Published on May 22, 2015 | by LawNews
Prof. Ronald Colombo Quoted in Law360 Story on DOJ’s $5.6B Forex Pact With Banks
DOJ Shows Teeth With $5.6B Forex Pact, But Not Sharp Ones
By Ed Beeson
May 20, 2015
The Justice Department, in the plea agreements it struck, said the banks intend to petition the Labor Department to retain their QPAM status, and that the department will support a motion to adjourn any sentencing hearing until the Labor Department has ruled on the request.
By carving out such exemptions, “it really defangs the criminal charges,” said Ronald Colombo a law professor at Hofstra University.
“The only persons being punished right now are the innocent shareholders of the banks,” he added.