Financial Services UK

  • May 29, 2020

    Investors' Forex-Rigging Claims Against Banks Narrowed

    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.

  • May 29, 2020

    EasyJet Hit With £18B Class Action Testing Value Of Privacy

    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.  

  • May 29, 2020

    PE Firm Asks For Barclays' Legal Docs Ahead Of Fraud Trial

    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.

  • May 29, 2020

    Self-Proclaimed Bitcoin Creator Can't Sue Over Libel In UK

    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.

  • May 29, 2020

    UK Litigation Roundup: Here's What You Missed In London

    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.

  • May 29, 2020

    UK Banks Grant Breaks On 1.5M Credit Card, Loan Payments

    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.

  • May 29, 2020

    Global Securities Body Eyes New Outsourcing Standards

    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.

  • May 29, 2020

    Danish Prosecutors Drop Probe Into EY's Danske Audits

    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.

  • May 29, 2020

    Former Lehman Bros Administrators Cleared of Liability

    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.

  • May 29, 2020

    Jersey's Baker & Partners Adds Fraud Expert To London Team

    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.

  • May 29, 2020

    Fraudsters Exploiting COVID-19 Cheat Britons Out Of £4.6M

    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.

  • May 28, 2020

    Morgan Lewis Nabs Investment Fund Team From MoFo

    Morgan Lewis & Bockius LLP has added a four-person team of attorneys from Morrison & Foerster LLP to its investment funds practice in London.

  • May 28, 2020

    Venezuelan Prez Question Made Priority In $1B Gold Dispute

    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.

  • May 28, 2020

    Serco Shareholders Defend Ownership Rights In Fraud Suit

    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.

  • May 28, 2020

    NatWest Accused Of Falling Short In $5M Push Payment Fraud

    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.

  • May 28, 2020

    Signature Snags Litigation Partner From Freshfields

    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.

  • May 28, 2020

    ECJ Told It Can't Hear Damages Suit On Cyprus Bank Crisis

    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.

  • May 28, 2020

    Sanctions Suits Against EU Should Be Fair Game For ECJ

    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.

  • May 28, 2020

    RBS To Refund £2.2M For Overdraft Charge Failures

    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.

  • May 28, 2020

    Major Asset Managers Call For Climate Impact Framework

    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.

  • May 27, 2020

    Sports Direct Can't Get Quick Probe Of Debenhams Sale

    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."

  • May 27, 2020

    Greensill Drops Reuters Libel Case After Early Ruling

    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.

  • May 27, 2020

    UK COVID-19 Lending Programs Ripe For Abuse

    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.

  • May 27, 2020

    FCA Warns Pandemic Could Increase Market Abuse Risks

    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.

  • May 27, 2020

    Merchants Sue Worldpay To Recoup $5M In Security Deposits

    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.

Expert Analysis

  • UK Lawyers Can Adapt Due Diligence To Screen New Clients

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    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.

  • A Post-COVID-19 Road Map For UK Financial Services

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    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.

  • FCA Has Strong-Arm Lending Tactics Under The Microscope

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    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.

  • A Look Forward To UK Banking Litigation In The 2020s

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    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.

  • A UK Business View Of COVID-19's Economic Fallout

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    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.

  • Potential Silver Linings In European Leveraged Loan Defaults

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    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.

  • Time For Presumptive Virtual Mediation In The UK

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    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.

  • UK Decision Highlights Contract Enforceability Considerations

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    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.

  • UK 'Property' Classification Boosts Confidence In Bitcoin

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    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.

  • 3 EU And UK Data Protection Tips During COVID-19

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    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.

  • COVID-19 Is Prompting EU To Protect Strategic Health Assets

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    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.

  • Opinion

    UK Rescue Procedure For Corporate Directors Is No Panacea

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    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.

  • COVID-19 Unlikely To Excuse UK Financial Reg Violations

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    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.

  • Leveling Tax Playing Field For Non-UK Resident Landlords

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    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.

  • Latest UK Sanctions Breach Fine May Signal New Era

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    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.

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