Something's rotten in the state of Denmark's tax collection, and authorities blame a London banker turned Dubai-based hedge fund manager. But in an exclusive with Law360, the accused trader says he merely exploited a perfectly legal loophole in the tax system.
An investor has let a New York federal court know he plans to appeal to the Second Circuit an August ruling that squashed his suit against numerous major banks for allegedly plotting to fix interbank exchange rates, including one tied to the Japanese yen.
An Illinois federal judge has narrowed the government's case against two former Merrill Lynch traders accused of deceptive trading in the precious metals futures market, throwing out the criminal spoofing charge facing one of the traders after ruling it can't be prosecuted as a scheme.
European Union leaders urged the U.K. on Monday to set up a means for conducting customs and value-added-tax checks at Britain's border with Ireland before Jan. 1 if talks fail to produce a post-Brexit free trade deal.
Croatia has been hit with an investment treaty claim by a Hungarian bank that alleges it is owed some $35 million after the country forced the conversion of loans issued in Swiss francs to euros, the bank said on Monday.
An Italian pension fund and a Luxembourg investment fund have agreed that an employee of the London unit of Commerzbank wasn't liable for their losses in connection with €30 million ($35.4 million) in investment notes, resolving part of the litigation.
ATM operator Euronet agreed Monday to push back a London trial on its antitrust claims seeking hundreds of millions of dollars from Visa and Mastercard over their fee policies to 2023, after a judge said the initial timetable was too tight.
Counsel for a Greek lender told a London judge at trial on Monday that the owners of a wrecked oil tanker owe millions in unpaid loans after the lender tried to recover as much as it can from the vessel's insurers.
European insurers urged the European Commission on Monday to revise regulations governing long-term investment funds to make it easier for institutional investors and insurers to make contributions.
A London-based investment consultancy has said that a dispute brought by its Italian client over the loss of €40 million ($47 million) in badly performing investments during the coronavirus pandemic should be decided in an English court.
The U.K.'s retirement savings regulator should ensure that it doesn't impose "too stringent" rules on market consolidation or else risk penalizing savers, a pensions consultancy warned Monday.
British financial adviser BLMS Capital has hit Kopter Group with a $2.4 million lawsuit, claiming the Swiss helicopter manufacturer reneged on a deal to pay a fee for capital-raising work that led to the young company being acquired for $185 million.
European trade repositories will be able to apply to the finance watchdog to continue operating in the U.K. immediately after the Brexit transition ends on Dec. 31, the government has said.
Marcus Pleyer, the new president of the Financial Action Task Force, talks to Law360 about his priorities, including the risks posed by crypto-assets and the role of artificial intelligence in enforcement.
The soaring cost of insurance for professional advisers poses an "existential threat" to the industry, a trade body warned on Monday, as it revealed that costs have soared by 100% in the last five years for a quarter of companies.
Guarantor loans lender Amigo Holdings said on Monday that it will have to get permission from the Financial Conduct Authority before paying out dividends and bonuses, as it continues to struggle with a backlog of complaints and regulatory investigation.
Most companies are cutting down their executive pension contributions under mounting pressure from shareholders, who believe managers should not take home extra cash amid the financial turmoil brought on by the COVID-19 crisis, the Investment Association has said.
More than a year after a new rule began requiring U.K. lawyers to publish common pricing information online, fewer consumers think hiring an attorney is out of their price range, new research shows.
The U.K. doesn't plan to name companies that received funds for COVID-19 relief, a British government spokesperson said in response to a comment Friday from the House of Commons' Public Accounts Committee.
European banks cannot force consumers to deposit their entire salary into a savings account for favorable loan terms — but they can hold part of a worker's salary for up to a decade, the European Union's top court has ruled.
A Puerto Rican bank told a London judge Friday that Petróleos De Venezuela SA cannot rely on U.S. sanctions to avoid paying £29.2 million ($37.7 million) allegedly due under two loans.
The Financial Stability Board on Friday outlined a timetable for a smooth transition by financial market participants from the scandal-ridden London Interbank Offered Rate, saying the move will require "significant commitment" by industry.
A producer of health drinks has sued the Shanghai Commercial & Savings Bank after a business development manager at the lender allegedly arranged a fraudulent £20 million ($26 million) investment that cost the company a sponsorship deal with tennis star Andy Murray.
A family trading firm has sued Credit Suisse for £12.7 million ($16.4 million) for allegedly refusing to accept additional collateral to support its leveraged debt during the market crash sparked by the pandemic, forcing it to liquidate its share portfolio at a "severely depressed price."
This week in London has seen Societe Generale become the latest big bank to face a suit from a major Dutch housing group, credit reporting giant Experian target Zurich, and the British music copyright collective face an intellectual property claim. Here, Law360 looks at those and other new claims in the U.K.
The move toward a green economy is paying dividends, and the financial sector must take advantage of that progress by focusing on sustainability in capital markets, a central banker said on Friday.
The recent decision in the Financial Conduct Authority's business interruption insurance case was a big deal for policyholders forced to shut because of COVID-19, but it also marked the first test of the Financial List's most unusual features five years since its launch.
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 October 19, 2020, 11:49 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.
In the absence of U.S. regulation of environmental, social and governance investments, private funds should be aware of two new EU regulations that will apply to all sponsors managing or marketing funds in Europe, says Debbie Klis at Rimon Law.
The recent proposal by the Law Commission of England and Wales to recall prisoners who fail to settle their confiscation orders when they have already served a sentence for nonpayment would, in effect, punish them twice for the same act, says Brian Swan at Stokoe Partnership.
The U.K. government's plans to use regulations and funding to accelerate the transition to a green economy after the COVID-19 pandemic promise significant opportunities for companies and investors focused on clean technologies, says Samantha Deacon at Goodwin.
High Court decisions in National Bank of Kazakhstan v. Bank of New York Mellon and Riverrock Securities v. Bank of St. Petersburg serve as a useful reminder that the principle of comity may require English courts to exercise judicial restraint, even where their assistance has been sought by foreign courts, say Egishe Dzhazoyan and Kabir Bhalla at King & Spalding.
Financial crime, insider dealing and whistleblowing figured prominently in the U.K. Financial Conduct Authority's recent enforcement report, suggesting these areas may be a critical focus for the regulator going forward, say Tracey Dovaston and Michael Jacobs at Boies Schiller.
Neil Williams at Rahman Ravelli outlines why European regulatory investigations into cum-ex — a 1990s-era dividend arbitrage trading practice involving tax rebate claims worth tens of billions of euros — are gaining momentum years after the activities that sparked them, and who should be concerned.
Mark Dawkins and Jenny Arlington at Akin Gump analyze the Law Society and Tech London Advocates' recent guidance on blockchain, smart legal contracts, crypto assets and other advanced technologies, and explain why legal practitioners should familiarize themselves with it.
While the U.S., U.K. and EU have proposed legislation in anticipation of the approaching Libor end date, the multiplicity of their approaches gives rise to uncertainty for market participants rather than eliminating it, say Anne Beaumont at Friedman Kaplan and Janine Alexander and Audrey Favreau at Collyer Bristow.
A rise in margin losses due to pandemic-related market turbulence could lead to disputes in the context of leveraged trading products, and retail investors involved in such disputes should pay particular attention to recent additions to the Financial Conduct Authority Handbook, says Katherine Harper at Forsters.
The U.K.'s forthcoming National Security and Investment Bill differs significantly from the Committee on Foreign Investment in the United States' framework for reviewing potentially dangerous foreign investment transactions by establishing nonmandatory notifications and a six-month time limit for formal review, say Angella Castille and Jonathon Gunn at Faegre Drinker.
The U.K. Supreme Court's recent Sevilleja v. Marex decision benefits creditors and other stakeholders by excluding their claims from the reflective loss principle, which precludes third-party complaints that merely reflect company loss, say Robert Fidoe and Jack Moulder at Watson Farley.
In U.S. v. Vorley, the U.S. Department of Justice has signaled it may present high-frequency traders as victims of a spoofing scheme, but analysis of testimony from two similar cases reveals flaws in this approach, says Joshua Ray at Rahman Ravelli.
With the merits test for anchor defendants in U.K. litigation involving European Union defendants back before the English courts this summer, the London High Court's recent decision in Tsareva v. Ananyev provides useful precedent for jurisdictional challenges to anchor defendants' inclusion, say Egishe Dzhazoyan and Kateryna Frolova at King & Spalding.
When compared with the U.S. Supreme Court’s Ohio v. American Express opinion, two recent U.K. Supreme Court rulings holding that credit card companies' payment schemes violated antitrust law suggest that corporations operating two-sided platforms are much more likely to win an antitrust case in the U.S., say Allison Gorsuch and Lauren Weinstein at MoloLamken.
Investors in German payment processor Wirecard are suing the German Federal Financial Supervisory Authority, calling attention to whether allegations of gross failings can overcome regulator immunity, say Anna Battams and Isobel McNaught at Collyer Bristow.