China-Owned NY Broker-Dealer Admits To Antitrust Violation
Law360, New York (June 14, 2019, 12:21 PM EDT) -- A broker-dealer owned by the Industrial and Commercial Bank of China Ltd. pled guilty Friday to rigging bids for American depositary receipts, agreeing to pay a $3.26 million fine after a Manhattan federal judge cited its "substantial assistance" in an ongoing antitrust investigation.
At a brisk morning hearing before U.S. District Judge J. Paul Oetken, New York City-based Industrial and Commercial Bank of China Financial Services LLC, an ICBC subsidiary, admitted to conspiring to restrain trade in violation of the Sherman Act.
Judge Oetken accepted a guilty plea and imposed a fine at the low end of guidelines, as recommended by...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!