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The Upper Tribunal has upheld the FCA’s decision to prohibit Arif Hussein, a former trader, on the basis that he failed to be candid and truthful during the enforcement process. In the decision, the Tribunal was critical of the FCA’s focus on the relatively junior trader, who was put under investigation in relation to a limited number of chats which took place over a short period when there was widespread manipulation of LIBOR within the…
On July 25, 2012, the European Commission (the “Commission”) announced that it has sent a statement of objections (the “statement”) to Danish pharmaceutical company, Lundbeck, as part of its investigation into agreements concluded with four generic competitors concerning the antidepressant Citalopram. The Commission launched formal proceedings against Lundbeck in 2010, following its pharmaceutical sector inquiry. The statement outlines the Commission’s objections, stating that it is the Commission’s preliminary view that Lundbeck concluded agreements with generic…