The U.K. Parliament's vote against a disruptive no-deal Brexit on Wednesday is unlikely to reverse corporate contingency plans that have already sent operations and jobs across the border to protect companies from regulatory upheaval.
A pension administrator that lodged a £5.9 million ($7.8 million) suit against a trust manager for investing in a failed Caribbean resort has shot back in a London court against the management company’s claims it was contractually entitled to fund the development, maintaining the company was “at the very least” negligent.
The British Parliament voted on Wednesday to rule out the possibility of leaving the European Union without a withdrawal agreement, setting up another vote on Thursday on whether to push back the March 29 departure date to buy more time for a deal.
Barclays Bank PLC has fought back against a lawsuit filed by a handful of local authorities in England over hundreds of millions of dollars of loans linked to an interest rate benchmark allegedly rigged by the bank, saying the municipalities had failed to back their fraud claims.
Two companies allegedly involved in a fraudulent art investment scheme have been shut down after stealing £1.4 million ($1.9 million) of investors’ money, a government agency said Wednesday.
The Financial Conduct Authority said Wednesday it has fined British mobile retailer Carphone Warehouse £29.1 million ($38.3 million) for misselling insurance and technical support products, following reports from whistleblowers.
A Mossack Fonseca lawyer and an investment adviser accused of an offshore tax evasion scheme exposed by the Panama Papers leak are not expected to be extradited to the U.S., leaving prosecutors to go to trial against two other defendants, lawyers said in New York federal court on Tuesday.
Companies facing a U.K. fraud investigation may want to avoid the embarrassment and damage of a criminal case by striking a deferred prosecution agreement, but attorneys say firms must clear high hurdles to get a deal — and realize they won’t walk away unscathed.
The European Central Bank has agreed to take over supervision of Latvia’s PNB Banka as the lender said Tuesday the country’s own regulators have treated it in an “unfair and inequitable” way after it called out alleged corruption at the nation's central bank.
The Libyan Investment Authority has renewed calls for a London court to cancel a $180 million bond agreement issued by now-JPMorgan unit Bear Stearns, saying the firm paid and then concealed a $6 million bribe to a businessman with ties to the Moammar Gadhafi regime to secure the deal.
Lawmakers rejected the British government's blueprint for leaving the European Union by a 149-vote margin late on Tuesday, raising the risk that Britain will crash out of the bloc unless Parliament votes to prevent a disruptive no-deal Brexit and possibly delay the March 29 departure date.
An attorney for a former Barclays trader charged with conspiring to rig a key interest rate benchmark told a London jury during closing arguments Tuesday that her client was unknowingly "used and abused" by those who did manipulate the rate for their financial benefit.
Norton Rose Fulbright has said it cannot be held liable for any loss suffered by an insurance broker being sued alongside 14 insurers by ABN Amro, denying claims that it negligently drafted a cargo insurance policy at the center of a High Court lawsuit between the bank and insurers.
An insurance broker jailed last year for making fraudulent claims, including falsely stating that her daughter had suffered serious injuries in the Manchester Arena terror attack, has been ordered by a court to pay back £139,000 ($182,000), City of London Police said Tuesday.
The trial of U.K. company Rapid Engineering Supplies over alleged bribes paid by one its former directors to secure preferential treatment as a supplier to a company connected to Formula One team Williams has been delayed after the judge dismissed the jury on Tuesday, saying the case is not ready.
Professional bodies overseeing lawyers and accountants were criticized by the Financial Conduct Authority on Tuesday for failing to police their members' anti-money laundering efforts.
The number of customers unable to seek compensation after the collapse of payday lender Wonga because their cases fall outside the statutory redress scheme is four times higher than estimated, lawmakers said on Tuesday, with as many as 40,000 people at risk of losing out.
Britain’s attorney general warned Tuesday that the country remains at risk of becoming locked in a European Union customs mechanism after leaving the bloc on March 29, throwing doubt on last-ditch concessions secured by Prime Minister Theresa May just hours ahead of a vote on her Brexit deal in Parliament.
European Union lawmakers announced on Tuesday that they have agreed to adopt rules designed to encourage individuals to blow the whistle on companies that breach the bloc’s laws, including measures to allow employees to report information confidentially and protect whistleblowers against reprisals.
Moscow-based lender VTB Bank is asking the European Court of Justice to reverse a ruling upholding sanctions against it in the wake of Russia's military intervention in Ukraine, saying the EU's General Court erred in ruling the restrictions were "appropriate and proportional" for achieving the stated peacekeeping goals.
A new report for the Tax Justice Network details the extent to which many U.S. multinationals have flaunted the United Kingdom’s legal requirements for tax disclosure. Alex Cobham of Tax Justice Network and Andrew Belnap of UNC discuss the dismal findings.
The Lawyer's Daily
Becoming a lawyer in Canada is a challenging experience for foreign qualified lawyers. In addition to the bar exam, hurdles include obtaining certification from the National Committee on Accreditation, and complications from moving to Canada halfway through the process, says Kyle Abrey, in-house counsel at the Royal Bank of Canada.
The U.K. may soon surpass the U.S. in legal technology, thanks to regulatory reform, law firm investment and an entrepreneurial environment, says Bridget Deiters of InCloudCounsel.
As the European and global economies continue to change, any legal department that does not want to get outflanked by faster, more agile competitors should consider the value that legal operations teams have to offer, says Hans Albers, president of the Association of Corporate Counsel Europe.
Paul Manafort's attorneys recently filed a court document containing incompletely redacted information, highlighting the need for attorneys to become competent at redaction — or at least at verifying that redaction has been performed correctly. Failure to do either could be construed as legal malpractice, says Byeongsook Seo of Snell & Wilmer LLP.
Even as a child in war-torn Iran, I began to develop a sense of justice and a desire for equality and the rule of law. These instincts ultimately guided me to become a federal prosecutor, and now a partner in private practice, says Raymond Aghaian of Kilpatrick Townsend & Stockton LLP.
Lawyer burnout has been called a “romantic disorder” because it is characteristic of a work ethic admired in the legal culture. But the negative impacts of burnout are real and lawyers need to recognize the signs and solutions, says Jennifer Gibbs of Zelle LLP.
Medical centers and their faculty matter to the practice of medicine. Law schools and their faculty do not matter to the practice of law, says J.B. Heaton of J.B. Heaton PC.
This month, the First Department of New York's Appellate Division revived Avilon v. Leontiev, establishing that a debtor cannot obtain declaratory judgment shielding itself from personal liability to a creditor's associates, and then use that judgment to preclude claims from the creditor, say A. Robert Quirk and Muhammad Faridi of Patterson Belknap Webb & Tyler LLP.
As uncertainty over a Brexit deal remains following the U.K. Parliament's overwhelming rejection this week of a draft withdrawal agreement, John Binns of BCL Solicitors LLP takes a closer look at the potential end of criminal justice cooperation arrangements between the United Kingdom and the European Union.