Fraud and money laundering are increasing in the U.K., requiring better coordination among law enforcers and more funding from government to combat the threat, the head of the country’s new command center for fighting economic crime told Law360 in an exclusive interview.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Anne Giviskos, head of risk and compliance at Euronext, talks to Law360 about the challenges of creating a companywide culture amid significant growth, the importance of keeping up with technology in the fight against market abuse and her department’s approach to regulatory change.
Martina Rejsjö and Jimmy Kvarnström talk to Law360 about Nasdaq’s big focus on innovation to better detect patterns in trading behavior, the skills required to work in a tech-driven environment and the issues that take up the bulk of their time on a daily basis.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.