The Financial Conduct Authority announced Tuesday it would rethink its plans for a “duty of care” rule to protect financial services consumers and would instead focus on revising existing rules to ensure fair treatment.
The Financial Conduct Authority will seek to reduce compliance burdens for U.K. firms and move away from a strictly “rules-based approach” to interpreting European legislation after Britain exits the European Union, the regulator’s chief executive signaled Tuesday.
A British lawmaker was fined £1,500 ($1,900) on Tuesday and sentenced to 50 hours of community service for submitting two false expense claims in a case described by a judge as "shocking."
A court has placed an unauthorized company, which used so-called cold-calling to offer investments in assets, into provisional liquidation after it failed to attend a hearing, the government’s bankruptcy watchdog said on Tuesday.
Britain's pensions regulator warned trustees overseeing workers' retirement schemes on Tuesday that they must write airtight annual statements or face penalties after two fines were recently upheld in court.
The London Metal Exchange launched an initiative on Tuesday that could see it ban or remove from its listings brands that are not responsibly sourced by 2022, as consumers and investors demand more sustainable products.
A British cybersecurity researcher credited with stalling the global WannaCry ransomware worm has pled guilty in Wisconsin federal court to, years earlier, developing malware that could harvest the information of online banking users.
Prosecutors are asking a New York federal judge not to accept a former JPMorgan currency trader’s “redraft” of the indictment charging him with a conspiracy to rig foreign exchange markets.
A New York federal court on Thursday denied a retail foreign exchange dealer’s attempt to skirt a subpoena in a case that accuses foreign banks of manipulating the foreign exchange market, siding with a class of investors that transactional data is needed to determine class members and damages.
A third former executive at defunct Dubai private equity firm Abraaj Group has been accused of participating in a scheme to defraud investors of hundreds of millions of dollars, according to documents unsealed by prosecutors in New York on Friday.
The last week has seen private equity giant Terra Firma sue its former CEO, the FSCS take on shuttered investment manager Bentley-Leek, and an Italian insurer lodge a commercial fraud claim against a financial services firm that lost its U.K. authorization. Here, Law360 looks at those and other new claims in the U.K.
Investors are running out of patience with European banks failing to tackle money laundering allegations head-on, a risky approach that could damage their standing long-term, according to a report published by S&P Global Ratings.
A High Court official in London has refused to finalize a debt order against Vijay Mallya, an Indian tycoon fighting extradition to his home country on fraud charges, saying a decision on the State Bank of India’s claim against him should be adjourned.
The chief executive of the collapsed Dubai private equity firm Abraaj Group appeared at a London court to seek bail after he was arrested in the U.K. last week on U.S. charges that he and the firm’s managing director defrauded investors, including the Bill & Melinda Gates Foundation.
Complaints from unhappy financial services customers have fallen for the first time in three years, the City watchdog said Thursday, as the number of Britons hurrying to claim they were missold controversial payment protection insurance before the August deadline finally begins to slow.
A plan to distribute a $30 million settlement struck to end allegations of Libor rate rigging against JP Morgan and Bank of America leaves questions unanswered and seems "problematic at best," a New York federal judge has said.
A Citigroup unit and another broker-dealer are the latest targets in two lawsuits in the U.K. High Court brought by the liquidators at Bilta accusing the traders of enabling a massive tax fraud that resulted in tens of millions of pounds in losses.
The last of 10 defendants in a case over alleged bribes and money laundering that involved a company responsible for the fire alarms at Grenfell Tower, a residential building that caught ablaze in 2017, killing 72 people, pled not guilty on Wednesday.
Germany’s financial regulator confirmed Wednesday that it has asked prosecutors to investigate investors who made bets against payment company Wirecard for suspected market manipulation.
Prosecutors told a London jury Wednesday that it is “beyond coincidence” that a UBS compliance officer accessed confidential information on potential takeovers the bank was advising on just minutes before contacting a friend who proceeded to trade those stocks shortly after.
As it is unlikely there will be significant opposition to the Criminal Finances Bill in the House of Lords, it is likely to become law during the mid to late part of 2017. "Unexplained wealth orders" will be a new and powerful tool available to U.K. criminal authorities to seize assets, says Ian Hargreaves of Covington & Burling LLP.
The English High Court's recent RBS decision has major implications for the way in which internal investigations with any connection to the U.K. are to be conducted and recorded, say Mary Pat Brown and David Foster of O’Melveny & Myers LLP.
During the last quarter of 2016, the U.S. Department of Justice announced several significant guilty pleas and indictments against corporate executives that may provide some clues about where the prosecution of executives is headed this year, say attorneys with Miller & Chevalier Chtd.
There are concerns that parties to contracts procured through corruption may choose arbitration because the process is confidential and consensual, and because arbitrators have been traditionally reluctant to investigate corruption on their own initiative. If true, that creates a very real risk, says Mathew Rea, co-head of Bryan Cave’s global international arbitration team.
John M. Connor, professor emeritus at Purdue University and senior fellow of the American Antitrust Institute, compiled information on 1,336 private international cartels investigated since 1990. In this article, he presents aggregate statistics on numbers, affected sales, damages, corporate penalties, individual fines and incarceration, and highlights broad geographic differences.
In this article, attorneys with Miller & Chevalier Chtd. highlight the most significant criminal cases and government investigations that affected corporate executives in the second quarter of 2016.
Volvo recently announced a €250 million increase to an existing provision of €400 million for a European Commission investigation into an alleged cartel between truck manufacturers. Other manufacturers have also made large provisions, resulting in the total amount now exceeding €2.5 billion. There is every indication that we may be looking at a record commission cartel fine, says Richard Pike of Constantine Cannon LLP.
Institutions have started looking beyond securities to recovery opportunities in other areas touching on their investments and operations. In this article, Michael Lange and Brian Shea of Financial Recovery Technologies LLC highlight recent antitrust class action trends mirroring those seen earlier for securities, note some key differences, and suggest best practices to account for those differences.
In this article, attorneys with Miller & Chevalier Chtd. highlight the most significant cases and government investigations that affected corporate executives in the first three months of 2016.
Regulators blamed Deutsche Bank's Libor-related misconduct on the culture within the bank, whose unsecured and permissive business model allowed egregious and pervasive misconduct to thrive. Fixing a broken corporate culture is hard and painful, and regaining a lost reputation for integrity is virtually impossible, say Betsy Collins and Mignon Lunsford of Burr & Forman LLP.