Volkswagen will dismiss Chief Executive Martin Winterkorn, a German newspaper said on Tuesday, after the carmaker admitted to cheating U.S. vehicles emissions tests and said 11 million of its cars could be affected worldwide.
The British trader fighting extradition continues to deny involvement in the flash crash of 2010.
Navinder Sarao, the British trader accused of helping provoke the 2010 Wall Street "flash crash," is due to appear in a London court on Wednesday after failing to raise the bail needed to secure his release from custody, a court official said.
The five years it took regulators to bring high-profile charges against a UK trader underscore how hard it is to spot wrongdoing in fast-developing markets, and may herald problems in detecting future mishaps.
Deutsche Bank said none of its management board members had been found to have been involved in or aware of efforts by dozens of its staff to manipulate benchmark interest rates like Libor over a seven year period.
U.S. and British regulators fined Deutsche Bank $2.5 billion and its British subsidiary plead guilty to criminal wire fraud on Thursday as it became the eighth financial group to settle allegations of rigging interest rate benchmarks.
A trader has been arrested for allegedly holding an illegal role during the Wall Street flash crash five years ago. If convicted, he would face a long prison sentence.
A high-frequency trader in the United Kingdom has been criminally charged with manipulating the futures market and helping spark the infamous May 2010 "flash crash," the Justice Department said.
I had dinner a few weeks ago with crime policy expert Mark Kleiman, who pointed out something I hadn’t realized: stealing cars is getting a lot harder.
The U.K.’s opposition Labour Party demanded new economic-crime law to help prevent future financial scandals such as the manipulation of the benchmark Libor rate.