The English courts have reasserted their authority over international disputes implicating global banking giants over the past year with key rulings involving JPMorgan's duty to prevent fraud in Nigeria, the rights of Tesco shareholders using digital exchanges and the future of bitcoin as an asset. Here, Law360 looks back at the biggest decisions of 2019 in the U.K.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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."
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Antony Whitehouse, UK head of compliance at French bank Natixis, talks to Law360 about the changing role of compliance, the interplay between local regulatory expectations and a global business, plus some of the challenges that Brexit has thrown up for the compliance departments at European banks with operations in London.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.