Banks and their lawyers are bracing for a wave of prosecutions, penalties and lawsuits as investigations into a controversial dividend trading strategy known as cum-ex gather pace across Europe— and could soon spill over into regulatory enforcement in the U.K.
JPMorgan Chase & Co. in a letter Friday pointed to two recent decisions in New York federal court and the Third Circuit that it says support the rejection of a class certification bid in an antitrust suit over interest rate swaps trading.
Mark Dawkins, head of London disputes at Akin Gump, talks to Law360 about some of the pandemic-inspired technological jumps that could be here to stay, what it was like joining a burgeoning team and what has kept him interested in litigation work.
A former UBS AG employee convicted of insider dealing must pay approximately £34,000 ($44,000) under a confiscation order issued Friday or face more time in prison, Britain's Financial Conduct Authority said.
Insurance and technology provider Watchstone Group PLC sued PwC for £63 million ($82 million) in damages after the accounting giant allegedly set up a secret "back channel" to leak information to law firm Slater and Gordon during negotiations for their ill-fated deal.
The director of a Maltese financial company has argued that it already paid a €10 million ($11.7 million) settlement in cash and bonds to Net Insurance SpA, after the Italian insurer brought a €2 million suit accusing the company of failing to meet the terms of the deal.
A judge ruled on Friday that a Russian financier's creditor could have more time to file evidence in its fight against a $50 million lawsuit over an unpaid loan, saying its decision to fund the litigation outweighed months of "disengagement" with the case.
The past week in London has seen a U.K. insurance technology company take aim at PwC after an acquisition went south, a major cruise line sue to curb travelers' insurance claims, and the U.K.'s criminal investigator file for civil recovery from a real estate company. Here, Law360 looks at those and other new claims in the U.K.
Lloyd's of London has urged businesses to be innovative in the face of a "new risk landscape" triggered by COVID-19, in which companies are faced with potential problems that could damage their reputation or put important information at risk of being compromised.
Global banking regulators are proposing an update to principles drafted in 2003 to ensure that lenders have the tools and staff they need to remain resilient and withstand disruption to the market during the COVID-19 pandemic.
Britain's intelligence agency has published instructions setting out how businesses should use insurance brokers and products to protect them from the growing threat of virtual crime.
A London judge has ordered the Financial Conduct Authority to pay a mortgage broker's legal costs over its "unreasonable" decision to pull the business' trading permissions for not having insurance amid a broad mortgage fraud probe.
Credit Suisse argued that the Libyan Investment Authority shouldn't be allowed to sue it over alleged bribes to a businessman with ties to former Libyan dictator Moammar Gadhafi's regime because the claims have already been resolved in lawsuits against other financial giants.
Europe's insurers have called on lawmakers to relax the bloc's capital rules in order to free them up to invest money into long-term products under the European Union's ambitious capital markets union.
A judge refused on Thursday to release £12.7 million ($16.7 million) in assets held by the court to a hedge fund founder accused of masterminding a $2 billion tax fraud against Denmark, saying the Dubai-based businessman needed only a slice of the money to pay his legal fees.
Britain's crime-fighting agency said Thursday it is pushing to have two men charged over alleged fraud during the sale of a Northern Irish property loan book by Ireland's "bad bank" to U.S. companies, after a probe into the 2014 transaction.
A Russian financier's company urged a London court on Thursday to revive its fight against a $50 million lawsuit brought by a Luxembourg-based asset manager over an unpaid loan, saying its creditors have paid for its defense.
Britain's financial institutions hold adequate amounts of capital and should be able to continue to lend money to consumers during the COVID-19 pandemic, the Bank of England said Thursday, as the crisis continues to disrupt the economy.
Quinn Emanuel Urquhart & Sullivan LLP said Thursday it has snagged a commercial litigation expert from Fried Frank as a partner in its London office.
The Financial Conduct Authority urged lenders on Thursday to assess whether their customers need to take out additional loans, after raising concerns that vulnerable consumers are repeatedly taking on high-cost credit.
A New York federal judge on Tuesday doubled down on his decision to keep two Australian banks as defendants in a proposed class action alleging manipulation of Australia's benchmark interest rate, refusing to dismiss them alongside seven other banks.
British antitrust regulators blocked the merger of financial tech platforms FNZ and GBST on Wednesday after finding it puts a squeeze on competition, but said the deal could get clearance if part of GBST is sold off.
Criminal networks that generate millions from match-fixing are channeling dirty money through banks and other payment systems, according to a Europol study published Wednesday.
The Financial Conduct Authority on Wednesday said it would hike the levy it charges to financial companies to fund debt advice by £14.2 million ($18.5 million) over the next year in response to demand for services during the coronavirus pandemic.
A judge said on Wednesday that institutional investors suing some of the world's largest banks for allegedly conspiring to manipulate the foreign exchange market could reformulate their accusations after the lenders were ordered to disclose new evidence overseas.
European fund managers called on policymakers Wednesday to grant them a longer reprieve from rules that will force them to duplicate information they provide to investors, after EU authorities failed to make progress on changes to the unpopular disclosure documents.
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.
UPDATED July 27, 2020, 11:32 AM 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.
The U.K. Court of Appeal's recent decision in Lamesa Investments v. Cynergy Bank considered whether U.S. secondary sanctions were a mandatory provision of law under a standard agreement clause and is a valuable reminder of the importance of bespoke drafting of sanctions-related contractual clauses, say Jason Hungerford and Paul Whitfield-Jones at Mayer Brown.
Investors' recent lawsuit against HSBC over film-related tax avoidance schemes spotlights the difficult balancing act of crafting practical tax relief legislation while safeguarding against abuse, says Andrew Parkes at Andersen Tax.
Any legally represented defendant prosecuted by the Serious Fraud Office or the Crown Prosecution Service's Specialist Fraud Division should have the right to demand a judicial method of determining their guilt or innocence — and COVID-19 could be a catalyst for necessary change, says David Corker at Corker Binning.
While the U.K. Supreme Court decision last month in the MasterCard and Visa multilateral interchange fees cases rectifies a number of inconsistent decisions in the litigation saga, the court's findings on the "pass-on defense" in competition damages claims are of wider application, says Kim Dietzel at Herbert Smith.
As the judiciary braces for widespread pandemic-driven contractual disputes, courts in England and Wales are showing enthusiastic support for mediation, both when determining the implications of a party's refusal to mediate and when assessing whether normal restrictions on the use of mediation-derived information apply, says Leah Alpren-Waterman at Watson Farley.
As indicated by the U.K.'s recent application to join the Lugano Convention, this is an "oven-ready" option for the U.K. for governing questions of jurisdiction and the enforcement of judgments with European Union countries after Brexit — but not without important differences from the current regime, say attorneys at Latham.
The Financial Conduct Authority's £37.8 million ($47.85 million) fine of Commerzbank London last month for alleged failures in anti-money laundering controls provides useful risk-management reminders for financial institutions operating in the U.K., say attorneys at Crowell & Moring.
The Serious Fraud Office's decision to end its investigation into De La Rue relatively quickly marks its latest failure to bring charges or secure a conviction, raising questions about the agency's capacity and willingness to hold large corporations accountable, says Neil Williams at Rahman Ravelli.
Although value-added tax cuts may seem attractive for governments looking to stimulate economies in the wake of the pandemic, their implementation costs and inefficiencies can cause significant trouble for businesses, says Richard Asquith of Avalara.
The recent ruling by the English Commercial Court in National Bank of Kazakhstan v. BNY Mellon is a reminder of the potential difficulties that agency relationships — or the possibility of them — can create for contractual enforcement and interpretation, even years after a contract is signed, says Jonathan Swil at Shearman & Sterling.
While the U.K. Bribery Act has been positive overall, regulators should seek urgent reform to better enable the investigation and prosecution of companies and individuals for economic crimes, especially in cases directly harming people and the environment, says Chris Phillips at Alvarez & Marsal.
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.