Financial Services UK

  • November 15, 2019

    Investors Knew Of Mozambique Graft, Boustani Jury Hears

    Jurors in the securities fraud trial of Privinvest Group executive Jean Boustani over a purported $2 billion fraud and kickback scheme involving Mozambican state-backed loans heard on Friday from a former emerging markets asset manager turned consultant who said corruption in the East African country was well known to investors.

  • November 15, 2019

    Weil Adds Restructuring Partner In London

    Weil Gotshal & Manges LLP has hired a British bankruptcy pro from Akin Gump Strauss Hauer & Feld LLP in its London office to bolster its famed business finance and restructuring practice.

  • November 15, 2019

    Info Sharing Isn't Rate-Rigging, Big Banks Tell Cities

    Bank of America, Wells Fargo and a slew of other major financial institutions said Thursday that the two major cities accusing them of rigging bond rates are trying to spin standard information sharing into an antitrust conspiracy.

  • November 15, 2019

    No Threats Here, RBS Says As £34M Morley Trial Wraps

    RBS denied illegally coercing a developer into handing over the bulk of his property portfolio to resolve concerns over his £75 million ($96.7 million) loan, with the big UK lender saying at the close of a high-profile trial Friday it had a legal right to try to recover the money.

  • November 15, 2019

    Ex-PrivatBank Owners Ask For Time To Fight $2.6B Fraud Suit

    Two former owners of PrivatBank being sued by the lender asked a London judge Friday for more time to file their defenses to two-year-old allegations that they orchestrated a scheme to steal billions of dollars from Ukraine’s largest bank.

  • November 15, 2019

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

    The past week in London has seen Libya's sovereign wealth fund sue Credit Suisse amid a long-running bribery battle, retailer Sports Direct take on its former accountant Grant Thornton, and a host of underwriters file claims against a shipowner and its bank a month after winning a case over a fake pirate attack. Here, Law360 looks at those and other new claims in the U.K.

  • November 15, 2019

    Goldman Sachs To Exit Bond Price-Fixing Suit With $20M Deal

    Investors who targeted big banks with bond price-fixing claims have nabbed a third settlement in the sprawling litigation, telling a New York federal judge Thursday that they’ve reached a $20 million deal with Goldman Sachs.

  • November 15, 2019

    EU Gives UK Clearinghouses Longer Brexit Buffer

    The European Commission said Friday it will give U.K.-based clearinghouses more time to seek to continue serving European Union markets if Britain leaves the bloc at the end of January.

  • November 15, 2019

    EU Banks Support France’s Call For Tougher Cybersecurity

    The European banking sector has said it will support an initiative by the French government to clamp down on cybercrime and fend off attempts by foreign governments to interfere with elections.

  • November 15, 2019

    Fee Trips Up UK Banks In Talks On Helping Fraud Victims

    Banks in Britain have failed to reach a deal on how to compensate victims of scams in which customers are tricked into transferring money directly to fraudsters amid disagreements over a proposed transaction fee, an industry body said Friday.

  • November 15, 2019

    PwC Must Face Tobacco Co.'s $800M Suit Over Audits

    PricewaterhouseCoopers must face an $800 million negligence suit brought by a subsidiary of British American Tobacco, a London judge ruled on Friday, saying the accounting giant cannot escape in-depth scrutiny of claims that it gave bad advice to the company embroiled in an expensive environmental cleanup.

  • November 15, 2019

    Lloyds Shareholders Lose £385M Suit Over HBOS Takeover

    Lloyds Bank shareholders lost a £385 million ($495 million) lawsuit over its ill-fated acquisition of HBOS at the height of the financial crisis, as a judge ruled Friday that investors knew that risks were baked into the deal.

  • November 14, 2019

    Mozambique Maritime Deals Were Legit, Boustani Jury Hears

    Attorneys for Privinvest Group executive Jean Boustani on Thursday sought to cast a different light on maritime projects in Mozambique that prosecutors say were at the center of a $2 billion fraud and kickback scheme, eliciting testimony from insiders at the Abu Dhabi-based shipbuilder who told jurors the projects were aboveboard.

  • November 14, 2019

    Ill. Judge Trims Housing Maintenance Discrimination Suit

    An Illinois federal judge said Wednesday that a National Fair Housing Alliance action against Deutsche Bank over alleged neglect of foreclosed homes in minority neighborhoods would be allowed to proceed, but he found that the NFHA could not pursue all of the damages claims it included in its suit.

  • November 14, 2019

    Aviation Mogul's Testimony Pared Down In UAE Fraud Claim

    A London judge on Thursday struck out parts of aviation magnate Farhad Azima’s witness statement in a case that’s been brought against him by an Emirati state-owned investment authority, concluding that the arguments arose from speculation with no firsthand knowledge.

  • November 14, 2019

    Hedge Fund Seeks $70M At Trial For Oil Refinery Deception

    Hedge fund RP Explorer Ltd. argued at a London trial on Thursday that an Indian businessman should pay more than $70 million for selling securities he claimed would support the acquisition of an oil refinery that never materialized.

  • November 14, 2019

    Ex-Deutsche Trader To Pay $500K To End DOJ’s RMBS Suit

    The U.S. Department of Justice announced Thursday that a former Deutsche Bank trader will pay $500,000 to settle allegations that he misled investors about the quality of loans underlying two residential mortgage-backed securities in the lead-up to the financial crisis.

  • November 14, 2019

    No Brexit? Then Name A Commissioner, EU Says

    The European Commission took steps Thursday toward taking the U.K. to court over its refusal to nominate a new commissioner to serve in Brussels, saying the country still has to live up to its obligations after its exit from the European Union was delayed again in October. 

  • November 14, 2019

    Fraudsters Posed As US Fed Officials In €100M Con, Jury Told

    A Dutch-Swiss shipping company was conned out of a €100 million ($110 million) investment by a gang of fraudsters posing as U.S. government officials, the company’s top in-house lawyer told a London jury on Thursday.

  • November 14, 2019

    Bank Of India Gets Quick £10M Win In UK Loan Default Case

    The London branch of the State Bank of India has won a £10 million ($13 million) default judgment against three businessmen who served as guarantors for a loan they secured from the lender for their clothing company.

  • November 14, 2019

    Danish Watchdog Tells Swedish Bank To Boost AML Efforts

    Denmark’s financial regulator said Thursday it has ordered the Danish arm of Swedish bank Handelsbanken to strengthen its anti-money laundering efforts after an inspection found an “inherent risk” that the subsidiary would be used to move dirty money.

  • November 14, 2019

    Singapore Fines UBS $8.2M For Overcharging Clients

    Singapore’s financial watchdog hit UBS AG with a fine of 11.2 million Singapore dollars ($8.2 million) on Thursday, the second regulatory penalty the Swiss giant has faced this week for overcharging clients during trades.

  • November 14, 2019

    Fear Still Holds Back Whistleblowers, Banking Chief Warns

    A huge number of people working at lenders in Britain refuse to blow the whistle on misconduct because they fear repercussions, the head of a banking standards body warned Thursday.

  • November 14, 2019

    Danske Bank Faces Prosecution For Overcharging Investors

    Danske Bank said Thursday it has been preliminarily charged by Danish prosecutors for overcharging investors in a low-performing wealth-management product by tens of millions of dollars.

  • November 13, 2019

    Post-Scandal Libor Rigging Suit Can Proceed, Investors Say

    Investors defended their massive proposed class action accusing Bank of America, Deutsche Bank and a slew of other major banks of a sequel Libor-rigging conspiracy, telling a New York federal court that their statistics-heavy case paints enough of a plausible picture of price-fixing to move forward.

Expert Analysis

  • The Evolution Of GDPR Enforcement Across The EU

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    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.

  • Opinion

    What Headlines Missed About ‘Cartel’ Traders’ Trial 1 Year Ago

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    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.

  • When Will UK Courts Imply A Duty Of Good Faith?

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    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.

  • Series

    Why I Became A Lawyer: Being There For Families In Trouble

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    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.

  • 3 Ways To Leverage Vulnerability For Lawyer Well-Being

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    Admitting to imperfection is an elusive construct in the legal industry, but addressing this roadblock by capitalizing on vulnerabilities can increase personal and professional power, says life coach and attorney Julie Krolczyk.

  • FX Fraud Decision Tests Limits Of Right-To-Control Theory

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    In United States v. Johnson, the Second Circuit’s decision affirming an ex-HSBC foreign exchange trader's wire fraud conviction highlights that the government and courts may not agree on the government's burden to prove tangible economic harm under the so-called right-to-control theory, say attorneys at White & Case.

  • 4 Potential Structuring Options For BVI Acquisitions

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    While onshore M&A procedures are often cumbersome and time-consuming, the British Virgin Islands offer a range of flexible yet familiar structuring options for facilitating takeover transactions, says Rebecca Jack of Appleby.

  • PayPal Case Illustrates Difficulty Of Avoiding CMA Penalties

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    The U.K. Competition and Markets Authority's recent fine against PayPal for violating U.K. merger control rules — despite the company's attempts to put safeguards in place — demonstrates how rigid the CMA can be when it comes to initial enforcement orders, say attorneys at Fried Frank.

  • What A No-Deal Brexit Would Mean For Dispute Resolution

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    In the event of a no-deal Brexit, arbitration may become a more attractive option as a dispute resolution mechanism, as it offers relatively easy enforcement and clauses that could negate some uncertainty caused by Brexit, says Donna Goldsworthy of BDB Pitmans.

  • The Problem — And Opportunity — Of Implicit Bias In The Bar

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    Law firms are beginning to recognize implicit bias as a problem. But too few recognize that it is also an opportunity to broaden our thinking and become better legal problem solvers, says Daniel Karon of Karon LLC.

  • What The Future Holds For Litigation Funding In The UK

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    As awareness of litigation funding continues to grow in England and Wales, regulation and costs may increase, but rising costs will be countered by more funders entering the market to support demand, says James Brown of Haynes and Boone.

  • Roundup

    Pursuing Wellness

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    In this Expert Analysis series, leaders at some of the law firms that committed to the American Bar Association's 2018 pledge to improve mental health and well-being in the legal industry explain how they put certain elements of the initiative into action.

  • How Offshore Courts Can Solve Forum Selection Issues

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    Courts in offshore financial centers should consider important factors highlighted by relevant case law when attempting to determine which forum a case would be most fairly tried in, says James Corbett QC of Baker & Partners.

  • 3 Ways To Stabilize Contract Law In Jersey

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    The Jersey Court of Appeal's recent judgment in Booth v. Viscount highlights judicial dissatisfaction with the current lack of certainty in Jersey contract law, but there are a few possible ways to address the undesirable state of affairs, says Eleanor Davies of Baker & Partners.

  • How Hague Enforcement Initiative Compares To EU Regimes

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    The Hague Conference on Private International Law's latest convention on cross-border enforcement may create an international dispute resolution framework, and could provide the U.K. with useful alternatives to EU regimes in the event of a no-deal Brexit. However, it is not guaranteed to be a true game-changer, say Andrew Stafford and James Chapman-Booth of Kobre & Kim.