1 00:00:00,040 --> 00:00:03,280 Speaker 1: Well, now it's time for our Bloomberg Law Report. It's 2 00:00:03,279 --> 00:00:07,800 Speaker 1: brought to you by American Arbitration Association. Business disputes are inevitable, 3 00:00:08,080 --> 00:00:12,160 Speaker 1: resolve faster with the American Arbitration Association, the global leader 4 00:00:12,400 --> 00:00:15,960 Speaker 1: in alternative dispute resolution for over ninety years. More at 5 00:00:16,000 --> 00:00:19,400 Speaker 1: a dr dot org. Let's get to the legal stories 6 00:00:19,400 --> 00:00:22,160 Speaker 1: we're watching this morning with Steve Potus in the Bloomberg 7 00:00:22,280 --> 00:00:28,000 Speaker 1: ninety one Washington newsroom. A Treasury Department report criticizing the 8 00:00:28,040 --> 00:00:32,720 Speaker 1: extraordinary costs of the Consumer Financial Protection Bureaus arbitration rule 9 00:00:32,760 --> 00:00:35,239 Speaker 1: adds fuel to efforts to defeat it in Congress and 10 00:00:35,360 --> 00:00:38,800 Speaker 1: the courts. The number of False Claims Act settlements involving 11 00:00:38,840 --> 00:00:42,360 Speaker 1: personal liability for healthcare providers has spiked after a federal 12 00:00:42,360 --> 00:00:46,960 Speaker 1: directive to prosecute individuals who guided corporate fraud and amid 13 00:00:46,960 --> 00:00:50,159 Speaker 1: talks to overhaul NAFTA, Mexico is making it clear it 14 00:00:50,159 --> 00:00:53,559 Speaker 1: could shift to South America for agricultural goods if the 15 00:00:53,560 --> 00:00:58,320 Speaker 1: trade relationship with the US hours. Bloomberg Law everything you need, 16 00:00:58,600 --> 00:01:02,960 Speaker 1: all on one legal search platform, including guidance analysis and 17 00:01:03,040 --> 00:01:07,000 Speaker 1: Bloomberg Market Intelligence. Find out more at Bloomberg Law dot 18 00:01:07,040 --> 00:01:10,280 Speaker 1: com Now in other legal news, let's take a look 19 00:01:10,280 --> 00:01:13,240 Speaker 1: at developments in the case of former HSBC foreign exchange 20 00:01:13,280 --> 00:01:15,720 Speaker 1: trader Mark Johnson, who was convicted of fraud for a 21 00:01:15,720 --> 00:01:18,360 Speaker 1: front running a three and a half billion dollar client order. 22 00:01:18,600 --> 00:01:21,360 Speaker 1: For more in the story, Bloomberg lawhost During Grosso speaks 23 00:01:21,360 --> 00:01:24,880 Speaker 1: with the Bloomberg for an exchange report Land and again Lennon, 24 00:01:25,120 --> 00:01:28,080 Speaker 1: how long did the jury deliberated and what did they 25 00:01:28,160 --> 00:01:30,920 Speaker 1: ask for? They deliberated for about two days, um, just 26 00:01:31,080 --> 00:01:33,040 Speaker 1: under two days, I would say, And they asked for 27 00:01:33,160 --> 00:01:36,280 Speaker 1: tapes that Mark Johnson of Mark Johnson and his colleagues 28 00:01:36,280 --> 00:01:39,240 Speaker 1: discussing the trades. Um. So some of these tapes were 29 00:01:39,280 --> 00:01:42,520 Speaker 1: the most sort of incriminating evidence. We hadn't heard him saying, 30 00:01:42,560 --> 00:01:44,479 Speaker 1: I think we got away with it, you know, sort 31 00:01:44,480 --> 00:01:46,760 Speaker 1: of celebrating and swearing on the tapes. And so I 32 00:01:46,800 --> 00:01:49,240 Speaker 1: think those were pretty damning, and I guess they stuck 33 00:01:49,240 --> 00:01:52,000 Speaker 1: out in the jury's mind. Yeah, And the prosecutors certainly 34 00:01:52,120 --> 00:01:56,360 Speaker 1: helped them emphasize that what would a guilty man be 35 00:01:56,480 --> 00:02:00,440 Speaker 1: doing saying this? So Johnson, as we've discussed, a big 36 00:02:00,600 --> 00:02:02,800 Speaker 1: chance in taking the stand in his own defense. The 37 00:02:02,880 --> 00:02:07,040 Speaker 1: verdict means the jury didn't believe him. Wasn't the recordings 38 00:02:07,080 --> 00:02:09,680 Speaker 1: that he had the most difficulty with on the stand. 39 00:02:10,160 --> 00:02:12,520 Speaker 1: I think he was actually very calm and collected on 40 00:02:12,560 --> 00:02:15,320 Speaker 1: the stand. But I think you know what the prosecutors 41 00:02:15,360 --> 00:02:17,680 Speaker 1: said to the jury was, look, this is a different 42 00:02:17,720 --> 00:02:19,760 Speaker 1: guy that you're seeing in person versus the person that 43 00:02:19,800 --> 00:02:22,840 Speaker 1: you hear on the tapes. So I guess the jury 44 00:02:22,919 --> 00:02:25,400 Speaker 1: was not convinced by his sort of calm, collected demeanor 45 00:02:25,480 --> 00:02:27,640 Speaker 1: on the stand. Did he was he able to explain 46 00:02:27,680 --> 00:02:30,880 Speaker 1: away any of the tapes. There was an explanation for everything, really, 47 00:02:31,280 --> 00:02:34,080 Speaker 1: his his lawyers went point by point through all of 48 00:02:34,120 --> 00:02:37,760 Speaker 1: the most damning evidence. They gave an alternative explanation for 49 00:02:37,800 --> 00:02:41,160 Speaker 1: pretty much everything. So it was very comprehensive, very very 50 00:02:41,160 --> 00:02:45,400 Speaker 1: long testimony by the defendant. That's Bloomberg for an Exchange 51 00:02:45,600 --> 00:02:49,480 Speaker 1: reporter Lennon new Yo Yen speaking with Bloomberg during GROSSO. 52 00:02:49,520 --> 00:02:51,360 Speaker 1: You can listen U Bloomberg Law week days at one 53 00:02:51,400 --> 00:02:54,520 Speaker 1: pm Wall Street Time here on Bloomberg Radio, and find 54 00:02:54,520 --> 00:02:57,240 Speaker 1: more legal news at Bloomberg Law dot com. Attorneys will 55 00:02:57,240 --> 00:03:01,160 Speaker 1: find exceptional legal research and business development tools there as well.