Some of the largest banks in Britain have curbed bonuses amid concerns about public perception during the pandemic, leaving employees who take home a chunk of their annual salary once a year facing an uphill fight for their pay, attorneys say.
Almost all European Union payments services companies now comply with new standards for authenticating their customers' details, but some are still lagging behind with implementation, the banking regulator said on Friday.
The past week in London has seen Ukraine's bank deposit protection scheme sue a bank in Liechtenstein, streaming platform Twitch take aim at a viewing bot, and law firm Kennedys files for an injunction against Hiscox.
French reinsurers Scor SE and Covea Group have reached a settlement ending their bitter three-year legal battle after a planned €8.2 billion ($9.9 billion) takeover soured, announcing their intention to resume "peaceful relations" as Covea sheds shares in its rival.
The boss of a payroll services company has been banned from acting as a director for 11 years after he failed to account for £37 million ($52 million) of expenses paid by his business, a government agency has said.
A former banker suing Credit Suisse for £60.3 million ($85.2 million) for failing to protect him when he was convicted in Romania while working on the privatization of state assets was an expert on the country's political and economic climate, the lender's lawyer said at a trial on Friday.
Britain's financial lifeboat fund has said it paid out just under £3.75 million ($5.3 million) in compensation to 88 customers who lost out when embattled wealth manager Greyfriars went bust, with most of the payments covering bad pensions transfer advice.
A Bank of England committee has warned investment banks against competing to win business by relaxing rules on the type of collateral they take from clients, after prime brokers lost billions in credit extended to Archegos Capital Management when it collapsed.
The Bank of England announced on Friday the launch of a new innovation research hub for regulatory technology in London to help keep central banks up to speed with advances in financial technology in the marketplace.
UniCredit Bank AG will not have to turn over documents in connection with the lender's $26.3 million lawsuit against the owner of a cargo tanker after a shipment of oil disappeared at a port, a London court ruled on Friday.
A New York state judge on Thursday set an October bench trial date for a lawsuit by Lehman Brothers' bankrupt European unit that accuses an Assured Guaranty Ltd. affiliate of failing to make good on hundreds of millions of dollars worth of credit default swap trades after the 2008 financial crisis.
The U.K.'s independent Law Commission on Thursday called for input from the business and legal communities on how to upgrade laws for more effective prosecution of corporations, their senior management and directors for criminal offenses.
Europe's highest court ruled on Thursday that consumers seeking to strike out unfair loan agreements cannot be blocked by statutes of limitations under the bloc's consumer protection rules.
A London judge refused Thursday to dismiss a lawsuit brought by a private equity firm seeking to track down $9.25 million lost through an alleged cryptocurrency scam, finding that the complex dispute needs to go to trial.
The government's plan to tackle pension scams by allowing trustees to block suspicious transfers of funds could create administrative delays and inconsistency in how the rules are applied, industry experts warned Thursday.
Global financial regulators proposed tougher capital requirements on Thursday for banks holding Bitcoin and other cryptocurrencies, as authorities seek to manage threats to the financial system caused by the rapid growth of digital assets.
A London judge has cleared a Ukrainian energy company to restructure $2.16 billion in debt after rejecting Gazprombank's objections that the deal, which would see the bank's $23 million loan deferred, was fundamentally unfair to the banking giant.
A brokerage has argued that it does not owe OBEX Securities £1.7 million ($2.4 million) in introduction fees because the U.S. investment firm failed to act in good faith by refusing to renegotiate the fees down in line with what a client was paying.
The European Commission announced Wednesday that five countries in the European Union need to change their tax rules, in areas including corporate tax, value-added tax and vehicle taxation, to bring them in line with EU norms.
Just over half of pension trustees currently carry out an annual review of their work, an insurance broker has found, as it warned that the industry has a long way to go to meet new governance requirements that the sector's watchdog is considering.
A judge has ordered Denmark's tax authority to pay £46.4 million ($65.8 million) in legal costs racked up by the defendants in the country's failed attempt to recover the proceeds of an alleged £1.5 billion fraud through England's High Court.
The Treasury department said on Wednesday that it is setting up an expert advisory group to help the government crack down on finance firms that exaggerate the green credentials of their products and services.
The country's largest pension master trusts have seen investments improve in the last year, despite market shocks from the COVID-19 pandemic, according to retirement consultancy Hymans Robertson.
A property developer has been banned from acting as a director in the U.K. for 14 years after his company took £13 million ($18.4 million) of investors' money to operate a Ponzi scheme, a government agency has said.
A legal adviser for the Netherlands' highest court has recommended overturning a decision enforcing a half-billion-dollar arbitral award against Kazakhstan that was issued to a pair of Moldovan energy investors, saying the case was filed with the wrong court.
A London appeals court on Tuesday revived EMFC Loan Syndications LLP's efforts to recoup fees for the work it carried out to arrange a $57 million loan facility for a luxury property developer, sending the dispute back for another trial.
More corporate clients than ever have pursued third-party litigation funding in England this year, as the COVID-19 pandemic has forced businesses to think more conservatively and try to prioritize the cash on their balance sheets.
The recent decision in the Financial Conduct Authority's business interruption insurance case was a big deal for policyholders forced to shut because of COVID-19, but it also marked the first test of the Financial List's most unusual features five years since its launch.
Australia's recent decision to introduce a licensing regime for its litigation funders has stirred up attention across the industry, but experts say it appears unlikely that the U.K. will move beyond its current combination of light-touch regulation and court oversight.
New U.K. money laundering legislation will likely benefit electronic money and payment institutions, but an increase in state forfeiture powers and a lingering possibility of a broad failure-to-prevent offense leave the fintech industry's regulatory future uncertain, say Andrew Herd and Helena Spector at Red Lion Chambers.
An advocate general's recent opinion in Bank Melli Iran v. Telekom Deutschland, a European Union sanctions blocking case, highlights serious new international regulatory compliance risks but also presents helpful guidance for navigating conflicting EU and U.S. rules, say Thomas Grant at Cambridge University and Scott Kieff at George Washington University.
The U.K.'s draft Online Safety Bill seeks to regulate a broad swath of online content and internet services but faces a number of potential implementation challenges, including balancing digital safety with freedom of expression and administering regulatory goals with frequently opposing objectives, say Ben Packer and Jemma Purslow at Linklaters.
Libor's impending demise and replacement by near risk-free reference rates throw up a set of unique challenges for Islamic financial transactions, which necessitate compliance with both Sharia pricing requirements and regulations of the relevant jurisdiction, say attorneys at King & Spalding.
The recent collapse of the U.K. Serious Fraud Office's case against two former Serco Geografix Ltd. directors underscores the SFO's continued challenges in turning lucrative deferred prosecution agreements into the guilty verdicts it seeks, raising concerns about the agency's success rates, say Richard Sallybanks and Alex Swan at BCL Solicitors.
The U.K. Court of Appeal's recent decision in Adams v. Options UK, and upcoming hearing in Financial Conduct Authority v. Avacade, highlight important precautions self-invested personal pension operators should take when dealing with unauthorized third parties, says Paul Ashcroft at Wedlake Bell.
The COVID-19 pandemic has provided many new opportunities for fraudsters to exploit resulting assistance measures or changes in victims' behavior, and the U.K. government's efforts to combat fraud and recover public funds may be insufficient, say Cameron Brown at Red Lion Chambers and Kabir Sondhi at 9 Bedford Row.
The U.K. Financial Conduct Authority’s recent criminal proceedings against NatWest over Money Laundering Regulation compliance failures show how the regulator may be positioning itself to take on a more active role as a prosecutor, says Jemma Sherwood-Roberts at Constantine Law.
Amid the economic turmoil of COVID-19, a proactive approach to asset disclosure should be central to a strong strategy for enforcing judgments, enabling civil fraud claimants to identify and freeze all manner of assets while applying pressure and gaining information, say Kate Gee and Olivier Swain at Signature Litigation.
The U.K. Financial Conduct Authority's recent fine against Sapien Capital for money laundering failures related to the cum-ex trading scandal never actually touched upon the practice's legality, foreshadowing a roundabout strategy regulators outside the affected countries may employ to hold those responsible to account, says Syed Rahman at Rahman Ravelli.
If recent talks for the U.S. to rejoin the Iran nuclear deal pan out, financial activity between formerly sanctioned entities and European counterparties will likely increase, and demand for certain types of legal work may shift, say Kartik Mittal and Stephanie Limaco at Zaiwalla.
Although the U.K. Office of Financial Sanctions Implementation’s recently released guidance seems like a simple policy update, it demonstrates a desire to maximize the reach of its enforcement powers and the intention to take a harder approach going forward, says Syed Rahman at Rahman Ravelli.
In PJSC National Bank Trust v. Mints, the U.K. High Court imposed costs on the prevailing party for failure to notify the court of related proceedings, demonstrating an approach that judges may use to mitigate the risk of discordant outcomes in multijurisdictional litigation, say Thomas Grant at Cambridge University and Scott Kieff at George Washington Law School.
Bribery Act-related deferred prosecution agreements lack sufficient defense analysis, are heard too quickly and may contain defective indictments among other signs that point to insufficient judicial scrutiny of the agreements, says David Corker at Corker Binning.
UK litigators should note several best practices for adapting to the hurdles, and capitalizing on the benefits, of virtual trials, and expect the new hearing format to persist beyond the end of the pandemic, say Christopher Boyne and Emma Laurie-Rhodes at Debevoise.