The British government's plan to give some of the country's biggest banks a prominent role in its latest strategy to stamp out economic crime has raised questions of a potential conflict of interest.
A Ukrainian bank said Monday that an appellate court would undermine EU law if it blocked the lender’s $1.9 billion suit against two of its former owners from proceeding in London alongside “closely connected” claims of fraud against three English companies.
Europe’s markets regulator said Monday that national watchdogs are not properly measuring the risks to clearinghouses that come from them holding collateral, as it urged the bloc’s supervisors to evaluate the liquidity of financial instruments passing through CCPs.
European Union legislation governing payment providers is headed to the bloc's highest court after an Austrian bank asked for an explanation of how the rules apply to its contracts with retail customers.
Troubled lender Metro Bank confirmed on Monday it is in talks to sell off a loan portfolio as it seeks to improve its financial position after revealing a £900 million ($1.2 billion) accounting blunder.
A former Credit Suisse managing director on Friday admitted to his role in a bribery and investor fraud scheme involving $2 billion in loans to state-backed companies in Mozambique, telling a New York federal judge he conspired to defraud those who invested in the debt.
Covington & Burling LLP snagged a lobbying firm's formal general counsel, Weil Gotshal & Manges LLP added to its London office and Eversheds Sutherland is building out its banking team after a record year — this is Law360's latest roundup of personnel moves in the banking arena.
A group of 14 insurers lost a bid Friday to force ABN Amro Bank to hand over internal communications over its negotiation of a marine cargo policy at the heart of a High Court lawsuit, after a judge said the request amounted to a "fishing expedition."
A trial over a private equity firm’s claim that Barclays Bank PLC defrauded it at the height of the financial crisis has been postponed until June to ensure enough time for the parties to weigh the outcome of parallel criminal proceedings, a judge ruled Friday.
London’s transit network has inked a settlement with Visa Inc. to end a lawsuit accusing the credit card giant of violating competition rules over its old interchange fees.
A London judge Friday ordered an Ernst & Young unit to search for additional documents in a whistleblower suit accusing EY of suppressing incriminating audit findings for a Dubai gold company, after learning some materials had been destroyed.
Sovereign wealth funds rival their private-sector counterparts in market share and are helping fuel the development of emerging industries, but their varied approach means attorneys who advise them must prepare to navigate uncharted waters.
The government announced Friday it is launching a review of the way it supervises financial services in Britain as the country prepares to leave the European Union and its regulatory framework.
The last week has seen the owner of a Manchester skyscraper that needed repair sue several underwriters at Lloyd's, a prominent cryptocurrency trader drag a U.K. digital currency exchange into court and an executive for Honeywell sue HSBC Bank PLC. Here, Law360 looks at those and other new claims in the U.K.
Europe’s securities regulator set out guidelines on Friday aimed at ensuring that managers across the European Union are consistently testing whether their money market funds are sufficiently resilient and reporting key information to national supervisors.
Nordea Bank Abp must address weaknesses in its policies, processes and data systems, Europe’s banking watchdog has said, as it takes over regulation of the Nordic lender from the Swedish Financial Authority.
Credit Suisse AG lost its attempt on Friday to claw back £239 million ($300 million) it paid on bankers' bonuses in the wake of the financial crisis after a London court ruled that Britain levied the tax fairly.
London-based legal mammoth Linklaters LLP has hired a noted blockchain lawyer to lead its financial technology work in the United States, the firm announced Thursday on the heels of heated U.S. congressional hearings on Facebook Inc.'s potential foray into cryptocurrency.
National regulatory authorities in the European Union are employing inconsistent frameworks with respect to the authorization and monitoring of financial technology companies, and more in-depth study is needed to determine an appropriate course of action, Europe's banking watchdog said Thursday.
An Ernst & Young unit opposed as unnecessary Thursday a disclosure request from a whistleblower at its Middle East outpost who accuses E&Y entities of suppressing audit findings indicating that a Dubai company laundered money and bought gold from conflict zones.
Greek lender Piraeus Bank scored a victory Thursday in its pursuit of two shipping companies and their owner over $86 million when a London court validated its efforts to sue the defendants, who have refused to respond to the proceedings.
The founder of a network services provider and other shareholders won £6.5 million ($8.11 million) from the company's former managers after a judge ruled Thursday that the founder was duped into selling a majority stake during a management buyout for less than the company was worth.
The number of companies fined for violating pensions laws have grown significantly over the last 12 months, the Pensions Regulator reported Thursday, amid growing scrutiny over how employees' retirement packages are managed.
The European Commission has approved U.S. asset manager Apollo Management LP’s acquisition of a Dutch insurer after concluding that the transaction would raise no competition concerns in Europe.
Danske Bank said Thursday that its net profit for the first half of 2019 has fallen 24% against the same period a year ago, pinning the blame partly on compliance costs connected to a money-laundering probe and allegations that it overcharged customers.
British investigators have secured their first unexplained wealth order linked to an individual with suspected connections to organized crime in an investigation into a £10 million ($12.5 million) property empire, the National Crime Agency said Thursday.
Even though the Financial Conduct Authority only used its partial settlement process for the third time in April, attorneys say the system is proving to be a success for individuals and companies facing disciplinary action from the watchdog.
Big banks can take some solace in the results of the European Commission's long-awaited report on the bloc's $800 billion syndicated loan market that found little reason to suspect misconduct. But the findings do underscore the need for vigilant antitrust compliance as lenders coordinate to fund major projects.
Two of Britain's most long-awaited financial services cases are set to go to trial in January, giving court watchers plenty to look forward to in 2019 — from complex fraud suits to a showdown over insurance in the Deepwater Horizon Disaster. Here Law360 looks at the key cases coming in the year ahead.
In response to concerns about an excess of suspicious activity reports, the U.K. Law Commission recently published a report recommending improvements to the U.K.'s anti-money laundering regime. The proposed reform is welcome, but may have missed an opportunity to advocate for some additional changes, says Jonah Anderson of White & Case.
The U.K. government's review of its company and persons of significant control registers, which have struggled with information reliability issues, will provide a useful yardstick on the progress of fighting money laundering and other nefarious activities, say Ian Hargreaves and Deirdre Lyons Le Croy of Covington.
While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.
Natasha Harrison of Boies Schiller discusses how key areas of cross-border commercial litigation will be affected when the U.K. withdraws from the EU, depending on how — if at all — Brexit happens.
The U.K. Jurisdiction Taskforce's recent public consultation seemingly attempts to reassure fintech stakeholders that English law is amenable to the development of cryptoassets and smart contracts, in contrast with other jurisdictions that have sought to legislate the space without first fully understanding it, say Guy Robson and Elliott Fellowes of Signature Litigation.
As an emerging force in the energy industry, sub-Saharan Africa offers attractive investment opportunities but also presents elevated risk profiles for inbound foreign direct investments. International arbitration clauses, which African governments are gradually embracing, will boost investors' confidence, says Leigh Crestohl of Zaiwalla & Co.
As the problem of modern slavery persists, U.K. companies must take a broad approach when rooting out slave labor in their supply chains, and should not ignore the risk posed by suppliers within the U.K., says Maria Theodoulou of Stokoe.
While the General Data Protection Regulation would seem to create a fertile area for group litigation, U.K. data breaches have not resulted in much litigation so far, say Oran Gelb and Sarah McAtominey of Bryan Cave.
The U.S. Securities and Exchange Commission's recently released “Framework for ‘Investment Contract’ Analysis of Digital Assets” centers around the traditional Howey test, signaling that the SEC will continue to treat cryptocurrencies as securities. A new approach that recognizes the unique economic nature of crypto assets is needed, says Boris Richard of FTI Consulting.
The planned European Public Prosecutor's Office faces structural and jurisdictional issues that may complicate EU investigations and prosecutions, including those in the U.K., say Peter Binning and Alex Cummins of Corker Binning.
Interbank offered rates for financial products are set to be replaced soon with market-based rates. But any new benchmarks will undoubtedly be more volatile, and the sheer size of the existing asset pool they will be tied to ensures that the impact of the shift will be large, says Timothy McKenna of NERA Economic Consulting.
While discussion of the Danske Bank scandal has focused on what went wrong and who was to blame, it is the financial regulators' failures that must be corrected in order to prevent such a massive money laundering scandal from happening again, says Neil Williams of Rahman Ravelli.
While the Crime Overseas Production Orders Act appears to significantly extend U.K. enforcement authorities' data-collection powers, overseas production orders are unlikely to be granted until a cooperation agreement is achieved with the U.S., say Peter Burrell and Francesca Sherwood of Willkie.
Norwich Pharmacal orders, which can require third parties to reveal vital information despite duties of confidentiality, have proven to be a versatile remedy in a wide range of cases over the decades. Today, they remain relevant because websites provide platforms for anonymous wrongdoing, says Simon Bushell of Signature Litigation.
The significant adjustments that market participants need to make when Libor is phased out will be undertaken while replacement rates and fallback provisions remain unresolved. Now is the time to take stock of your company’s exposures and map a path forward, say Gregory Harrington and Arturo Caraballo at Arnold & Porter.