ING Barings' Minderhoud resigns

Article Abstract:

ING Barings, an investment bank based in the Netherlands, has received the resignation of its chairman, Marinus Minderhoud, who accepted culpability over the bank's financial decline. Minderhoud voluntarily filed resignation after the firm announced that its corporate and investment banking activities will expectedly post lower than predicted profits to about 1.5 billion guilders or $812.3 million. ING Groep NV board member Michel Tilmant will take his place as ING Barings chairman but will retain his position as chairman of ING Belgium.

Comment:

Receives the resignation of its chairman, Marinus Minderhoud, who accepted culpability over the bank's financial decline

Investment Banking and Securities Dealing, Netherlands, Investment Banking, Executive changes & profiles, Investment banks, Article, ING Barings

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Merrill will pay 24.2 million euros in Sumitomo copper scandal

Article Abstract:

Merrill Lynch & Co. has been penalized up to $25 million (24.2 million euros) for being implicated in the 1996 copper scandal involving Sumitomo Corp. The fine is Merrill Lynch's second-highest fine. In 1998, the firm paid a $30 million fine in connection with the Orange County bankruptcy. The Commodity Futures Trading Commission (CFTC) said that Merrill "knowingly and intentionally" helped a Sumitomo copper trader's attempt to manipulate world copper prices.

Comment:

Merrill fined $25 million (24.2 million euros) for being implicated in 1996 copper scandal involving Sumitomo

United States, Japan, Legal issues & crime, Copper, Primary Smelting and Refining of Copper, Cases, Copper industry, Abstract, Securities industry, Copper products, Price fixing, Sumitomo Corp., Merrill Lynch & Company Inc.

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