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Financial Services UK

  • March 14, 2019

    Irish Agency Dodges $1.2B Suit Over Failed 'Chicago Spire'

    An Irish government agency can’t be held responsible in the U.S. for allegedly preventing a $1.21 billion deal that could’ve saved the “Chicago Spire,” a skyscraper that would’ve been the second-tallest building in the world, a federal judge said Thursday.

  • March 14, 2019

    UBS, Others Fined $100M By Hong Kong For Lax IPO Scrutiny

    Hong Kong’s securities watchdog has suspended UBS' initial public offering sponsorship license for one year and handed down HK$786.7 million ($100.1 million) in fines against the bank and other financial institutions for failing to carry out their duties in relation to several IPOs.

  • March 14, 2019

    New EU Benchmark Rate Gets Oct. Start Date, Industry Nod

    The European Central Bank said Thursday that it will begin publishing the European Union's new unsecured overnight borrowing rate beginning in October and that an industry group had called on Europe’s banks to use the rate to replace other flawed and scandal-hit eurozone benchmarks.

  • March 14, 2019

    Chinese Bank Expands $16.3M Fraud Case Against Exporter

    A Chinese bank seeking $16.3 million in damages from a commodities exporter for an alleged trade scheme in which it received undue payments from Deutsche Bank in London has alleged in an amended claim that the “implied terms” of their contract prevented the submission of sham shipping documents.

  • March 14, 2019

    Saad Co. Liquidators Blocked From Amending Claim In Appeal

    A London appeals court ruled Thursday that the liquidators for Saudi billionaire Maan Al Sanea’s collapsed family investment company cannot amend their claim against Samba Financial Group over the transfer of $318 million in shares, concluding that the action should be dismissed because the new allegations were not in issue in the original suit.

  • March 14, 2019

    HSBC Unit Can Enforce $10M Jordanian Award, Judge Rules

    HSBC Bank Middle East Ltd. won recovery of an award over $10 million against a Jordanian national on Thursday, after a judge in London rejected the evidence put forward by the defendant who argued that the bank was not entitled to make the claim against him.

  • March 14, 2019

    ECJ Says Hungarian Loan Cancellation Rules Breach EU Law

    The European Court of Justice said Thursday that Hungarian legislation preventing the retroactive cancellation of a foreign-currency consumer loan with terms that created an exchange-rate risk for the borrower runs afoul of European Union law.

  • March 14, 2019

    UK Parliament Votes For 3-Month Brexit Delay

    The U.K. Parliament voted overwhelmingly on Thursday to seek a delay of three months to the country’s departure from the European Union, provided that Prime Minister Theresa May can unite her divided Conservative Party behind her negotiated withdrawal agreement with the EU.

  • March 14, 2019

    UBS Sued By Ex-Trader Over Alleged Sexual Assault

    A former UBS AG employee in London is suing the Swiss bank for sexual harassment and discrimination, accusing the company of mishandling an allegation of sexual assault she brought against a senior colleague.

  • March 14, 2019

    EU Agrees To Stricter Rules For Foreign CCPs Ahead Of Brexit

    Clearinghouses based outside Europe that service transactions within the bloc will be subject to more robust rules, including measures that could force them to relocate to a member state, European lawmakers have agreed — days before Brexit means British central counterparties will fall out of the EU’s remit.

  • March 14, 2019

    Regulators Reverse Credit Ratings Ruling On Nordic Banks

    Europe’s top regulators have upheld an appeal by four Nordic banks against a decision by the markets watchdog to fine each of them €495,000 ($560,000), ruling that they had not acted negligently when they violated the bloc’s credit ratings rules.

  • March 14, 2019

    FCA Proposes Ban On Investment Platform Exit Fees

    Britain's financial watchdog set out proposals on Thursday for a package of measures to make it easier for savers to switch between online investment platforms, including placing restrictions on the use of exit fees.

  • March 14, 2019

    EU's Tusk Opens Door To Long Brexit Delay If Needed By UK

    European Council President Donald Tusk said Thursday he will lobby EU government leaders to allow for a lengthy extension to the Brexit process if the U.K. needs more time to build a consensus for the terms of its departure from the bloc.

  • March 13, 2019

    MPs Rule Out No-Deal Brexit Too Late For Corporate Britain

    The U.K. Parliament's vote against a disruptive no-deal Brexit on Wednesday is unlikely to reverse corporate contingency plans that have already sent operations and jobs across the border to protect companies from regulatory upheaval. 

  • March 13, 2019

    Russian Investors Say Bank Bailout Suit Needs To Be Tried

    Investors in a Russian bank that was bailed out by Moscow have urged a London court to keep alive their claims of conspiracy and deceit against two businessmen and several companies, saying they have procured "ample material" that proves there are serious issues to be tried in the case.

  • March 13, 2019

    Parliament Votes Against No-Deal Brexit, Eyes Postponement

    The British Parliament voted on Wednesday to rule out the possibility of leaving the European Union without a withdrawal agreement, setting up another vote on Thursday on whether to push back the March 29 departure date to buy more time for a deal.

  • March 13, 2019

    Barclays Slams Municipalities' Libor-Linked Loans Suit

    Barclays Bank PLC has fought back against a lawsuit filed by a handful of local authorities in England over hundreds of millions of dollars of loans linked to an interest rate benchmark allegedly rigged by the bank, saying the municipalities had failed to back their fraud claims.

  • March 13, 2019

    Biz As Usual For Investment Firms In No-Deal Brexit: FCA

    The Financial Conduct Authority said Wednesday that it will hold investment firms to rules similar to the ones they currently follow under a no-deal Brexit, as the government has brought the European Union’s new securities directive into U.K. law.

  • March 13, 2019

    Cos. Shuttered For Running £1.4M Art Investment Scam

    Two companies allegedly involved in a fraudulent art investment scheme have been shut down after stealing £1.4 million ($1.9 million) of investors’ money, a government agency said Wednesday.

  • March 13, 2019

    Citibank, Tech Co. Enter Talks Over Software Licensing Suit

    Citibank NA and Uniface BV are to start out-of-court talks in an attempt to settle the technology company’s claims that the lender violated a licensing deal by installing its server software at many of its offices outside London.

Expert Analysis

  • Opinion

    Brexit International Arbitration Clause Is Misunderstood

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    Much of the criticism aimed at the international arbitration clause in the recent Brexit withdrawal agreement unfairly identifies a perceived lack of transparency and appears to be based on a lack of understanding about the process, says Margarita Michael of O'Melveny & Myers LLP.

  • The Lawyer's Daily

    How To Requalify As A Lawyer In Canada

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    Becoming a lawyer in Canada is a challenging experience for foreign qualified lawyers. In addition to the bar exam, hurdles include obtaining certification from the National Committee on Accreditation, and complications from moving to Canada halfway through the process, says Kyle Abrey, in-house counsel at the Royal Bank of Canada.

  • Legal Technology Is Likely To Flourish In The UK

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    The U.K. may soon surpass the U.S. in legal technology, thanks to regulatory reform, law firm investment and an entrepreneurial environment, says Bridget Deiters of InCloudCounsel.

  • Opinion

    Legal Operations Teams Are Gaining Popularity In EU

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    As the European and global economies continue to change, any legal department that does not want to get outflanked by faster, more agile competitors should consider the value that legal operations teams have to offer, says Hans Albers, president of the Association of Corporate Counsel Europe.

  • Why Proper Document Redaction May Be An Ethical Duty

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    Paul Manafort's attorneys recently filed a court document containing incompletely redacted information, highlighting the need for attorneys to become competent at redaction — or at least at verifying that redaction has been performed correctly. Failure to do either could be construed as legal malpractice, says Byeongsook Seo of Snell & Wilmer LLP.

  • English Law Remains Sensible For Commercial Contracts

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    With Brexit looming, many people have wondered whether they should look to other governing laws or seats for their contracts. There is no reason to take such steps, because Brexit will have no effect on the English laws that govern commercial contracts, says Melanie Willems of Haynes & Boone LLP.

  • Why The Flood Of GDPR Litigation Has Been Delayed

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    Eight months into the General Data Protection Regulation regime, we have not yet seen the expected deluge of U.K. class actions, but be warned — the floodgates will not remain closed, says Bryony Hurst of Bird & Bird LLP.

  • Opinion

    Law Schools Should Be More Like Medical Centers

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    Medical centers and their faculty matter to the practice of medicine. Law schools and their faculty do not matter to the practice of law, says J.B. Heaton of J.B. Heaton PC.

  • How To Comply With Qualified Financial Contract Rules

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    Last year, the International Swaps and Derivatives Association published a protocol enabling covered entities to comply with qualified financial contract rules. Attorneys at Arnold & Porter discuss key provisions of the rules and protocol, compliance methods and deadlines, and next steps for affected counterparties.

  • Law & Reorder: The Emergence Of The UK Legaltech Sector

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    Recent market dynamics are driving the U.K. legal industry to adopt nascent technologies in new service offerings as well as pre-existing solutions. The rise of legaltech should also lead to an increase in acquisitions by law firms striving to maintain relevance, says Jo Charles of Livingstone Partners LLP.