisse Group AG et al. 1RFY 6+6 6'1< WKH(XUR,QWHUEDQN2IIHUHG5DWH ³(XULERU´ Sullivan et al. v. Barclays PLC et al. 1RFY 3.& 6'1< DQGWKH/RQGRQ6LOYHU)L[LQJ In re: London Silver Fixing Ltd., Antitrust Litig. 1RPG 9(& 6'1< %HFDXVHRI LWVH[SHUWLVHLQSURVHFXWLQJFRPPRGLWLHVFODLPV/RZH\KDVEHHQ DVNHGWRVHUYHDVDOORFDWLRQFRXQVHOLQRWKHUFRPPRGLWLHVPDQLSXODWLRQFDVHVLQFOXGLQJ In re: Dairy Farmers of America, Inc. Cheese Antitrust Litig.1RFY 1',OO ZKHUH /RZH\ZDVUHVSRQVLEOHIRUUHYLHZLQJFOLHQWWUDQVDFWLRQVLQPLONDQGFKHHVHIXWXUHVFRQWUDFWV UHVHDUFKLQJDQGGHYHORSLQJDSODQRIDOORFDWLRQSUHSDULQJIRUPHGLDWLRQDQGQHJRWLDWLQJWKH DOORFDWLRQRIWKHQHWVHWWOHPHQWIXQGRQEHKDOIRIWKH³1RQ&RUH3HULRG´FODVVPHPEHUVDQG In re: Platinum and Palladium Commodities Litig.1R&LY 6'1< ZKHUH /RZH\ ZDVUHVSRQVLEOHIRUUHYLHZLQJWKHSURSRVHGSODQRIDOORFDWLRQDQGWKHLPSDFWRIWKDWSODQRI DOORFDWLRQRQGLIIHUHQWVXEVHWVRISODWLQXPDQGSDOODGLXPIXWXUHVWUDGHUV /RZH\¶VILUPUHVXPHLVDWWDFKHGDV([KLELW$ /DEDWRQ6XFKDURZKDV VLPLODUO\H[WHQVLYHH[SHULHQFHKDYLQJVHUYHGDVFROHDGRU SODLQWLIIV¶FODVVFRXQVHOLQVHYHUDOFDVHVLQYROYLQJWKHPDQLSXODWLRQRIYDULRXVILQDQFLDOSURGXFWV ILQDQFLDO EHQFKPDUNV DQG FRPPRGLWLHV LQFOXGLQJ WKRVH ZLWK FODLPV XQGHU WKH &RPPRGLW\ ([FKDQJH$FW)RUH[DPSOH/DEDWRQ6XFKDURZVHUYHGDVFROHDGRUSODLQWLIIV¶FODVVFRXQVHOLQ In re Natural Gas Commodity Litig. 1R &9 6'1< 0DUUHUR - PLOOLRQ VHWWOHPHQWV National Metals, Inc. v. Sumitomo Corp., et al.1R*,& &DO6XSHU&W Case 1:13-cv-07789-LGS Document 656 Filed 08/31/16 Page 4 of 10 6DQ'LHJR&RXQW\ RYHUPLOOLRQLQVHWWOHPHQWV In re Credit Default Swaps Antitrust Litig. 1RPG 6'1< &RWH- ELOOLRQLQVHWWOHPHQWV In re Amaranth Natural Gas Commodities Litig.1R&LY 6'1< 6FKHLQGOLQ- PLOOLRQVHWWOHPHQW In re Municipal Derivatives Antitrust Litig. 0'/ 1R &LY 6'1< 0DUUHUR - RYHUPLOOLRQLQVHWWOHPHQWV DQGIn re Optiver Commodities Litig.1RFY 3UHVND - PLOOLRQLQVHWWOHPHQWV ,QDGGLWLRQWRWKHVHSDVWDFKLHYHPHQWV/DEDWRQ6XFKDURZFXUUHQWO\VHUYHVDVFR OHDGFRXQVHORUSODLQWLIIV¶FODVVFRXQVHOLQVHYHUDOPDWWHUVLQYROYLQJWKHPDQLSXODWLRQRIILQDQFLDO SURGXFWV ILQDQFLDO EHQFKPDUNV DQG FRPPRGLWLHV LQFOXGLQJ Alaska Electric Pension Fund v. Bank of America Corp., et al. 1R FY 6'1< )XUPDQ - PLOOLRQ LQ VHWWOHPHQWV In re Treasury Securities Auction Antitrust Litig. 1R PG 6'1< *DUGHSKH - Boston Retirement Sys. v. Bank of America N.A., et al. 1R FY 6'1< 5DPRV - In re Platinum and Palladium Antitrust Litigation 1R FY 6'1< :RRGV- DQGIn re Commodity Exchange, Inc., Gold Futures and Options Trading Litig.1RPG 6'1< &DSURQL- /DEDWRQ6XFKDURZ¶VILUPUHVXPHLVDWWDFKHGDV([KLELW% :HOO,QIRUPHG &ODVV &RXQVHOLQWKLVOLWLJDWLRQGHVLJQDWHG /RZH\DQG /DEDWRQ 6XFKDURZ DV $OORFDWLRQ &RXQVHO LQ ODWH VXPPHU WR UHSUHVHQW WKH LQWHUHVWV RI 'LUHFW 6HWWOHPHQW&ODVVPHPEHUVZKLFKLQFOXGHVWKRVHZKRHQWHUHGLQWRDQ);,QVWUXPHQWGLUHFWO\ZLWK D'HIHQGDQWLQWKHRYHUWKHFRXQWHU ³27&´ PDUNHW.LUE\0F,QHUQH\//3DQG1XVVEDXP/DZ *URXS3&ZHUHGHVLJQDWHGDV$OORFDWLRQ&RXQVHOWRUHSUHVHQWWKHLQWHUHVWVRI([FKDQJH2QO\ 6HWWOHPHQW&ODVVPHPEHUVi.e.WKRVHZKRRQO\WUDQVDFWHGLQ);,QVWUXPHQWVRQD86H[FKDQJH FROOHFWLYHO\³([FKDQJH&RXQVHO´ Case 1:13-cv-07789-LGS Document 656 Filed 08/31/16 Page 5 of 10 2XUILUPVKDYHEHHQDSDUWRIWKLVOLWLJDWLRQIURPWKHYHU\EHJLQQLQJDQGILOHG VRPH RIWKHILUVW);PDQLSXODWLRQFDVHVSee Prudent Forex Fund I LLC et al. v. Barclays Bank PLC, et al.1RFY 6'1<'HF United Food, et al. v. Barclays Bank PLC, et al. 1RFY 6'1<-DQ State-Boston Retirement Sys. v. Barclays Bank PLC, et al. 1R FY 6'1< -DQ Newport News Employees’ Retirement Fund v. Barclays Bank PLC, et al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³OHJDOGLVFRXQWV´VKRXOGEHDSSOLHGWRFODLPVPDGHE\'LUHFW6HWWOHPHQW&ODVVDQG([FKDQJH2QO\ 6HWWOHPHQW &ODVV PHPEHUV EDVHG RQ WKH VWUHQJWKV DQG ZHDNQHVVHV RI WKHLU UHVSHFWLYH OHJDO FODLPV²WKDWLVZKHWKHUDPHPEHURIHLWKHUFODVVVKRXOGUHFHLYHPRUHRUOHVVIRUWKHLUH[FKDQJH Case 1:13-cv-07789-LGS Document 656 Filed 08/31/16 Page 6 of 10 EDVHGRU27&EDVHGWUDQVDFWLRQVEDVHGRQWKHOHJDOWKHRULHVRIKDUPDVVRFLDWHGZLWKWKRVH); ,QVWUXPHQWVDVSOHDGHGLQWKH&RPSODLQW :H PHW LQSHUVRQ RU WHOHSKRQLFDOO\ ZLWK ([FKDQJH &RXQVHO VL[ WLPHV GXULQJ 1RYHPEHUDQG'HFHPEHUWRGLVFXVVWKLVLVVXH 2XUGLVFXVVLRQVFXOPLQDWHGZLWKDWZRGD\LQSHUVRQQHJRWLDWLRQKRVWHGE\.LUE\ 0F,QHUQH\//3LQODWH'HFHPEHU$IWHUKHDULQJSUHVHQWDWLRQVIURPERWKVLGHVDQGDUJXLQJ DERXW WKH OHJDO ULVNV DQG PHULWV RI WKH FODLPV EURXJKW E\ ERWK 'LUHFW 6HWWOHPHQW &ODVV DQG ([FKDQJH2QO\6HWWOHPHQW&ODVVPHPEHUVZHGHWHUPLQHGWKDWDOOFODLPVGHPRQVWUDWHGVXEVWDQWLDO PHULWDQGDJUHHGZLWK([FKDQJH&RXQVHOWKDWQROHJDOGLVFRXQWVVKRXOGEHDSSOLHG $OORFDWLRQ&RXQVHOSURPSWO\VFKHGXOHGDFRQIHUHQFHFDOOZLWK&ODVV &RXQVHODQG WKH6HWWOHPHQW$GPLQLVWUDWRUWRUHSRUWWKLVUHFRPPHQGDWLRQLQ-DQXDU\ 7KH QH[W SKDVH RI RXU QHJRWLDWLRQV DGGUHVVHG KRZ WR EHVW GLVWULEXWH WKH 1HW 6HWWOHPHQW)XQGWR$XWKRUL]HG&ODLPDQWVWKDWWUDQVDFWHGLQ);([FKDQJH7UDGHG,QVWUXPHQWV 6SHFLILFDOO\WKHUHZDVDFRQFHUQWKDWEHFDXVHPHPEHUVRIERWKFODVVHVWUDQVDFWHGLQ);([FKDQJH 7UDGHG,QVWUXPHQWVDQLPEDODQFHLQFODLPVUDWHDPRQJWKH'LUHFW6HWWOHPHQW&ODVVDQG([FKDQJH 2QO\6HWWOHPHQW&ODVVFRXOGUHVXOWLQGLVSDUDWHSD\PHQWVIRUWKHVDPHOHJDOFODLPV :HPHWLQSHUVRQRUWHOHSKRQLFDOO\ZLWK([FKDQJH&RXQVHOIRXUWLPHVGXULQJ -DQXDU\DQG)HEUXDU\WRGLVFXVVWKLVDQGRWKHULVVXHVGHYHORSLQJDOLVWRIIDFWRUVWKDWFRXOG EH XVHG WR DOORFDWH WKH 1HW 6HWWOHPHQW )XQG DPRQJ &ODVV 0HPEHUV WKDW WUDQVDFWHG LQ ); ([FKDQJH7UDGHG,QVWUXPHQWV $OORFDWLRQ&RXQVHOUHFRPPHQGHGWKLVOLVWRIIDFWRUVWR&ODVV &RXQVHOLQD)HEUXDU\ MRLQWFRQIHUHQFHFDOO Case 1:13-cv-07789-LGS Document 656 Filed 08/31/16 Page 7 of 10 3ODQ RI 'LVWULEXWLRQ ,Q $XJXVW &ODVV &RXQVHO SURYLGHG D GUDIW SODQ RI GLVWULEXWLRQWR$OORFDWLRQ&RXQVHOIRUUHYLHZ $WWKDWWLPHZHUHWDLQHGD 3K' HFRQRPLVWDQGDQH[SHUWRQGHULYDWLYHVWUDGLQJ WKDW KDVZRUNHGRQ GHYHORSLQJSODQVRIDOORFDWLRQ LQ QXPHURXVFRPSOH[FRPPRGLWLHVFDVHV WR DVVLVWZLWKHYDOXDWLQJ&ODVV&RXQVHO¶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³OHJDOGLVFRXQWV´DSSOLHGDQGUHFRYHUIRU WKHLU);([FKDQJH7UDGHG,QVWUXPHQWVDWWKHVDPHUDWHDVWKRVHLQWKH([FKDQJH2QO\6HWWOHPHQW &ODVV%DVHGRQRXUH[WHQVLYHH[SHULHQFHLQFRPPRGLWLHVDQGDQWLWUXVWOLWLJDWLRQLWLVRXURSLQLRQ
Recommended publications
  • Annual Report 2007 Kredittilsynet’S Organisation the Board Finn Hvistendahl Organisation Chart Per 01.01.2008 Chairman
    Annual Report 2007 Kredittilsynet’s organisation Organisation chart per 01.01.2008 The Board Finn Hvistendahl Chairman Administration Director Deputy Director General General Gun Margareth Moy Bjørn Skogstad Aamo Personnel and organisation Staff General Counsel Cecilie Ask Head of Section Finance and Head of Communications Terje H. Bjørn Drevlo Insurance Solheim (acting) Strategy and International Coordinator Nina Moss Supervision Special Adviser/Controller Rune Grundekjøn Finance Executive Secretary Patricia Storgård Staff Deputy Director General Board Secretary Anne Kari Østmo Head of Section Sven-Henning Kjelsrud Nils Johan Korsvik ICT (internal) Head of Section Licensing, Laws Per Sverre Frederichsen and Regulations Accounting Records and Auditing Management Head of Section Supervision and Archives Kjell Arne Aasgaarden Deputy Director General Head of Section Analysis and Anne Merethe Bellamy Lone Tudborg Lakhan Reporting Financial Head of Section Reporting Emil R. Steffensen Supervision Banking Head of Section Supervision Siw-Mette Thomassen Auditors Capital Markets Head of Section and External Per Jostein Brekke Accountants Supervision Deputy Director General Insurance Head of Section Staff Eirik Bunæs Supervision Kjersti Elvestad Head of Section IT Hanne Myre Supervision Solvency Regulation and Head of Section Securities Frank Robert Berg Risk Models Institutions Head of Section Head of Section Bjørn Andersen Eystein Kleven Market Conduct Head of Section Estate Geir Holen Agencies and Brokers, Debt Collection Firms Head of Section Wilhelm Mohn Grøstad Kredittilsynet is responsible for the supervision of banks, finance companies, mortgage companies, e-money institutions, insurance companies, pension funds, insurance intermediaries, investment firms, securities fund management, regulated markets incl. stock exchanges, clearing houses and securities depositories, real estate agencies, debt collection agencies, external accountants and auditors.
    [Show full text]
  • UNITED STATES DISTRICT COURT NORTHERN DISTRICT of GEORGIA ATLANTA DIVISION in Re
    Case 1:17-md-02800-TWT Document 739 Filed 07/22/19 Page 1 of 7 UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF GEORGIA ATLANTA DIVISION MDL Docket No. 2800 In re: Equifax Inc. Customer No. 1:17-md-2800-TWT Data Security Breach Litigation CONSUMER ACTIONS Chief Judge Thomas W. Thrash, Jr. PLAINTIFFS’ MOTION TO DIRECT NOTICE OF PROPOSED SETTLEMENT TO THE CLASS Plaintiffs move for entry of an order directing notice of the proposed class action settlement the parties to this action have reached and scheduling a hearing to approve final approval of the settlement. Plaintiffs are simultaneously filing a supporting memorandum of law and its accompanying exhibits, which include the Settlement Agreement. For the reasons set forth in that memorandum, Plaintiffs respectfully request grant the Court enter the proposed order that is attached as an exhibit to this motion. The proposed order has been approved by both Plaintiffs and Defendants. For ease of reference, the capitalized terms in this motion and the accompanying memorandum have the meaning set forth in the Settlement Agreement. Case 1:17-md-02800-TWT Document 739 Filed 07/22/19 Page 2 of 7 Respectfully submitted this 22nd day of July, 2019. /s/ Kenneth S. Canfield Kenneth S. Canfield Ga Bar No. 107744 DOFFERMYRE SHIELDS CANFIELD & KNOWLES, LLC 1355 Peachtree Street, N.E. Suite 1725 Atlanta, Georgia 30309 Tel. 404.881.8900 [email protected] /s/ Amy E. Keller Amy E. Keller DICELLO LEVITT GUTZLER LLC Ten North Dearborn Street Eleventh Floor Chicago, Illinois 60602 Tel. 312.214.7900 [email protected] /s/ Norman E.
    [Show full text]
  • SPAREBANKEN PLUSS Annual Report ANNUAL REPORT
    SPAREBANKEN PLUSS Annual Report ANNUAL REPORT MACROECONOMIC ENVIRONMENT For the Oslo Stock Exchange, 2008 was a turbulent year. During the first 2008 was affected by the global financial crisis, which hit American half of the year, prices fell by 5.6 per cent. During the first part of the and European banks hard. During the course of the autumn of 2008, third quarter, prices continued to fall, and in September and October the American house mortgage loan giants, Freddy Mac and Fannie plummeted by 25 and 23 per cent respectively. Overall, prices on the Mae, were placed under public administration. In the wake of this, Oslo Stock Exchange fell by 54.1 per cent in 2008. several large investment banks were restructured, merged or acquired by the state. In many countries, it became necessary to introduce and The Norwegian krone weakened during the autumn of 2008, and implement comprehensive measures in order to re-establish trust in the the tightness in the labour market eased markedly. Figures from NAV financial institutions. showed an increase in unemployment, which at the end of December was 2.0 per cent. On a seasonally adjusted basis, there were 64,211 Turbulence and uncertainty in the financial markets brought about jobless, including people relying on local, municipal initiatives a situation in which the inter-bank market ceased to function. Banks all over the world were uncertain about their own and other banks’ BUSINESS AREA AND MARKET financial situation and avoided lending to each other. This triggered Sparebanken Pluss provides services within the areas of financing, savings increased interest rates in the money markets.
    [Show full text]
  • The Importance of Credit and Capital in the Norwegian Banking System During Crisis
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by NORA - Norwegian Open Research Archives The importance of credit and capital in the Norwegian banking system during crisis- A comparative study of the Norwegian banking crisis and the recent financial crisis Rasmus Grue Schøning Thesis for the degree Master of Economic Theory and Econometrics University of Oslo January 2011 P a g e ii | ” For the second time in seven years, the bursting of a major-asset bubble has inflicted great damage on world financial markets. In both cases, the equity bubble in 2000 and the credit bubble in 2007, central banks were asleep at the switch. The lack of monetary discipline has become a hallmark of unfettered globalization. Central banks have failed to provide a stable underpinning to world financial markets and to an increasingly asset-dependent global economy.” - Stephen Roach, Morgan Stanley “A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain.” – Robert Frost P a g e | iii Preface The research for this thesis was done over the course of 2010 and it was written between August and December of that same year. The decision to write about the two most recent crises in the Norwegian banking industry was first and foremost inspired by a strong personal interest in the recent financial crisis. I find the economic organization of banks and how their operation affects the rest of the economy fascinating. In addition to five years of economic studies, much of the relevant technical background came from the course ECON 4335 The Economics of Banking.
    [Show full text]
  • Deutsche Hypo Annual Report 2011
    AnnuAl RepoRt 2011 your success is : our benchmark Deutsche hypo at a glance 01.01.- 01.01.- Change in € millions 31.12.2011 31.12.2010 (in %) Business progress figures Commercial real estate finance business 2,769 1,784 55.2 Capital market transactions 1,748 2,429 – 28.0 of which public-sector loans 634 1,057 – 40.0 Loans drawdowns 4,056 3,194 27.0 Bond sales and loans taken up 4,940 6,471 – 23.7 Change in € millions 31.12.2011 31.12.2010 (in %) Balance sheet figures Commercial real estate finance (including interest) 12,126 11,448 5.9 Public-sector loans 8,321 9,328 – 10.8 Securities 11,876 12,367 – 4.0 Borrowed funds 33,178 34,253 – 3.1 Equity *) 1,314 1,396 – 5.9 of which: core capital 892 914 – 2.4 Total assets 34,999 35,998 – 2.8 01.01.- 01.01.- Change in € millions 31.12.2011 31.12.2010 (in %) Income statement figures Net interest income 191.9 172.7 11.1 Net commission income 10.8 13.4 – 19.5 Administrative expenses **) 70.6 69.4 1.7 Risk result 82.7 78.8 5.0 Result from ordinary business activity 32.7 45.0 – 27.3 Income transferred for investments by silent partners 18.5 8.4 > 100 Net income (after taxes) 11.0 31.2 – 64.7 in % 31.12.2011 31.12.2010 Other information Cost/income ratio ***) 35.8 37.2 Core capital ratio 8.4 7.7 *) including juissance right capital and subordinated liabilities, excluding balance sheet profit **) including depreciation on property, plant and equipment and intangible assets ***) the previous year’s figure has been adjusted The annual report of Deutsche Hypo is also available in German.
    [Show full text]
  • Case 1:13-Cv-02811-PKC Document 174 Filed 08/13/15 Page 1 of 214
    Case 1:13-cv-02811-PKC Document 174 Filed 08/13/15 Page 1 of 214 UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK STEPHEN SULLIVAN, WHITE OAK FUND LP, CALIFORNIA STATE TEACHERS’ RETIREMENT SYSTEM, SONTERRA CAPITAL MASTER FUND, LTD., FRONTPOINT PARTNERS TRADING Docket No. 13-cv-02811 (PKC) FUND, L.P., AND FRONTPOINT AUSTRALIAN OPPORTUNITIES TRUST on behalf of themselves ECF Case and all others similarly situated, Plaintiffs, FOURTH AMENDED CLASS - against - ACTION COMPLAINT BARCLAYS PLC, BARCLAYS BANK PLC, BARCLAYS CAPITAL INC., BNP PARIBAS S.A., JURY TRIAL DEMANDED CITIGROUP, INC., CITIBANK, N.A., COÖPERATIEVE CENTRALE RAIFFEISEN- BOERENLEENBANK B.A., CRÉDIT AGRICOLE S.A., CRÉDIT AGRICOLE CIB, DEUTSCHE BANK AG, DB GROUP SERVICES UK LIMITED, HSBC HOLDINGS PLC, HSBC BANK PLC, ICAP PLC, ICAP EUROPE LIMITED, J.P. MORGAN CHASE & CO., JPMORGAN CHASE BANK, N.A., THE ROYAL BANK OF SCOTLAND PLC, SOCIÉTÉ GÉNÉRALE SA, UBS AG AND JOHN DOE NOS. 1-50, Defendants. Case 1:13-cv-02811-PKC Document 174 Filed 08/13/15 Page 2 of 214 TABLE OF CONTENTS SUMMARY OF ALLEGATIONS ................................................................................................. 1 JURISDICTION AND VENUE ................................................................................................... 12 PERSONAL JURISDICTION ...................................................................................................... 14 PARTIES .....................................................................................................................................
    [Show full text]
  • Volkswagen, East Tennessee Suppliers Seem Confident That Emissions Scandal, Sales Slump Are Only Temporary Setbacks
    STREET LEVEL New life for old guitars The world’s top musicians trust Berry Hill shop with their beloved instruments. VIEW FROM THE HILL Sticking it P11 to Memphis De-annexation plan could DAVIDSON • WILLIAMSON • SUMNER • CHEATHAM • RUTHERFORD WILSON ROBERTSON • MAURY • DICKSON • MONTGOMERYprove • KNOX to • ANDERSONbe financial •BLOUNT disaster •SEVIER Ledger for Memphis, Shelby County. P3 See our ad on page 14 Volkswagen,This, East Tennessee too, suppliers shall seem confidentpass that emissions scandal, sales slump are only temporary setbacks March 25 – 31, 2016 The power of information.NASHVILLE Vol. 42 EDITION | Issue 13 Stories by Jeannie Naujeck www.TNLedger.com begin on page 2 | FORMERLY WESTVIEW SINCE 1978 Page 13 Dec.: Dec.: Keith Turner, Ratliff, Jeanan Mills Stuart, Resp.: Kimberly Dawn Wallace, Atty: Mary C Lagrone, 08/24/2010, 10P1318 In re: Jeanan Mills Stuart, Princess Angela Gates, Jeanan Mills Stuart, Princess Angela Gates,Dec.: Resp.: Kim Prince Patrick, Angelo Terry Patrick, Gates, Atty: Monica D Edwards, 08/25/2010, 10P1326 In re: Keith Turner, TN Dept Of Correction, www.westviewonline.com TN Dept Of Correction, Resp.: Johnny Moore,Dec.: Melinda Atty: Bryce L Tomlinson, Coatney, Resp.: Pltf(s): Rodney A Hall, Pltf Atty(s): n/a, 08/27/2010, 10P1336 In re: Kim Patrick, Terry Patrick, Pltf(s): Sandra Heavilon, Resp.: Jewell Tinnon, Atty: Ronald Andre Stewart, 08/24/2010,Dec.: Seton Corp 10P1322 Insurance Company, Dec.: Regions Bank, Resp.: Leigh A Collins, In re: Melinda L Tomlinson, Def(s): Jit Steel Transport Inc, National
    [Show full text]
  • 140174NCJRS.Pdf
    If you have issues viewing or accessing this file contact us at NCJRS.gov. I' '. o f :, I\ BASIC COURSE i UNIT GUIDE J1 ! ( 6 ) ~__________ C_R_IM_E_S_A_G_A_IN_S_T_P_R_O_P_E_R_TY __________ J This unit guide covers the following performance objectives containe in Performance Objectives for the POST Basic Course: 3.9.1 3.12.2 3.13.5 3.16.2 3.9.2 3.13.1 3.14.1 3.16.3 3.9.3 3.13.2 3.15.1 3.11.1 3.13.3 3.15.2 • 3.12.1 3.13.4 3.16.1 NCJRS nAN 12 199~ ACQUISITIONS THE COMMISSION ON PEACE OFFICER STANDARDS AND TRAINING • STATE OF CALIFORNIA • This unit of instruction is designed as a guideline for performance obJective-based law enforcement basic training. It Is part of the POST Basic Course guidelines system developed by California law enforcement trainers and criminal Justice educators for the California Commission on Peace Officer Standards and Training. This guide is designed to assist the Instructor In developing an ,,' appropriate lesson plan to cover the performance objectives which are required as minimum content of the Basic Course . • 140174 U.S. Department of Justice National Institute of Justice This document has been reproduced exactly as received from the person or organization originating it. Points of view or opinions stated in this document are those of the authors and do not necessarily represent the oHicial position or policies of the National Institute of Justice. Permission to reproduce this copyrighted material has been gr~clt.et.t~ornia Ccnm. on Peace Officer Standards and Training to the National Criminal Justice Reference Service (NCJRS).
    [Show full text]
  • The Job Creation Shell Game: Ending the Wasteful Practice of Subsidizing Companies That Move Jobs from One State to Another
    January 2013 The Job Creation Shell Game: Ending the Wasteful Practice of Subsidizing Companies that Move Jobs From One State to Another by Greg LeRoy, Kasia Tarczynska, Leigh McIlvaine, Thomas Cafcas and Philip Mattera A Publication of: Good Jobs First January 2013 © Copyright 2013 Good Jobs First. All Rights Reserved. Acknowledgements Good Jobs First gratefully acknowledges the assistance of various organiza- tions and individuals. Any errors or omissions are ours, not theirs. ThanksWe wish also to to:thank Noah the Berger state ofand the local Massachusetts economic development Budget and Policy officials Center; and Amythe staffers Blouin andof regional Traci Gleason business of theorganizations Missouri Budgetwho answered Project; Kateour queries.Brew- ster of the Center for Economic Progress in Rhode Island; Brett Bursey of - nomic Development Council; Allan Freyer of the North Carolina Budget and Taxthe SouthCenter; Carolina Bill Howell Progressive of Tennesseans Network; forJeff Fair Finkle Taxation; of the InternationalChad Johnson Eco of AFSCME Local 1733 in Memphis; Gordon MacInnes and Jon Whiten of New Jersey Policy Perspective; Craig McDonald of Texans for Public Justice; James Parrott of the Fiscal Policy Institute in New York; Zach Schiller of Policy Matters Ohio; Andria Signore of the Edward Lowe Foundation; Wesley Tharpe of the Georgia Budget and Policy Institute; Don Walls of Walls & Associates; and Angie Wei and Sara Flocks of the California Labor Federation. Finally, thanks to our own Good Jobs New York director Bettina
    [Show full text]
  • Confidence Tricks - 08-12-2011 by Seolawtransfer - Law Firm Newswire
    Confidence Tricks - 08-12-2011 by seolawtransfer - Law Firm Newswire - http://www.lawfirmnewswire.com Confidence Tricks by seolawtransfer - Friday, August 12, 2011 http://www.lawfirmnewswire.com/law-center/criminal-defense/federal-fraud/confidence-tricks/ The term “confidence tricks” comes to mind when someone attends a fair or exhibition, where many games of chance, notably the shell game, are confidence tricks. Over time, this simple game has escalated into many more complex and intricate scams that have taken people in, resulting in them losing money and damaging their self-esteem. A confidence trick is an attempt to defraud someone or a group, by first getting them to trust the trickster. In other words, the goal is to gain their trust and confidence. The fraudster may work alone or with others, and their main goal is to take advantage of people’s weaknesses, such as compassion, vanity, greed, stupidity and/or irresponsibility. Whatever the target is, it is typically of more value than what the confidence trickster offers in return. “Confidence man” first appeared in the English language in 1849 in the news coverage of the trial of William Thompson. Thompson would chat up marks, ask them if they had the confidence to loan him their watch or other personal items, and then walk off with the booty. The police apprehended him when a victim spotted him on the street. Today’s confidence tricks tally up to a very long list of nefarious activities that include, but are not limited to: salting, the Nigerian scam, infomercial manipulation, cons by wire, missionary scam, romance scam, fortune telling fraud, coin collection, pig in a poke, white van speaker, Thai gem, and so on.
    [Show full text]
  • Norway's Financial System Norges Bank
    2018 NORWAY’S FINANCIAL SYSTEM AN OVERVIEW Key figures – Norway’s financial system GDP Government Pension (gross domestic product) Fund Global Cash as a share of NOK 3 299bn (GPFG) means of payment GDP NOK 8 488bn 2.3% (mainland) 2 802bn Total assets of Average daily turnover in Number of insurance companies the foreign exchange market banks NOK 1 620bn NOK 333bn 136 Loans from financial Total domestic bonds Oslo Børs market undertakings outstanding capitalisation NOK 5 079bn NOK 1 971bn NOK 2 520bn Bank Card transactions Debt-to-GDP deposits per capita per annum ratio NOK 2 439bn 411 206% Norway's financial system Norges Bank Address: Bankplassen 2 Postal address: P.O. Box 1179 Sentrum, 0107 Oslo Telephone: +47 22316000 Telefax: +47 22413105 Email: [email protected] Website: www.norges-bank.no ISSN 2535-3985 (print) ISSN 2535-3993 (online) ISBN 978-82-8379-049-8 (print) ISBN 978-82-8379-046-7 (online) Contents PREFACE AND READER’S GUIDE 8 THE FINANCIAL SYSTEM 9 The primary tasks of the financial system 10 Providing consumers and businesses with borrowing and saving opportunities 10 Providing payment services 12 Risk management 13 Box: What is money? 13 Financial trends 14 Supervision and regulation of the financial system 15 Box: Risks in the financial system 15 International cooperation 16 1 FINANCIAL MARKETS 18 Box: Turnover in securities: exchange-traded and OTC 18 1.1 Money market 19 Box: Liquidity 19 1.1.1 Money market participants 20 1.1.2 Unsecured money market instruments 20 Box: Norges Bank’s liquidity management and
    [Show full text]
  • Norway's Financial System 2020
    2020 NORWAY’S FINANCIAL SYSTEM AN OVERVIEW Key figures – Norway’s financial system GDP (gross domestic product) Government Pension Cash in 3,549bn Fund Global (GPFG) circulation GDP 10,088bn 42bn (mainland) 3,039bn Bank Average daily turnover in Number of deposits the foreign exchange market banks 2,643bn 257bn 129 Loans from financial institutions to private individuals, businesses Total domestic bonds Oslo Børs market and local governments outstanding capitalisation 5,642bn 2,143bn 2,813bn Total assets of Card transactions Debt-to-GDP insurance companies per capita per annum ratio 1,849bn 475 208 Norway’s financial system Norges Bank Address: Bankplassen 2 Postal address: P.O. Box 1179 Sentrum, 0107 Oslo Telephone: +47 22316000 Telefax: +47 22413105 Email: [email protected] Website: www.norges-bank.no ISSN 2535-3993 (online) ISBN 978-82-8379-164-8 (online) Contents PREFACE AND READER’S GUIDE 8 THE FINANCIAL SYSTEM 9 The primary tasks of the financial system 10 Providing consumers and businesses with borrowing and saving opportunities 10 Providing payment services 12 Box: What is money? 12 Risk management 13 Box: Risks in the financial system 14 Supervision and regulation of the financial system 15 International cooperation 15 1 FINANCIAL MARKETS 17 Box: Turnover in securities: exchange-traded and OTC 17 1.1 Money market 18 Box: Liquidity 18 1.1.1 Money market participants 19 1.1.2 Unsecured money market instruments 19 Box: Norges Bank’s liquidity management and overnight lending rate 20 1.1.3 Short-term paper and Treasury bills
    [Show full text]