Antony Whitehouse, UK head of compliance at French bank Natixis, talks to Law360 about the changing role of compliance, the interplay between local regulatory expectations and a global business, plus some of the challenges that Brexit has thrown up for the compliance departments at European banks with operations in London.
Credit Suisse presented a lean argument to a New York State appeals court on Wednesday after the court rejected its exit bid in two similar suits over crisis-era toxic residential mortgage-backed securities a day earlier.
The banks that were bounced from a bond price-fixing lawsuit this month said Tuesday that new evidence the investors gleaned from a settlement with Deutsche Bank does not save the investors' amended claims against them.
Prime Minister Boris Johnson’s decision to suspend Parliament is a political issue that cannot be decided by the courts, a lawyer for Britain’s premier said Wednesday, telling the U.K. Supreme Court it would be “constitutionally inappropriate” to intervene.
A former finance manager who was convicted of stealing over £441,000 ($550,000) from his former employer to live a “life that was way beyond his means” has been ordered to pay back £225,000, police said Wednesday.
Lloyds Bank PLC is seeking a quick win in London court on litigation it filed seeking permission to add a sentence to an employee pension plan agreement that it says was inadvertently left out and could ultimately cost the bank more than £25 million.
Law firm Orrick Herrington & Sutcliffe LLP has nabbed a private equity, banking and mergers expert from rival firm Cooley LLP in a bid to expand its corporate advice practice.
A U.K. departure from the European Union on Oct. 31 without a deal or transition period is now "very real" in the absence of any new British proposals that would get ratified in Parliament, the European Commission president warned Wednesday.
Law firm Slater and Gordon slammed allegations it used a "secret back channel" to gain leverage over Watchstone Group PLC during negotiations to buy the insurance group's legal services subsidiary, telling a London judge that it was no secret the company had cash flow problems.
Metro Bank has said that it is bracing for “significant expenses” from an investigation by U.K. regulators into the conduct of the lender and its senior managers that led to a £900 million ($1.1 billion) accounting error in January, as the challenger bank struggles to rebuild its reputation.
Barclays told a London court that U.K. law enforcers gave it permission to process a £8.5 million ($10.6 million) payment to a commodities wholesaler, pushing back on allegations it ignored red flags that the money was being misappropriated.
A New York federal judge on Thursday granted a request by Wells Fargo Securities LLC for an early exit from a $163 million suit that accused the Wall Street titan of allowing a hedge fund to control collateralized debt obligations that the fund was simultaneously betting against.
ACON Equity Management LLC told a London judge Tuesday that an investment vehicle it used to buy a Florida energy company cannot avoid paying it $4 million after the U.S. private equity firm sold its stake in the company.
Shortcomings stemming from the regulatory structure of legal services created 12 years ago in the United Kingdom, including confusion about who is regulated and an inconsistency between consumer expectations and the breadth of protection, should spur additional reforms, according to an interim report published Tuesday by University College London.
Ashurst LLP has gained a former Freshfields Bruckhaus Deringer LLP counsel who specializes in advising clients on various types of investigations and representing them in criminal and regulatory enforcement matters.
The European Commission on Tuesday cleared a $21.5 billion merger between online U.S. payment providers Global Payments and Total System Services, saying the deal will not raise antitrust issues in the European market.
A former London accountant who fraudulently transferred £144,500 ($180,300) worth of company funds to her personal bank account to fund holidays and Champagne lunches has been jailed for 30 months, police said Tuesday.
British Prime Minister Boris Johnson shut down Parliament as a “preemptive strike” intended to “silence” lawmakers trying to block his Brexit plans, a campaigner told the U.K. Supreme Court Tuesday at the start of one of the most important constitutional cases in the country’s history.
One of Europe’s senior banking regulators has moved to lead a financial industry association, according to a Tuesday announcement, sparking criticism from public interest groups who have called for longer cooling-off periods to be implemented.
Refunding customers for payment protection insurance cost U.K. banks more than half of the £79 million ($98 million) they have forked out for litigation costs since 2011, credit rating agency Moody’s said Tuesday.
Global law firm Sidley Austin LLP has poached a private capital adviser from Campbell Lutyens to join its investment funds team as a partner in its London office.
Swedbank said Tuesday it has agreed to waive attorney-client privilege to allow Swedish prosecutors to interview the outside counsel who investigated allegations of money laundering at the bank.
Several big banks and brokerages escaped a rate-rigging suit Monday after a New York federal judge determined that the investment firm that sued them in 2015 had dissolved before it brought claims, invalidating the entire litigation.
Eleven of the most senior judges in Britain will be asked to decide Tuesday whether Prime Minister Boris Johnson’s decision to shut Parliament in the run-up to Brexit was lawful, in a case that goes to the heart of the country’s unwritten constitution.
British American Tobacco and a Pearson unit have piled onto appeals of a European Union state aid decision finding that the U.K. gave some multinationals an advantage by exempting them from anti-tax avoidance rules.
The co-creator of Facebook’s cryptocurrency project took to Twitter on Monday to hit back at claims by global regulators that Libra could threaten financial markets and the sovereignty of nations by undermining fiat currency.
With the Financial Conduct Authority's deadline for consumers to file claims for compensation for missold payment protection insurance fast approaching, the watchdog is set to put a cap on the long-running scandal. Here, Law360 looks back at how the regulatory response unfolded.
The collapse of minibond provider London Capital & Finance PLC, which left thousands of investors facing huge losses, has put Britain’s financial watchdog in the spotlight over its worst failure as a regulator in recent years.
The retrial of former Barclays executives accused of fraud over the bank’s fundraising in the era of the financial crisis and the outcome of Britain’s biggest ever fraud trial, between Hewlett Packard and the founder of British software firm Autonomy, are two of the big cases that attorneys are watching in the second half of the year.
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.
My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.
Paul Martenstyn of Vannin Capital and Daniel Spendlove of Signature Litigation share their top tips on how to get a case funded, drawing from their respective experience as a funder and a lawyer.
The recent fine in the Canon/Toshiba case demonstrates the European Commission's narrow approach to "warehousing" structures and further blurs the line between how gun-jumping and legitimate preparation of mergers are interpreted in EU merger agreements, say Tobias Caspary and Penelope Hale of Fried Frank.
U.K. enforcement agencies are growing more comfortable in utilizing unexplained wealth orders and undertaking the complex investigations that follow, but the vast majority of international businesses and private clients in the U.K. with wealth situated overseas should not fear that UWOs will be used against them, says Zoya Burbeza of Zaiwalla & Co.
Two recent Cayman court decisions highlight the limited situations in which a shareholder may bring a direct claim against a director or a third party and the importance of ensuring that claims are commenced by the proper plaintiff, say attorneys at Appleby Global.
The Global Forestry Investments case's progression, from the Insolvency Service's involvement to recent charges by the Serious Fraud Office, indicates that those responsible for serious financial losses may face criminal prosecutions in addition to regulatory penalties, says Maria Theodoulou of Stokoe Partnership Solicitors.
In Europe, evaluating the risk of launching an artificial intelligence system trained by tainted data can be challenging, but identifying the relevant rights, possible sanctions and whether the issue is ongoing can put lawyers well on their way to understanding the risk profile, say Toby Bond and Nick Aries of Bird & Bird.
The U.K. Commercial Court's recent decision on arbitration jurisdiction in Minister of Finance v. International Petroleum Investment makes clear that the court will not unnecessarily interfere with arbitration proceedings, but it will be ready to intervene where appropriate, say Ioannis Alexopoulos and Nikoletta Beneki of Signature Litigation.
Since deferred prosecution agreements were introduced in 2014, the Serious Fraud Office has initiated five DPAs that have received formal declarations from the court. Opinions are divided as to whether these agreements improve long-term compliance or allow corporates to pay their way out of prosecution, says Perveen Hill of BDB Pitmans.
The Second Circuit's decision in United States v. Boustani correctly identifies the dangers of a "two-tiered" bail system, but the proper solution is to make bail more accessible to everyone, not to fewer people, says Alexander Klein of Barket Epstein.
A recent Cayman Islands case, Ennismore v. Fenris, sheds light on the process for assessing how much plaintiffs should pay to defendants if they called for a pretrial injunction that the court later finds should not have been granted, say Nicola Roberts and Laura de Heer of Harney Westwood.
The Council of the European Union recently adopted new cybersecurity legislation that imposes sanctions on people and entities responsible for cyberattacks rather than on states. Attorneys with Crowell & Moring discuss the scope of the new EU sanctions regime, how it is similar to U.S. cyber sanction policy, and its potential impact.
A recent uptick in cyberincident reports in the U.K., combined with the Information Commissioner's Office and Financial Conduct Authority's joint approach to General Data Protection Regulation enforcement, suggests that U.K. financial services firms could be at high risk for simultaneous enforcement actions from the two regulators, say Rob Dedman and Kim Roberts of King & Spalding.
Two recent U.K. decisions indicate that disbursements in the legal sector are treated inconsistently and often inaccurately for value-added taxes purposes. At the very least, law firms should not simply accept their current disbursement processes as correct, say Keri Pay and Robert Marchant of Crowe UK.