Financial Services UK

  • September 18, 2019

    Credit Suisse Scrambles For RMBS Win After 2 Appeal Losses

    Credit Suisse presented a lean argument to a New York State appeals court on Wednesday after the court rejected its exit bid in two similar suits over crisis-era toxic residential mortgage-backed securities a day earlier.

  • September 18, 2019

    New Evidence Can't Save Bond Price-Fixing Suit, Banks Say

    The banks that were bounced from a bond price-fixing lawsuit this month said Tuesday that new evidence the investors gleaned from a settlement with Deutsche Bank does not save the investors' amended claims against them.

  • September 18, 2019

    'Political' Shutdown Not A Matter For Judges, UK Court Told

    Prime Minister Boris Johnson’s decision to suspend Parliament is a political issue that cannot be decided by the courts, a lawyer for Britain’s premier said Wednesday, telling the U.K. Supreme Court it would be “constitutionally inappropriate” to intervene.

  • September 18, 2019

    Ex-Finance Manager Forced To Refund £225K In Stolen Funds

    A former finance manager who was convicted of stealing over £441,000 ($550,000) from his former employer to live a “life that was way beyond his means” has been ordered to pay back £225,000, police said Wednesday.

  • September 18, 2019

    Lloyds Bank Seeks Court OK To Fix Costly Pension Plan Error

    Lloyds Bank PLC is seeking a quick win in London court on litigation it filed seeking permission to add a sentence to an employee pension plan agreement that it says was inadvertently left out and could ultimately cost the bank more than £25 million.

  • September 18, 2019

    Orrick Snags Capital Markets Pro From Cooley In London

    Law firm Orrick Herrington & Sutcliffe LLP has nabbed a private equity, banking and mergers expert from rival firm Cooley LLP in a bid to expand its corporate advice practice.

  • September 18, 2019

    EU Says No-Deal Brexit Risk 'Very Real' As Time Runs Out

    A U.K. departure from the European Union on Oct. 31 without a deal or transition period is now "very real" in the absence of any new British proposals that would get ratified in Parliament, the European Commission president warned Wednesday.

  • September 18, 2019

    Law Firm Says Leaks Didn't Lower £637M Watchstone Price

    Law firm Slater and Gordon slammed allegations it used a "secret back channel" to gain leverage over Watchstone Group PLC during negotiations to buy the insurance group's legal services subsidiary, telling a London judge that it was no secret the company had cash flow problems. 

  • September 18, 2019

    Metro Predicts Significant Expenses From Accounting Probe

    Metro Bank has said that it is bracing for “significant expenses” from an investigation by U.K. regulators into the conduct of the lender and its senior managers that led to a £900 million ($1.1 billion) accounting error in January, as the challenger bank struggles to rebuild its reputation.

  • September 18, 2019

    Watchdog Cleared Iffy £8.5M Payment, Barclays Says

    Barclays told a London court that U.K. law enforcers gave it permission to process a £8.5 million ($10.6 million) payment to a commodities wholesaler, pushing back on allegations it ignored red flags that the money was being misappropriated. 

  • September 17, 2019

    Wells Fargo Wins Early Exit From $163M CDO Fraud Suit

    A New York federal judge on Thursday granted a request by Wells Fargo Securities LLC for an early exit from a $163 million suit that accused the Wall Street titan of allowing a hedge fund to control collateralized debt obligations that the fund was simultaneously betting against.

  • September 17, 2019

    PE Firm Sues For $4M After Early Fla. Energy Deal Exit

    ACON Equity Management LLC told a London judge Tuesday that an investment vehicle it used to buy a Florida energy company cannot avoid paying it $4 million after the U.S. private equity firm sold its stake in the company.

  • September 17, 2019

    Flaws In 2007 UK Legal Reform Spark Call For More Changes

    Shortcomings stemming from the regulatory structure of legal services created 12 years ago in the United Kingdom, including confusion about who is regulated and an inconsistency between consumer expectations and the breadth of protection, should spur additional reforms, according to an interim report published Tuesday by University College London.

  • September 17, 2019

    Ashurst Nabs Freshfields Investigations Pro In London

    Ashurst LLP has gained a former Freshfields Bruckhaus Deringer LLP counsel who specializes in advising clients on various types of investigations and representing them in criminal and regulatory enforcement matters.

  • September 17, 2019

    EU Clears $21.5B Merger Of US Digital Payments Cos.

    The European Commission on Tuesday cleared a $21.5 billion merger between online U.S. payment providers Global Payments and Total System Services, saying the deal will not raise antitrust issues in the European market.

  • September 17, 2019

    Ex-Accountant Gets 30 Months For Defrauding Company

    A former London accountant who fraudulently transferred £144,500 ($180,300) worth of company funds to her personal bank account to fund holidays and Champagne lunches has been jailed for 30 months, police said Tuesday.

  • September 17, 2019

    PM Shut Down Parliament To ‘Silence’ MPs, UK Court Hears

    British Prime Minister Boris Johnson shut down Parliament as a “preemptive strike” intended to “silence” lawmakers trying to block his Brexit plans, a campaigner told the U.K. Supreme Court Tuesday at the start of one of the most important constitutional cases in the country’s history.

  • September 17, 2019

    Senior EU Banking Watchdog Criticized For Move To Lobbying

    One of Europe’s senior banking regulators has moved to lead a financial industry association, according to a Tuesday announcement, sparking criticism from public interest groups who have called for longer cooling-off periods to be implemented.

  • September 17, 2019

    PPI Accounts For Over Half Of 5 Major Banks' Conduct Costs

    Refunding customers for payment protection insurance cost U.K. banks more than half of the £79 million ($98 million) they have forked out for litigation costs since 2011, credit rating agency Moody’s said Tuesday.

  • September 17, 2019

    Sidley Austin Nabs Investment Fund Partner In London

    Global law firm Sidley Austin LLP has poached a private capital adviser from Campbell Lutyens to join its investment funds team as a partner in its London office.

  • September 17, 2019

    Swedbank Lets Watchdog Quiz Internal AML Probe Lawyer

    Swedbank said Tuesday it has agreed to waive attorney-client privilege to allow Swedish prosecutors to interview the outside counsel who investigated allegations of money laundering at the bank.

  • September 16, 2019

    Swiss Libor-Rigging Plaintiffs 'Do Not Exist,' Judge Finds

    Several big banks and brokerages escaped a rate-rigging suit Monday after a New York federal judge determined that the investment firm that sued them in 2015 had dissolved before it brought claims, invalidating the entire litigation.

  • September 16, 2019

    UK Supreme Court Showdown Goes Further Than Brexit

    Eleven of the most senior judges in Britain will be asked to decide Tuesday whether Prime Minister Boris Johnson’s decision to shut Parliament in the run-up to Brexit was lawful, in a case that goes to the heart of the country’s unwritten constitution.

  • September 16, 2019

    EU State Aid Case Targeting UK Tax Rule Faces More Appeals

    British American Tobacco and a Pearson unit have piled onto appeals of a European Union state aid decision finding that the U.K. gave some multinationals an advantage by exempting them from anti-tax avoidance rules.

  • September 16, 2019

    Facebook Exec Goes To Twitter To Defend Libra

    The co-creator of Facebook’s cryptocurrency project took to Twitter on Monday to hit back at claims by global regulators that Libra could threaten financial markets and the sovereignty of nations by undermining fiat currency.

Expert Analysis

  • How Hague Enforcement Initiative Compares To EU Regimes

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    The Hague Conference on Private International Law's latest convention on cross-border enforcement may create an international dispute resolution framework, and could provide the U.K. with useful alternatives to EU regimes in the event of a no-deal Brexit. However, it is not guaranteed to be a true game-changer, say Andrew Stafford and James Chapman-Booth of Kobre & Kim.

  • Series

    Why I Became A Lawyer: Expanding The Meaning Of Diversity

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    My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.

  • 2 Perspectives On Navigating The Litigation Funding Process

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    Paul Martenstyn of Vannin Capital and Daniel Spendlove of Signature Litigation share their top tips on how to get a case funded, drawing from their respective experience as a funder and a lawyer.

  • 'Warehousing' Structures May Violate EU Merger Regulations

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    The recent fine in the Canon/Toshiba case demonstrates the European Commission's narrow approach to "warehousing" structures and further blurs the line between how gun-jumping and legitimate preparation of mergers are interpreted in EU merger agreements, say Tobias Caspary and Penelope Hale of Fried Frank.

  • UK Unexplained Wealth Orders Are On The Rise

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    U.K. enforcement agencies are growing more comfortable in utilizing unexplained wealth orders and undertaking the complex investigations that follow, but the vast majority of international businesses and private clients in the U.K. with wealth situated overseas should not fear that UWOs will be used against them, says Zoya Burbeza of Zaiwalla & Co.

  • When Shareholders Can Bring Direct Claims In Cayman Court

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    Two recent Cayman court decisions highlight the limited situations in which a shareholder may bring a direct claim against a director or a third party and the importance of ensuring that claims are commenced by the proper plaintiff, say attorneys at Appleby Global.

  • Lessons From The Global Forestry Investments Scheme

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    The Global Forestry Investments case's progression, from the Insolvency Service's involvement to recent charges by the Serious Fraud Office, indicates that those responsible for serious financial losses may face criminal prosecutions in addition to regulatory penalties, says Maria Theodoulou of Stokoe Partnership Solicitors.

  • Assessing Risk For AI Trained By Tainted Data In The EU

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    In Europe, evaluating the risk of launching an artificial intelligence system trained by tainted data can be challenging, but identifying the relevant rights, possible sanctions and whether the issue is ongoing can put lawyers well on their way to understanding the risk profile, say Toby Bond and Nick Aries of Bird & Bird.

  • Helpful Insights On Arbitration Jurisdiction From UK Court

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    The U.K. Commercial Court's recent decision on arbitration jurisdiction in Minister of Finance v. International Petroleum Investment makes clear that the court will not unnecessarily interfere with arbitration proceedings, but it will be ready to intervene where appropriate, say Ioannis Alexopoulos and Nikoletta Beneki of Signature Litigation.

  • Pros And Cons Of UK Deferred Prosecution Agreements

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    Since deferred prosecution agreements were introduced in 2014, the Serious Fraud Office has initiated five DPAs that have received formal declarations from the court. Opinions are divided as to whether these agreements improve long-term compliance or allow corporates to pay their way out of prosecution, says Perveen Hill of BDB Pitmans.

  • Perspectives

    2nd Circ.'s Approach To Bail Is Backward

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    The Second Circuit's decision in United States v. Boustani correctly identifies the dangers of a "two-tiered" bail system, but the proper solution is to make bail more accessible to everyone, not to fewer people, says Alexander Klein of Barket Epstein.

  • 3 Steps To Calculating Damages For Unnecessary Injunctions

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    A recent Cayman Islands case, Ennismore v. Fenris, sheds light on the process for assessing how much plaintiffs should pay to defendants if they called for a pretrial injunction that the court later finds should not have been granted, say Nicola Roberts and Laura de Heer of Harney Westwood.

  • How New EU Cyber Sanctions Compare To US Policy

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    The Council of the European Union recently adopted new cybersecurity legislation that imposes sanctions on people and entities responsible for cyberattacks rather than on states. Attorneys with Crowell & Moring discuss the scope of the new EU sanctions regime, how it is similar to U.S. cyber sanction policy, and its potential impact.

  • UK Financial Orgs Could Face Cyber Enforcement On 2 Fronts

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    A recent uptick in cyberincident reports in the U.K., combined with the Information Commissioner's Office and Financial Conduct Authority's joint approach to General Data Protection Regulation enforcement, suggests that U.K. financial services firms could be at high risk for simultaneous enforcement actions from the two regulators, say Rob Dedman and Kim Roberts of King & Spalding.

  • VAT Questions For UK Firms' Disbursement Processes

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    Two recent U.K. decisions indicate that disbursements in the legal sector are treated inconsistently and often inaccurately for value-added taxes purposes. At the very least, law firms should not simply accept their current disbursement processes as correct, say Keri Pay and Robert Marchant of Crowe UK.