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Financial Services UK

  • May 10, 2019

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

    The past week has seen a corporate finance firm take in a British airline, a financial adviser sue a renowned restaurateur and a group of luxury hotels take on Visa and Mastercard over competition claims. 

  • May 10, 2019

    Investec Bank Fights To Overturn UK Cost Liability Ruling

    Investec Bank on Friday challenged a decision by a London judge allowing the family of a bankrupt man who defrauded an investor to recover legal costs after the bank went after their properties to satisfy money the man owed to the bank.

  • May 10, 2019

    UK Cyber Fraudster Must Pay £2M Or Face More Jail Time

    The mastermind behind one of Britain's biggest cyberscams must pay £2 million ($2.6 million) to compensate his victims within three months or face a further eight years in jail, according to a confiscation order delivered under the Proceeds of Crime Act.

  • May 10, 2019

    Service Row Delays Qatari Bank's $250M Eritrean Loan Fight

    A London judge Friday opted not to decide if Qatar National Bank can give Eritrea notice of a $250 million lawsuit over an unpaid loan outside of normal diplomatic channels until after an appeals court weighs in on the matter of how to properly serve countries.

  • May 10, 2019

    FSCS Weighs Payouts To £236M Mini-Bond Scandal Victims

    Britain's financial compensation scheme said Friday it is exploring whether investors tied up in a £236 million ($310 million) mis-selling scandal are due redress, a partial U-turn on its previous position.

  • May 10, 2019

    Irish Broker Fined €280K For Money Laundering Breaches

    Dublin stockbroker Campbell O’Connor has been hit with a €280,000 ($315,000) fine for multiple anti-money laundering and terrorism financing compliance failures, the Irish Central Bank announced Friday.

  • May 10, 2019

    UK Lawyer Denies Role In $1.9B Danish Tax Fraud

    The former top lawyer at a financial company accused of taking part in a $1.9 billion fraud against the Danish revenue agency has proclaimed ignorance of any wrongdoing, saying he held no tax qualifications and relied on expert colleagues to help him with certain aspects of his job.

  • May 10, 2019

    Payments Watchdog Pushes Back Fraud Safeguard By 9 Mos.

    Britain’s payment regulator has said it will delay imposing tough safeguards on banks for authenticating the identity of customers until December, so it can introduce rules aimed at stopping people being duped into sending money to fraudsters across all banks.

  • May 10, 2019

    Don't Read Docs In $1.9B Embezzlement Suit, PwC Unit Told

    A judge at a London court has ordered a subsidiary of PricewaterhouseCoopers not to read court documents in its possession connected to a $1.9 billion claim for embezzlement filed by a Ukrainian bank against its two former owners.

  • May 10, 2019

    Danske Hires New CEO To Repair Image Amid AML Woes

    Danske Bank said Friday it has appointed a new chief executive to steer it out of a major money laundering scandal that has attracted regulator scrutiny from several jurisdictions in Europe and the U.S.

  • May 10, 2019

    Asset Manager Wants Fees In Co-op Bank Property Fight

    A British asset manager has scaled back its lawsuit accusing the Co-Op Bank of cutting it out of a hotel development project after a judge in London slashed some of its claims, saying the bank still owes it millions of pounds for resolving questions about a lease. 

  • May 9, 2019

    RBS Warned More Suits May Follow After Pay Disparity Loss

    RBS faces the prospect of a raft of litigation after settling a wage discrimination case with a female support analyst who claimed she was being paid less for doing the same job as a male colleague, the union that backed the case warned Thursday.

  • May 9, 2019

    UBS Worker Kept Notes On Bank’s M&A Clients, Jury Told

    A former UBS compliance officer accused of providing inside information to her day trader friend on potential takeovers the bank was advising on had company documents and handwritten notes about some of the companies involved in the deals at her home, a London jury heard Thursday.

  • May 9, 2019

    Iranian Bank Can't Amend Damages Claim In Sanctions Suit

    A London judge refused Bank Mellat’s bid to add to its $1.6 billion claim against the U.K. government over the enforcement of sanctions that were later struck down, saying Thursday there was not enough time for the amendment to be dealt with ahead of the start of trial next month.

  • May 9, 2019

    Court Hits Social Housing Investment Boss With 14-Year Ban

    A London court has slapped a 14-year ban on the boss of a company for allegedly misleading his clients when offering them investments in Brazilian social housing, the government’s bankruptcy agency said Thursday.

  • May 9, 2019

    Deutsche Bank Denies Bribes, Kickback Claims At €840M Trial

    A lawyer for Deutsche Bank told a London court on Thursday that the lender did not bribe the former treasury manager of a housing association to secure interest rate swaps trades that led to €840 million ($940 million) in losses for the property provider.

  • May 9, 2019

    Developer Says RBS Had No Reason To Deny Refinancing Plan

    A property developer has drilled down on allegations that RBS caved to government pressure to run him out of business, saying there was no logical reason for the bank not to refinance his business when it was making a steady revenue stream off of him.

  • May 9, 2019

    Rita Ora's Ex-Accountant Jailed For 5 Years Over Fraud

    An accountant who made millions of pounds by defrauding celebrities including the pop star Rita Ora has been sentenced to five years and eight months in prison, according to British police and court officials.

  • May 9, 2019

    Danske Bank Hires Financial Crime Expert Amid AML Probes

    Danske Bank has hired a financial crime specialist from Morgan Stanley to take the helm of its anti-money laundering unit, the Danish lender has said, as it deals with multiple investigations into transactions of up to €200 billion ($224 billion) at its Estonian branch.

  • May 9, 2019

    Audit Co. Fined, Rebuked Over Work For UK Homeware Chain

    A British financial services company has been fined and "severely reprimanded" over failings in its audit for homeware retailing chain Laura Ashley PLC, the auditing regulator said Thursday, a day after it imposed a £4 million ($5.2 million) penalty on KPMG.

Expert Analysis

  • Lenders Score Major High Court Victory In Foreclosure Case

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    The U.S. Supreme Court's unanimous ruling on Wednesday in Obduskey v. McCarthy & Holthus LLP removes nearly all activities taken by creditors seeking nonjudicial foreclosure of liens and mortgages from the ambit of the Fair Debt Collection Practices Act, says John Baxter of Nelson Mullins Riley & Scarborough LLP.

  • How UK Orgs Can Prepare For EU's New Money Laundering Law

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    The U.K. government will likely adopt the European Union's Fifth Money Laundering Directive even in the event of a no-deal Brexit, meaning U.K. financial services organizations and law firms have under a year to review and possibly update their current policies and procedures, says Joanne Cracknell of Willis Towers Watson PLC.

  • EU Fintech Regulation Raises US Copyright Questions

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    The EU's revised Payment Services Directive is driving the creation of application programming interfaces that allow fintech companies to securely access and use customer banking data. The same APIs are almost certain to be used in the United States, bringing implications for copyright protection, say attorneys with Morgan Lewis & Bockius LLP.

  • Is New SFO Head A 'Different Kind Of Director'?

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    While sharing some of her predecessor's sentiments, Serious Fraud Office Director Lisa Osofsky has shown decisiveness and independence by closing two of the SFO's largest investigations in her first six months in office, says Ross Dixon of Hickman & Rose Solicitors.

  • New Rules Would Support Sustainability In EU Capital Markets

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    Environmental, social and governance preferences are becoming an increasingly important aspect of the financial industry. New rules proposed by the European Securities and Market Authority would press asset managers in particular to develop investment and advisory processes integrating ESG factors, say attorneys at Jones Day.

  • A CFIUS Primer For UK Businesses

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    Parties should not underestimate the potential for national security concerns to arise in relation to non-U.S. investment in U.S. business, even in areas that may not be facially connected to U.S. security or infrastructure, and even when those involved are not U.S. businesses, say Jennifer Mammen and Daniel Schwartz of Bryan Cave Leighton Paisner LLP.

  • 3 Brexit Scenarios And Their Implications For US-UK Trade

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    Brexit negotiations are likely to result in one of three scenarios later this month: a Brexit deal, no Brexit at all or a "hard" no-deal Brexit. Each possibility will have different implications for the prospects of a U.S.-U.K. free trade agreement, says Dean Pinkert of Hughes Hubbard & Reed LLP.

  • Frustrating Events: Are Your Contracts Brexit-Proof?

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    In Canary Wharf v. European Medicines Agency, the U.K. High Court recently ruled that the U.K.'s withdrawal from the European Union will not discharge the EMA's lease obligations. Following Brexit, most similar arguments invoking force majeure or frustration are unlikely to succeed, say Rebecca Dipple and Wayne Hofer of Orrick Herrington & Sutcliffe LLP.

  • Simple Secrets For Writing A Killer Brief

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    These days, the legal profession offers meager opportunity for oral argument, so we need to focus on being better, brighter, tighter writers. And the key to writing a better brief is grabbing your judge's attention with a persuasive, well-crafted story, says Daniel Karon of Karon LLC.

  • Takeaways From EU's Latest Anti-Money Laundering Rules

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    The Sixth Anti-Money Laundering Directive recently adopted by the Council of the European Union targets the financing of terrorism and organized crime, which have remained significant problems despite the efforts of previous directives, say Ian Hargreaves and Deirdre Lyons Le Croy of Covington & Burling LLP.