The Serious Fraud Office’s failed attempt to prosecute Barclays PLC and four former executives over the bank's financial crisis-era fundraising with Qatar has potentially set a precedent that will make the anti-fraud agency’s difficult task of prosecuting corporate crime allegations under English law even harder.
Hundreds of investors accusing banks of plotting to manipulate foreign exchange rates can move ahead with the bulk of their antitrust suit, a New York federal judge has ruled, while also limiting the claims they are allowed to pursue.
More than 6,000 EasyJet customers are gearing up to test European Union data rules in a group lawsuit seeking damages from the airline after a cyberattack left their personal details exposed to hackers, lawyers representing the claimants said.
Barclays Bank PLC should have to hand over all of the legal advice it received before paying Qatar millions of pounds for advisory services during the financial crisis, as it has waived any privilege over the communication, a private equity firm suing the bank argued Friday.
The Court of Appeal ruled Friday that a computer scientist claiming to be the inventor of Bitcoin can't bring his defamation suit in England against an investor who called him a fraud online, saying the reach of the social media sites is largely in the U.S.
The past week in London has seen German financier Lars Windhorst dragged into court by a hospitality company, an Emirati lender sue former executives of a scandal-hit health company, and a bank representing the estate of musical artist Prince file IP claims against a unit of a major record label.
British lenders have granted 1.5 million payment holidays to credit card and loan customers who are struggling to meet repayments because they have fallen ill or been furloughed during the coronavirus pandemic, a finance industry group said Friday.
A global standard-setter for the securities markets asked for industry input Friday from financial services companies on a new set of principles that they should use when discharging some of their services to third parties.
Denmark's state prosecutor announced on Friday that it is ending a year-long investigation into whether Ernst & Young LLP breached anti-money laundering laws in connection with its audit of Danske Bank, itself the subject of an international probe into the recycling of dirty money.
A judge formally declared on Friday that the administrators for the European subsidiary of Lehman Brothers are not liable for their work in securing assets on behalf of creditors of the defunct investment bank after the committee failed to clear the PricewaterhouseCoopers employees before disbanding.
Law firm Baker & Partners has hired a forensic accountant and asset-tracing expert from Grant Thornton to join the fraud and asset recovery practice at its new London office.
More than 2,000 Britons have lost over £4.6 million ($5.7 million) to fraudsters seeking to exploit fears over the COVID-19 pandemic, figures published Friday reveal.
Morgan Lewis & Bockius LLP has added a four-person team of attorneys from Morrison & Foerster LLP to its investment funds practice in London.
The English courts must determine who the U.K. government formally recognizes as president of Venezuela before hearing any bid for forcing the release of €930 million ($1 billion) of the country's gold from the Bank of England's vaults, a London judge ruled Thursday.
A group of shareholders suing security outsourcing giant Serco over fraud and false accounting revelations that ravaged the company's stock price have insisted they have "sufficient interest" in the company shares to be compensated even if they own them indirectly.
A Saudi unit of Maire Tecnimont SpA sued National Westminster Bank PLC for falling short of its responsibilities to the engineering giant after it was the victim of a $5 million push-payment fraud to let it recover the funds.
London disputes law firm Signature Litigation LLP said Thursday it has snapped up the former head of the commercial disputes group at Freshfields Bruckhaus Deringer LLP as a new partner for its City office.
The European Union's highest court does not have jurisdiction to hear claims against the Eurogroup for compensation by a group of depositors and bondholders in Cypriot banks that were restructured after the country's financial crisis, an adviser to the court said Thursday.
The European Court of Justice can consider damages claims against the European Union over its enforcement of nuclear sanctions against Iran that were later scrapped, an adviser to the bloc's highest court said Thursday.
Royal Bank of Scotland Group PLC is to refund 36,000 customers £2.2 million ($2.7 million) after failing to alert account holders that they were about to tip over into unauthorized overdrafts, Britain's antitrust watchdog announced Thursday.
A group of asset managers said Thursday that they have the backing of 30 European investors, who hold more than €6 trillion ($6.6 trillion) in assets, as they urge regulators to create a model to help them measure the impact of their investments on the environment.
A judge on Wednesday rejected a call to immediately appoint an independent investigator to review last year's sale of U.K. department store chain Debenhams PLC's business to its lenders, saying the request from minority shareholder Sports Direct was "draconian."
Greensill Capital has dropped a libel suit against Reuters in London over a story that reported the financing group made a false statement to the bond market in 2018, the news agency confirmed Wednesday.
The COVID-19 crisis is poised to spur enforcement action and litigation over potential misconduct involving billions of pounds in emergency funding dished out under Britain's government-backed coronavirus lending schemes.
Britain's financial services watchdog warned Wednesday that increased capital-raising activity and alternative working arrangements prompted by the COVID-19 outbreak could increase the risk of market abuse, telling companies to be vigilant about potential leaks and rumors.
Nearly two dozen companies have launched lawsuits in London against payment processor Worldpay and its affiliates to recoup some $5.4 million in security deposits allegedly held but not returned after their business partnership ended.
UPDATED May 29, 2020, 4:23 PM GMT | As courts across the region take measures to prevent the spread of the novel coronavirus, some are restricting access and altering their procedures. Here is a roundup of changes.
Anne Giviskos, head of risk and compliance at Euronext, talks to Law360 about the challenges of creating a companywide culture amid significant growth, the importance of keeping up with technology in the fight against market abuse and her department’s approach to regulatory change.
Martina Rejsjö and Jimmy Kvarnström talk to Law360 about Nasdaq’s big focus on innovation to better detect patterns in trading behavior, the skills required to work in a tech-driven environment and the issues that take up the bulk of their time on a daily basis.
As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.
From setting realistic recovery expectations to anticipating regulatory zeal to strategizing internal operations, attorneys at King & Spalding offer a road map for U.K. financial services stakeholders attempting to return to "normal" when the pandemic subsides.
Even by the usual standards of a "Dear CEO" letter, the Financial Conduct Authority's April 28 letter is strongly worded — signaling no tolerance for banks using their corporate clients' cash-flow problems as leverage to obtain roles on equity mandates they otherwise would not have obtained, says Claire Cross at Corker Binning.
With an eye on the impact of COVID-19 and the evolving threat of financial crime, Christa Band and Jane Larner at Linklaters provide an overview of the near-future challenges financial institutions should expect.
Covington attorneys Alex Leitch and Harry Denlegh-Maxwell provide a bird's-eye view of how U.K. businesses will navigate the legal and economic aftermath of the pandemic, including discussion of where litigation funding, class actions, insurance disputes and force majeure fit it.
Since the last financial crisis, borrowers and private equity sponsors have cut distressed investors out of most European leveraged loan deals, but the recent economic turmoil due to the pandemic could create opportunities for distressed investors to return to the market, say attorneys at Orrick.
While the COVID-19 outbreak is a real-time test of the U.K. justice system’s adaptability and innovation, it is also an opportunity to deliver alternative dispute resolution through virtual technology — and there are two ways in which this could be achieved, says Suzanne Rab at Serle Court.
The U.K. Court of Appeals' recent decision in Filatona Trading v. Navigator Equities — concluding that an unnamed party could seek enforcement of a contract — sheds light on undisclosed principals' rights and obligations, and the interaction between agency and contract law, says Jonathan Swil at Shearman & Sterling.
In AA v. Persons Unknown, the English High Court classified bitcoins as property that can be the subject of proprietary injunctions, indicating the slow but growing acceptance of virtual currencies within the U.K., say Steven De Lara and Colin Grech at Signature Litigation.
Though EU and U.K. data protection laws should not impede the fight against COVID-19, companies must continue to protect individuals' data, and the challenges of managing a remote workforce and the desire for information about the virus’s impact have significant implications for that responsibility, say attorneys at Debevoise.
The European Commission's call for EU member states to exercise vigilance in screening new foreign investments in health care confirms a shift away from historical free trade principles in response to the coronavirus pandemic, says Mathieu de Korvin at FTPA Avocats.
The U.K. government's plans to protect company directors from wrongful trading liability is a laudable attempt to mitigate COVID-19's harm to the economy, but they may create problems by keeping unviable businesses artificially afloat, says Howard Morris at MoFo.
Despite the significant disruption that COVID-19 is causing in the U.K., the Financial Conduct Authority and Prudential Regulation Authority still expect that financial services firms appropriately protect their increasingly vulnerable consumers, say Tracey Dovaston and Matt Getz at Boies Schiller.
Starting Monday, non-U.K. resident landlords are subject to broadly the same U.K. tax treatment as residents with respect to income derived from U.K. property, and landlords and lenders should be considering the impact on transaction cashflows and covenant compliance, say James Spencer and Sherry Scrivens at Alston & Bird.
The £20.47 million penalty that the Office of Financial Sanctions Implementation imposed on Standard Chartered Bank on Tuesday is unprecedented, and this case could represent the start of a new era of sanctions enforcement in the United Kingdom, say attorneys at Kirkland.