The last week has seen an Italian investment boutique sue a film production company, MMA and Axa sue shipper MSC and a wealth management firm lodge a part 8 action against major banks like Barclays and HSBC.
A British judge on Friday refused to stop the extradition of a Croatian man accused of embezzling money from a former employer more than a decade ago, saying that despite the delay in prosecuting the claim there is no evidence that the passage of time has eroded his memory or ability to call witnesses to his defense.
Victims of "push-payment" fraud will be able to complain to the payment services provider that received their money under new rules published by the Financial Conduct Authority on Friday.
The U.K.'s financial watchdog said Friday it has fined a veteran investment adviser £20,000 ($25,000) and banned her from serving as a company director after she allegedly sought employment with an asset manager even as she steered clients to the firm.
The European Union’s General Court has refused to grant millions of euros in damages to a state-owned Iranian insurer after its assets were frozen under nuclear sanctions against Tehran, handing victory to the European Council.
The Bank of England said Friday it has tightened its expenses regime after two senior regulatory experts, one of them a former vice chairman of the U.S. Federal Reserve, angered MPs by racking up £390,000 ($490,000) on travel costs over two and a half years.
The European Council has formally told the U.K. that its Brexit withdrawal agreement is not open to renegotiation even though a majority of British lawmakers rejected the package, increasing the odds of a no-deal departure from the bloc or a postponement.
Two Senate Democrats called for a bipartisan investigation into Deutsche Bank AG's compliance with federal anti-money laundering laws and its correspondent banking operations in a letter to their colleagues in the Senate Banking Committee on Thursday, citing German authorities' recent raid on the bank and its "history of regulatory problems."
The government of Nigeria filed a $1.1 billion lawsuit against Royal Dutch Shell PLC, Italian oil company Eni SpA and other companies in London's High Court Thursday over a 2011 oil deal that is at the center of allegations of corruption.
Three London men have been sentenced to hefty prison time for bilking the likes of American Express and Barclaycard out of £1 million ($1.27 million) in a fake credit application scheme known as short firm fraud, the police said.
A British judge on Thursday upheld arbitration awards forcing a Brazilian entity whose owner was convicted of bribery in connection with the Operation Car Wash scandal to return consulting fees paid by a Marshall Islands drilling contractor whose business relationships imploded as a result of the scheme.
A new initiative requiring banks to alert the police when someone tries to access an unusually large amount of money has led to 336 arrests, the head of a banking industry group has said.
This year brought many major policy developments that affected insurers, with the European Union's stringent data security rules spurring demand for cyber insurance and U.S. regulators ending an era by rescinding Prudential's designation as a systemically important financial institution, leaving no nonbank firms with the controversial tag. Here, Law360 looks back at the biggest regulatory and legislative developments that impacted insurers in 2018.
The European Commission has released two guidances intended to make it easier for companies involved in antitrust proceedings to wade through the process of redacting sensitive documents, suggesting the use of “confidentiality rings” for sharing such information.
The U.K.’s competition regulator on Thursday said a pair of British construction companies have admitted to engaging in a cartel to fix prices for precast concrete drainage products, with an investigation pending against a third alleged co-conspirator.
The U.K.'s pensions watchdog on Thursday warned pension scheme trustees they must check whether they fall under new master trust legislation to avoid running afoul of the law once the March deadline to apply for authorization passes.
The European Banking Authority has published rules that will allow financial firms across the bloc to identify whether their securitization products are eligible for relaxed capital holdings, ahead of a European Union framework taking force in January.
A Swiss financial services worker who was nabbed in Algeria on U.S. fraud charges and spent a year in a packed and filthy jail while awaiting extradition was sentenced to no additional prison time by a Manhattan federal judge on Wednesday.
Britain’s antitrust watchdog said Wednesday that it will introduce reforms to the sector responsible for managing £1.6 trillion ($2 trillion) worth of pensions after it identified problems with competition during an extensive probe.
A London jury failed to reach a verdict Wednesday in the trial of a former UBS AG compliance officer and her day-trader friend accused of making £1.4 million ($1.76 million) by trading on inside information on potential takeover deals, in a case the British financial watchdog quickly said it planned to retry.
As the year comes to a close, attorneys at King & Spalding LLP look back at a few of the most notable developments at the U.S. Department of Justice, including corporate monitor guidance, a False Claims Act policy shift, foreign exchange prosecutions, cryptocurrency fraud and international cooperation developments.
The recent Mossack Fonseca indictments and Deutsche Bank raid would not have been possible without the whistleblower behind the Panama Papers leak. But there is no incentive for rooting out the type of criminal money laundering revealed here, creating a large enforcement gap, say Eric Havian and Michael Ronickher of Constantine Cannon LLP.
The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.
The EU General Data Protection Regulation's accountability principle obligates organizations to provide evidence of compliance — one of the biggest changes brought about by the GDPR. Though the concept is simple, embedding accountability into financial services firms' operations and culture will not be achieved overnight, say experts at PricewaterhouseCoopers.
This year, a number of cases have illustrated how English courts are dealing with legal hurdles for cybercrime victims and making it easier to obtain a freezing order or injunction under such circumstances, says Fiona Cain of Haynes and Boone LLP.
Recent cases in the United Kingdom and Cayman Islands show that the broader test for application of the illegality defense endorsed in Patel v. Mirza appears to be more suitable than the previous Tinsley test, but it is now harder to predict the outcome of individual cases, say James Elliott and William Peake of Harney Westwood & Riegels LLP.
The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy LLP.
This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.
In KBR v. SFO, the U.K. High Court confirmed that the Serious Fraud Office can require foreign companies to produce documents held outside the U.K. as long as there is a sufficient connection between the company and the jurisdiction. This judgment will embolden other agencies with similar compulsory document production powers, says Andrew Smith of Corker Binning.
The English Court of Appeal's much-anticipated decision in Eurasian Natural Resources Corporation means that companies will continue to face difficulties in obtaining the information they need to investigate suspected wrongdoing, without losing the benefit of legal advice privilege under English law, say Mark Beeley and Rebecca Dipple of Orrick Herrington & Sutcliffe LLP.