Legg Mason pays $71m to settle Libya bribery case
Global investment manager involved in scheme to secure investments from Libyan officials
US
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Can India lure investors back in?
Prime Minister Narendra Modi says India is an ‘elephant that’s starting to run’
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Defendant pleads guilty in Beaufort Securities case
A British citizen has also been extradited to the US to stand trial
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Credit Suisse Hong Kong to pay $77m for corrupt hiring scheme
Credit Suisse’s investment bank in Hong Kong will pay a total of $77m (£58.2m, €65.9m) to settle criminal and civil proceedings taken by the US Department of Justice and the Securities and Exchange Commission (SEC) for its role in a corrupt hiring scheme.
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Goldman Sachs offers US Smaller Cap Equity Portfolio
The portfolio is a new sub-fund of the Ucits-qualifying Luxembourg-domiciled Goldman Sachs Funds Sicav.
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Credit Suisse to pay $47m to resolve Asia hiring probe
Credit Suisse has agreed to pay a penalty of $47m (£35.1m, €40.1m) to the US Department of Justice (DOJ) to end an investigation into whether it hired employees in Asia in return for investment banking business and regulatory green lights.
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DeVere pays $8m to settle hidden Qrops commission case
DeVere USA has agreed to pay an $8m civil penalty stemming from its failure to disclose upfront commission of 7% to clients who were encouraged to transfer their UK pensions via a Qrops, the US regulator has announced.
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EU puts US on the clock for tax blacklist
If the US does not comply with the OECD Common Reporting Standard by June next year it faces being placed on the EU blacklist for non-cooperative jurisdictions, an EU top official has warned.
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Amundi launches socially responsible ETF
Europe’s largest asset manager Amundi has launched a Ucits ETF designed to provide diversified US corporate bond exposure while applying environmental, social and governance (ESG) selection filters.
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Blacktower expands with US and German businesses
European IFA firm Blacktower Group has launched two separately regulated companies – its first US business and a second operation in Germany.
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Fraud avoidance tool launched by US regulator
The US Securities and Exchange Commission has launched an online search tool to help investors avoid financial fraud and make informed investment decisions.
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Trump tax cuts entice UK advisers
UK advisers turned to US funds in April as corporates got to work spending the savings from president Donald Trump’s tax reform.