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Banking Sector Roundup July 30th 2013 – A Difficult Day For A Number Of Banks

09-30-2013 10:15 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Harver Group

Banking Sector Roundup July 30th 2013 – A Difficult Day For

JP Morgan, Barclays, and Deutsche Bank are all having legal troubles. A JP Morgan division is accused of manipulating electricity markets, Barclays of not disclosing fees paid, and Deutsche Bank has a number of charges levied against it.

Jul. 31, 2013 - CHUO-KU, Japan -- Major banks across the global are having legal and financial difficulties including; JP Morgan, Barclays, and Deutsche Bank. A division of JP Morgan Chase & Co. known as JP Morgan Ventures Energy Corporation has been fined $410 million by Federal Energy Regulatory Commission for allegedly manipulating electricity markets. The firm will pay $285 million in civil penalties and a disgorgement of $125 million in unjust profits. As per the terms of the agreement the division admits to the facts but does not admit or deny the violations. The charges are related to markets in the Midwest and California from September 2010 to November 2012. Investigators alleged that JP Morgan Ventures Energy Corporation was involved in 12 manipulative bidding strategies.

Britain´s second largest bank, Barclays PLC is contesting charges from the Financial Conduct Authority. The regulator is investigating fees that the bank paid to Qatar during a $10.7 billion fund raising effort that helped the bank avoids a bailout. The Financial Conduct Authority is investigating if Barclays legally disclosed fees paid to the Qatar Investment Authority. Four current and former employees are being investigated including Finance Director Chris Lucas.

The largest bank in continental Europe, Deutsche Bank AG´s profit was nearly halved due to setting aside $796 million for legal costs. The bank is involved in a number of court cases, it is a defendant in civil suits as an issuer of mortgage-backed securities, it is also charged with tax evasion in carbon markets, and they have been accused of manipulating the interbank lending rates. Deutsche Bank along with three other firms were convicted in Milan of fraud in the sale of derivatives. CEO Anshu Jain stated that he expects settlements to accelerate in coming quarters but declined to elaborate.

Harver Group is a privately owned and run investment company with a prime focus towards world-class current projects from the early to late stages of the company’s development. Harver Group help in the development of remarkable companies who have the need for a well connected and placed partner to help when the need arises for financial assistance by a team with management and strategic business acumen. With vast experience in the finance industry and their various processes of development, Harver Group can capitalize in on projects that offer potential within niche markets and across the technology and life sciences sectors. Harver Group prides ourselves on the fact that we are a constantly evolving company, we are atoned to returning a balanced investment strategy, and we consistently deliver high Return on Investment (ROI) for our clients.

Nihonbashi Mitsui Tower, 26th Floor, 1-1, 2 Nihombashi-Muromachi
Chuo-ku, Tokyo, Japan 103-0022
Tel: +81 3 4578 1728
Fax:: +81 3 4333 7348
Email: info@harvergroup.com
Website: http://harvergroup.com/

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