Financial Services UK

  • January 17, 2020

    BigLaw Arbitration Specialists Are Among 114 New QCs

    Six international arbitration lawyers from Freshfields Bruckhaus Deringer LLP, White & Case LLP, Herbert Smith Freehills LLP, Blackstone Chambers and Clyde & Co. LLP are among the 114 new Queen's Counsel who will formally become silks in March.

  • January 17, 2020

    RBS Demands £24M From Insurers Over Madoff Fraud Losses

    The Royal Bank of Scotland has taken aim at five insurers who wrote computer fraud polices for one of its subsidiaries, saying it is owed more than £24 million ($31.3 million) for losses caused by Bernard Madoff’s investment vehicle.

  • January 17, 2020

    EBA Says Regulators Are Sticking To Rules On Staff

    Europe’s top banking watchdog has found that banks and regulators in the region are sticking to its strict rules about singling out and keeping a close eye on staff members who could dramatically increase the level of financial risk the institution is carrying.

  • January 17, 2020

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen a tech company sue an online football stock exchange, a number of seafood distributors and their insurers sue cargo company Maersk, and several hotels add to Visa and MasterCard's swipe-fee class action woes. Here, Law360 looks at these claims and more. 

  • January 17, 2020

    Jail Talk Was 'Shorthand' For Qatar Deal Risks, Jury Told

    A former Barclays executive accused of fraud testified Friday that his jokes about avoiding prison because of the bad food and "worse sex" while organizing a crucial cash injection from Qatar during the financial crisis were “shorthand” for ensuring the transaction was legal.

  • January 17, 2020

    Pension Protection Fund Warns Of £160B Plan Deficit

    Six in 10 defined benefit pension schemes are in deficit with a total funding shortfall of £160 billion ($208 billion), a report warned on Friday, as the sector's regulator prepares to introduce new rules to intensify scrutiny.

  • January 17, 2020

    Securities Body Pushes Universal Time Stamp For Trades

    A global standard-setter for securities markets has called for the world’s watchdogs to follow the European Union’s lead by mandating that all trades must be recorded based on universally synchronized clocks.

  • January 16, 2020

    Banker Denies Brainstorming Dishonest Ways To Pay Qatar

    A former Barclays executive accused of fraud denied discussing dishonest ways to pay extra fees to Qatar to secure emergency funding from the Gulf state during the financial crisis, testifying Thursday he was “brainstorming” ideas he believed provided “commercial value” to the bank.

  • January 16, 2020

    Hedge Fund Can't Add Trash Talk Claim To Fee Fight

    A judge said on Wednesday that it is too late for a hedge fund to amend its defamation claim against a broker to include allegations that the broking company owner called the fund a "sinking ship," as he refused to widen a dispute over unpaid fees.

  • January 16, 2020

    UK Compensation Program Raises Redress Levy To £635M

    Britain’s bankruptcy compensation program said Thursday that banks and insurers must hand over £635 million ($829 million) to pay for redress to consumers in the year to March 2021, a rise of £87 million from the money they paid for 2020.

  • January 16, 2020

    Ex-Citi Banker Wins Dismissal Case After Boss Called Him Old

    A former executive at Citigroup in London has won an age discrimination case against the U.S bank, after a tribunal ruled he had been unfairly dismissed after being told he was "old and set in your ways."

  • January 16, 2020

    Prosecutors Want £117M From Nigerian Fraudster

    Prosecutors demanded on Thursday that a former Nigerian politician jailed for stealing millions from the public purse should return approximately £117 million ($152 million) he allegedly siphoned off to fund a lavish lifestyle abroad.

  • January 16, 2020

    Dozens Of Cases Of Suspected 'Phoenixing' Passed To FCA

    More than 130 cases of suspected “phoenixing” have been passed to the Financial Conduct Authority, Britain's compensation fund said Thursday, as regulators tackle the problem of advice companies that disappear from view and then rise from the dead

  • January 16, 2020

    Finance Watchdogs Ramp Up Pressure For Libor Transition

    Banks and insurers must act now to move away from the scandal-hit Libor benchmark interest rate, British financial watchdogs said Thursday, as they set out milestones that companies should hit in 2020 or face potential regulatory action.

  • January 15, 2020

    SocGen Reaches Settlement In Libor-Rigging Suit

    Societe Generale SA has cut a deal to settle part of the massive Libor-rigging litigation investors have leveled against more than a dozen big banks, although no specifics on the agreement were provided.

  • January 15, 2020

    Qatar Bank Gets A Boost After Yacht Owner Bails On €5M Trial

    A High Court judge on Wednesday threw out Force India Ltd.’s defense to a €5 million ($5.5 million) claim from Qatar National Bank over outstanding loan payments and the sale of a luxury yacht after the Indian company failed to show up for trial.

  • January 15, 2020

    Oligarch's Ex Loses Fight For £9M London House

    A London judge on Wednesday scrapped an upcoming trial over whether a Russian banker's ex-wife can profit from the sale of a £9 million ($11.7 million) house in the country's capital because of her "casual" approach to disclosing her bank accounts.

  • January 15, 2020

    Late Greek Bank Buyout Didn't Break Aid Rules, EU Says

    The European Commission gave its blessing to the $85 million sale of a subsidiary of Piraeus Bank to competitor Eurobank on Wednesday, finding the lenders did not break the rules on Greece's financial bailout by missing a deadline to complete the deal. 

  • January 15, 2020

    PIs Who Broke Ex-Bank Client Confidence Found In Contempt

    A judge ruled on Wednesday that two private investigators were in contempt of court for failing to hand over details about confidential information they unlawfully disclosed about a Tanzanian bank, whose owners had been their clients and who had been hit with money laundering allegations.

  • January 15, 2020

    Irish Central Bank To Boost Consumer Protection In 2020

    The Central Bank of Ireland said Wednesday that it will strengthen its safeguarding of customers of banks and insurers by reviewing its consumer protection code over the next year, after revelations in 2019 showed poor conduct in the national markets.

  • January 15, 2020

    Citadel Securities Sues Rival Over Trade Secrets Theft Claims

    Market-maker Citadel Securities is suing a London rival and five of its executives in the High Court over allegations they stole a secret trading strategy that cost the company more than $100 million to develop.

  • January 15, 2020

    Brown Rudnick Hires City Litigation Partner In London

    Brown Rudnick LLP has lured a new partner to join its litigation and arbitration practice who will focus on group litigation and class actions, the law firm said.

  • January 15, 2020

    Watchdogs Raise Levy To £78M To Run Bankruptcy Scheme

    Banks and insurers must pay £78.2 million ($101.7 million) to fund the operations of the U.K.’s bankruptcy compensation scheme for the 12 months from April, the country’s finance regulators said Wednesday.

  • January 14, 2020

    Netherlands, Australia Lead As Securities Deal Hotspots

    Australia continues to be a hotbed for securities class action litigation outside of North America, but the Netherlands is where investors have secured some of the biggest settlements of all time in an overseas market, according to a new report from Institutional Shareholder Services Inc.'s Securities Class Action Services.

  • January 14, 2020

    Feds Say UK-Based Market Spoofer Shouldn't Go To Prison

    Federal prosecutors told an Illinois federal judge Tuesday that a U.K.-based trader who admitted to spoofing the precious metals market shouldn’t go to prison, partly because of the “extraordinary help” he provided the U.S. government after pleading guilty.

Expert Analysis

  • How English Courts Approach Comity When Laws Conflict

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    Two recent cases from the High Court of Justice and the Court of Appeal shed light on how English appeals courts consider the principle of comity when one jurisdiction exposes a person to criminal prosecution for conduct required by the law of another jurisdiction, says Nick Barnard of Corker Binning.

  • Mandatory Mediation May Lie Ahead For England And Wales

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    The U.K. Court of Appeals' decision in Lomax v. Lomax, among other recent developments, show significant judicial support for compulsory mediation of appropriate civil and commercial cases in England and Wales, say Margarita Michael and Grace Spurgeon of O'Melveny.

  • Some Countries May Balk At OECD Minimum Tax Proposal

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    The Organization for Economic Cooperation and Development's proposed global minimum tax rate puts the OECD firmly in the camp in favor of higher overall taxation to reduce tax competition and at odds with influential members who argue low taxes stimulate economic development, says Laurence Field of Crowe.

  • Key Risks And Developments For UK Law Firm Culture In 2020

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    In 2020, law firms throughout the U.K. will be increasingly reshaped by rapid changes in societal expectations and advances in technology, say Helen Rowlands and Niya Phiri of Clyde & Co.

  • Hottest Legal Industry Guest Topics Of 2019

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    This year guest contributors discussed tips for lawyers combating burnout and dealing with narcissists, how millennials are changing law firm culture, BigLaw’s move toward plaintiff-side litigation and other legal industry trends.

  • Cos. Can Start Preparing Now For Immigration Beyond Brexit

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    Ahead of the U.K.'s likely departure from the European Union on Jan. 31, 2020, companies should use the one-year transition period to help workers understand any new registration requirements, evaluate budgetary concerns and expedite any employee relocations, say Julia Onslow-Cole and Charlotte Wills at Fragomen.

  • #MeToo Pressure On UK Businesses Is Set To Rise

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    Recent declarations by the Financial Conduct Authority and Prudential Regulation Authority indicate that sexual harassment in the U.K.'s financial services industry may lead to consequences under the newly expanded Senior Managers and Certification Regime, and other sectors are facing growing scrutiny as well, say attorneys at Covington.

  • EU Tax Scandal Is Sure To Reach London

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    With powerful states in Europe using their full resources to investigate and prosecute those involved in the tax fraud scheme known as cum-ex trading, it seems all but inevitable that shared information will prompt significant investigations in London by the U.K. authorities, says Bambos Tsiattalou of Stokoe.

  • Opinion

    UK Anti-Money Laundering Efforts Must Be Reassessed

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    Transparency International's recent report regarding money laundering in the U.K. shows that the government is not making enough progress in addressing these crimes, says Syedur Rahman of Rahman Ravelli.

  • Brexit's Impact On London As A Top Int'l Arbitration Seat

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    Despite concerns that London may be considered a less attractive place to do business post-Brexit, there are many reasons to believe that the city will retain its position as a globally favored arbitral seat, say Adrian Jones and James Wagner at FaegreBD.

  • Post-Brexit UK Likely To Conform With EU On Human Rights

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    In a recent speech, U.K. Foreign Secretary Dominic Raab stated his intent to expand sanctions for human rights violations by extending the so-called Magnitsky amendment, strongly indicating that Britain's exit from the EU would be unlikely to disrupt coordinated efforts to address international transgressions against human rights, says Stephen Baker at Baker & Partners.

  • The Evolution Of GDPR Enforcement Across The EU

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    With the last few months bringing significant fines to major businesses that have breached the European Union's General Data Protection Regulation, it is clear that regulators are moving away from the light-touch approach they employed during the transition to the new rules, says James Simpson of Blaser Mills.

  • Opinion

    What Headlines Missed About ‘Cartel’ Traders’ Trial 1 Year Ago

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    In U.S. v. Usher, a Manhattan federal jury acquitted three British forex traders known as "the cartel" of antitrust allegations one year ago, but some common myths about the case, perpetuated by flashy headlines, still need to be debunked, say White & Case's Samuel Feldman and Mark Gidley, who represented one of the defendants.

  • When Will UK Courts Imply A Duty Of Good Faith?

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    English courts have traditionally refused to recognize a general doctrine of good faith. The High Court of Justice's decision in Bates v. Post Office provides some answers regarding when a duty of good faith may be implied, but also raises questions, say Maria Frangeskides and Rebecca Dipple of Orrick.

  • Series

    Why I Became A Lawyer: Being There For Families In Trouble

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    My parents' contentious, drawn-out divorce was one of the worst experiences of my life. But it taught me how to be resilient — and ultimately led me to leave corporate litigation for a career in family law, helping other families during their own difficult times, says Sheryl Seiden of Seiden Family Law.