UK Bank Stopped From Ditching French Fintech Contract

Law360, London (August 29, 2019, 7:43 PM BST) -- A London judge Thursday temporarily blocked Raphaels Bank from terminating its agreement with payment services provider Sogexia over concerns that some customers' electronic money transfers exceeded a French law cap, saying the fintech company shouldn't lose customers while the matter goes forward.

Sogexia SARL, a French company offering payment services to clients through Raphaels Bank, sought a last-minute injunction to prevent its business partner from canceling their contract, possibly as early as noon on Thursday.

R. Raphael & Sons PLC, the bank's parent company, said it was ending the agreement based on its belief that some electronic money transfers provided by...

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