Financial Services UK

  • February 28, 2020

    Latham Cancels Partnership Meeting Due To Virus Concerns

    Amid growing concern about the spread of the COVID-19 virus, Latham & Watkins LLP has canceled its upcoming global partnership meeting, and Baker McKenzie has closed its London office and asked London employees to work from home, the firms confirmed on Friday.

  • February 28, 2020

    Aussie Banks Say They Should Exit Rate-Rigging Suit Too

    Two Australian banks claim they should’ve been among the seven banks dismissed in mid-February from a proposed class action alleging manipulation of Australia’s benchmark interest rate.

  • February 28, 2020

    Court Warned That Award Risks PrivatBank Investor Payout

    PrivatBank bondholders could lose their payout unless a London judge determines whether a trustee could run into trouble if it abides by an arbitration tribunal's decision to award money only to bondholders deemed "innocent" of a massive loan fraud, lawyers warned Friday.

  • February 28, 2020

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

    The past week in London has seen the liquidators of the defunct construction giant Carillion seek disclosure from the company's former KPMG auditors, Pinsent Masons LLP sue a prominent Emirati businessman, and the liquidators of a financing company sue its former chief executives. Here, Law360 looks at those and other new claims in the U.K.

  • February 28, 2020

    AIB Partly Escapes Property Dispute Tied To £740M Fraud

    A London judge on Friday trimmed a lawsuit accusing Allied Irish Bank PLC of illegally selling properties connected to a £740 million ($960 million) fraud, but refused to let the lender duck allegations it made false claims to seize the real estate.

  • February 28, 2020

    Man’s Suspected Mob Ties Justified Wealth Order, Judge Says

    A London judge explained Friday that he approved an unexplained wealth order against a British property developer because he was a suspected “cleanskin,” a person with a relatively clean record who enables organized crime gangs.

  • February 28, 2020

    FCA Records 1st Drop In Suspicious Transaction Reports

    The Financial Conduct Authority said Friday that it received 5,455 reports of suspicious transactions from the U.K.’s investment companies over 2019, down 8% from 2018 as the market stepped up its fight against manipulation.

  • February 28, 2020

    5 Arrested On Suspicion Of Offering Tax Fraud Schemes

    Five people have been arrested on suspicion of promoting ways to evade income tax after the British government began cracking down on tax avoidance related to salaries in 2019, the U.K.'s revenue department has said.

  • February 28, 2020

    FRC Tells UK Audit Giants To Accelerate Breakup Plans

    The U.K.’s biggest accounting firms have been told by the industry's regulator to accelerate plans separating the running of their audit and consultancy services instead of waiting for government legislation.

  • February 28, 2020

    Ex-Barclays Execs Acquitted In Qatar Fraud Case

    A London jury on Friday acquitted three former Barclays executives of fraud over the bank’s emergency fundraising during the financial crisis after one of the most high-profile prosecutions ever brought by Britain’s Serious Fraud Office.

  • February 27, 2020

    Deutsche Bank Settles Preferred Securities Suit For $18.5M

    Deutsche Bank’s $18.5 million deal with shareholders cleared the first hurdle in New York federal court to end class claims that the bank misled investors about the risks of preferred securities offerings in the run-up to the 2008 financial crisis.

  • February 27, 2020

    German Authorities Raid ABN Amro In Dividend Fraud Case

    German authorities on Thursday raided the Frankfurt offices of the Dutch bank ABN Amro, entering the bank's premises for at least the second time in less than five months as part of an investigation into the cum-ex scandal. 

  • February 27, 2020

    More Investors Join Fraud Suit Over Wine Loan Biz

    A London judge gave investors permission to add 133 new claimants to their suit accusing brokers of ripping them off through a $6.7 million scheme promising high interest payments in exchange for loans to property developers backed by expensive wines.

  • February 27, 2020

    EU Says Trade Talks Won’t Cover Financial Services Access

    The European Union on Thursday said that British access to the bloc’s financial markets will not form part of trade negotiations, coming hours after the U.K. said it wanted the agreement to secure access with a legally binding set of equivalence rules. 

  • February 27, 2020

    Hospital Group NMC Suspends Shares After CEO Sacking

    The Financial Conduct Authority approved a request by hospital group NMC Health on Thursday to suspend trading of its shares after the company fired its chief executive amid a growing accounting scandal.

  • February 27, 2020

    RBS To Face Appeal In £34M Dispute Over Controversial Unit

    A property developer won a second chance to pursue £34 million (43.8 million) in damages from RBS over the forced sale of his business after a London judge ruled Thursday that the law on what constitutes an illegal threat may be on the move.

  • February 27, 2020

    FCA Tells Asset Managers To Prepare For Libor Transition

    Asset managers are responsible for ensuring that the investment sector distances itself from Libor, the Financial Conduct Authority said Thursday in its latest rally against the disgraced interest rate benchmark.

  • February 27, 2020

    Accounting Firm Fights Off Employee Poaching Suit

    Accounting firm Dodd & Co. is not liable for the way an employee it poached from a rival firm breached his employment contract, because it relied on legal advice before allowing him to solicit new business, an appeals court ruled Thursday.

  • February 27, 2020

    UK Sets June Deadline For Canada-Style Trade Deal With EU

    The British government said Thursday it will push for a broad outline of a Canada-style free trade deal with Europe by June or else decide if the U.K.’s “attention should move away from negotiations” and prepare for emerging from the post-Brexit transition period in December without a deal.

  • February 27, 2020

    Central Bankers Push For Investor Action On Climate Change

    The heads of the Bank of England and the European Central Bank pushed investors Thursday to ensure they are incorporating the risks from carbon emissions and rising temperatures into their investment decisions.

  • February 26, 2020

    Ex-Deutsche, Merrill Traders Claim DOJ Misconduct

    Former traders at Deutsche Bank and Merrill Lynch have raised concerns that the U.S. Department of Justice's Fraud Section abused their rights by using a request for evidence from the U.K. as a pretext to get more time to charge them with spoofing.

  • February 26, 2020

    Ex-Asset Manager CEO Loses Bid To Avoid $17M Bill

    A former chief executive of FM Capital accused of fraud and corruption lost his bid on Wednesday to reduce the $17 million he has to pay the asset manager, after an appeals court ruled that he wasn't guaranteed a discount for other settlements in the case.

  • February 26, 2020

    Iceland Told To Pay Banker Over Fraud Conviction Doubts

    A European court has ordered Iceland to pay a former banking executive compensation after finding that one of the country’s top judges could have been biased during a fraud trial because he lost a “significant” amount of money when the lender collapsed.

  • February 26, 2020

    SFO Chief Calls For New Laws To Fight Corporate Crime

    Britain’s top white-collar crime enforcer expressed disappointment Wednesday that the government has not proposed legislation to make businesses liable when their employees break the law but still hopes to see more laws targeting companies for failing to prevent corporate crimes.

  • February 26, 2020

    Developer Loses 'Opportunistic' £5M Suit Over Irish Swaps

    A London judge thrashed a property developer on Wednesday for suing an Irish state-run bank to claw back interest rate payments, saying its “highly opportunistic and meritless” claim was “unreasonable” and should never have wound up in court.

Expert Analysis

  • Rebuttal

    AI Can't Accurately Predict Case Length And Cost — Yet

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    A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.

  • What To Expect During The Brexit Transition Period

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    While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.

  • UK 'Free Ports' May Heighten Risk Of Economic Crime

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    It may be sensible for the U.K. to introduce free ports — government-designated areas of little or no tax — to boost trade with other countries, but they could also create opportunities for major financial crime, says Stephen Baker of Baker & Partners.

  • UK Account Freezing Orders Have Quietly Made An Impact

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    Account freezing orders, one of the enforcement powers introduced by the U.K.'s Criminal Finances Act, are not as well-known as unexplained wealth orders but have arguably been a more effective weapon against economic crime and will be increasingly deployed by enforcement agencies in the future, says Ross Dixon of Hickman & Rose.

  • Why SFO Closed Its Libor Manipulation Investigation

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    Despite ongoing civil claims, the Serious Fraud Office has most likely closed its investigation into Libor rate manipulation due to the comparative difficulty of securing criminal convictions, and is unlikely to bring further charges unless significant new evidence comes to light, says Anthony Hanratty of BDB Pitmans.

  • Surefire Marketing Methods To Build Your Legal Practice

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    Attorneys who take the time and the risk to showcase their talents through speaking, writing and teaching will find that opportunities will begin building upon themselves, says Daniel Karon of Karon LLC.

  • When A Deferred Prosecution Agreement Isn't The Best Option

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    While deferred prosecution agreements can seem attractive, the recent acquittal of Guralp executives accused of conspiracy to make corrupt payments shows that such deals may not always be in a company’s best interests, says Aziz Rahman of Rahman Ravelli.

  • What UK Panel's Cryptoasset Update Does And Doesn't Clarify

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    A recent legal statement from the U.K. Jurisdiction Taskforce clearing up the status of cryptoassets and smart contracts reaffirms the flexibility of English law, but leaves matters of data protection and treatment of related assets in question, say Mark Dawkins and Jenny Arlington of Akin Gump.

  • How English Courts Approach Comity When Laws Conflict

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    Two recent cases from the High Court of Justice and the Court of Appeal shed light on how English appeals courts consider the principle of comity when one jurisdiction exposes a person to criminal prosecution for conduct required by the law of another jurisdiction, says Nick Barnard of Corker Binning.

  • Mandatory Mediation May Lie Ahead For England And Wales

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    The U.K. Court of Appeals' decision in Lomax v. Lomax, among other recent developments, show significant judicial support for compulsory mediation of appropriate civil and commercial cases in England and Wales, say Margarita Michael and Grace Spurgeon of O'Melveny.

  • Some Countries May Balk At OECD Minimum Tax Proposal

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    The Organization for Economic Cooperation and Development's proposed global minimum tax rate puts the OECD firmly in the camp in favor of higher overall taxation to reduce tax competition and at odds with influential members who argue low taxes stimulate economic development, says Laurence Field of Crowe.

  • Key Risks And Developments For UK Law Firm Culture In 2020

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    In 2020, law firms throughout the U.K. will be increasingly reshaped by rapid changes in societal expectations and advances in technology, say Helen Rowlands and Niya Phiri of Clyde & Co.

  • Hottest Legal Industry Guest Topics Of 2019

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    This year guest contributors discussed tips for lawyers combating burnout and dealing with narcissists, how millennials are changing law firm culture, BigLaw’s move toward plaintiff-side litigation and other legal industry trends.

  • Cos. Can Start Preparing Now For Immigration Beyond Brexit

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    Ahead of the U.K.'s likely departure from the European Union on Jan. 31, 2020, companies should use the one-year transition period to help workers understand any new registration requirements, evaluate budgetary concerns and expedite any employee relocations, say Julia Onslow-Cole and Charlotte Wills at Fragomen.

  • #MeToo Pressure On UK Businesses Is Set To Rise

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    Recent declarations by the Financial Conduct Authority and Prudential Regulation Authority indicate that sexual harassment in the U.K.'s financial services industry may lead to consequences under the newly expanded Senior Managers and Certification Regime, and other sectors are facing growing scrutiny as well, say attorneys at Covington.

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