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Financial Services UK

  • March 13, 2019

    Fidelity Settles IP Claim Against Payment Service Co.

    Fidelity International and its U.K. investment service have settled their lawsuit against Currency Cloud, alleging that the global payments platform infringed upon its “Fidelity” trademark, according to a recent order from the London court where the litigation was filed.

  • March 13, 2019

    Prudential Moves £36B To Luxembourg Ahead Of Brexit

    British insurance giant Prudential PLC has transferred £36 billion ($47.4 billion) of assets to Luxembourg after spending £27 million on setting up a new operation in the country, a company executive said Wednesday, in a move that highlights the dislocation Brexit is causing to the financial sector.

  • March 13, 2019

    Top UK Court Orders Lehman Administrators To Pay Tax Bill

    Administrators of Lehman Brothers' European trading arm must pay a tax bill to HM Revenue and Customs on billions of dollars in statutory interest accrued on debts owed to creditors, Britain’s highest appellate court said Wednesday.

  • March 12, 2019

    Nigerian Oil Co. Fights Banks' Suit Over $1.2B Loan

    A Nigerian oil and gas company is fighting claims it owes French investment bank Natixis fees from an underwriting agreement for a $1.2 billion loan. In a London court filing, Famfa Oil Ltd. said that it was harmed by the lender's bad advice after it was forced to withdraw from bidding to buy a Petrobras exploration company.

  • March 12, 2019

    What To Do When The SFO Knocks: Tips On Landing A DPA

    Companies facing a U.K. fraud investigation may want to avoid the embarrassment and damage of a criminal case by striking a deferred prosecution agreement, but attorneys say firms must clear high hurdles to get a deal — and realize they won’t walk away unscathed.

  • March 12, 2019

    ECB To Supervise Latvian Bank Voicing Corruption Claims

    The European Central Bank has agreed to take over supervision of Latvia’s PNB Banka as the lender said Tuesday the country’s own regulators have treated it in an “unfair and inequitable” way after it called out alleged corruption at the nation's central bank.

  • March 12, 2019

    Libya Wealth Fund Says Bear Sterns Paid Bribe For Bond Deal

    The Libyan Investment Authority has renewed calls for a London court to cancel a $180 million bond agreement issued by now-JPMorgan unit Bear Stearns, saying the firm paid and then concealed a $6 million bribe to a businessman with ties to the Moammar Gadhafi regime to secure the deal.

  • March 12, 2019

    UK Lawmakers Reject Brexit Deal, Stoking Fears Of Chaos

    Lawmakers rejected the British government's blueprint for leaving the European Union by a 149-vote margin late on Tuesday, raising the risk that Britain will crash out of the bloc unless Parliament votes to prevent a disruptive no-deal Brexit and possibly delay the March 29 departure date.

  • March 12, 2019

    Ex-Barclays Trader Blames Peers As Euribor Trial Wraps

    An attorney for a former Barclays trader charged with conspiring to rig a key interest rate benchmark told a London jury during closing arguments Tuesday that her client was unknowingly "used and abused" by those who did manipulate the rate for their financial benefit.

  • March 12, 2019

    Norton Rose Denies Liability In Bank's Cargo Insurance Suit

    Norton Rose Fulbright has said it cannot be held liable for any loss suffered by an insurance broker being sued alongside 14 insurers by ABN Amro, denying claims that it negligently drafted a cargo insurance policy at the center of a High Court lawsuit between the bank and insurers.

  • March 12, 2019

    Forex Trader Says $1M Settlement Row Belongs In Turkey

    A foreign exchange trader based in the U.K. has pushed back against a lawsuit filed by a former business partner seeking to recoup the remaining $1 million from a confidential settlement, telling a London court that the case belongs in Turkey. 

  • March 12, 2019

    FCA Criticizes Attys, Accountant Groups Over AML Defenses

    Professional bodies overseeing lawyers and accountants were criticized by the Financial Conduct Authority on Tuesday for failing to police their members' anti-money laundering efforts.

  • March 12, 2019

    Gov’t Says Pensions Advice Shake-Up Will Boost £1.6T Assets

    The government unveiled plans on Tuesday to help reshape Britain’s financial adviser services, used by pension schemes to help them make long-term investment strategies, in an attempt to boost the nation’s £1.6 trillion ($2.1 trillion) pot of retirement assets.

  • March 12, 2019

    Payday Loan Redress Claims Higher Than Feared, MPs Say

    The number of customers unable to seek compensation after the collapse of payday lender Wonga because their cases fall outside the statutory redress scheme is four times higher than estimated, lawmakers said on Tuesday, with as many as 40,000 people at risk of losing out.

  • March 12, 2019

    UK Attorney General Says May's New Brexit Plan Legally Weak

    Britain’s attorney general warned Tuesday that the country remains at risk of becoming locked in a European Union customs mechanism after leaving the bloc on March 29, throwing doubt on last-ditch concessions secured by Prime Minister Theresa May just hours ahead of a vote on her Brexit deal in Parliament.

  • March 12, 2019

    EU Sets Rules To Protect Whistleblowers From Retaliation

    European Union lawmakers announced on Tuesday that they have agreed to adopt rules designed to encourage individuals to blow the whistle on companies that breach the bloc’s laws, including measures to allow employees to report information confidentially and protect whistleblowers against reprisals.

  • March 11, 2019

    Russian Bank Asks ECJ To Review Ukraine Sanctions Ruling

    Moscow-based lender VTB Bank is asking the European Court of Justice to reverse a ruling upholding sanctions against it in the wake of Russia's military intervention in Ukraine, saying the EU's General Court erred in ruling the restrictions were "appropriate and proportional" for achieving the stated peacekeeping goals.

  • March 11, 2019

    UK Slowly Steps Up Use Of New 'Dirty Money' Powers

    The National Crime Agency's recent move to freeze bank accounts holding £3.6 million ($4.7 million) in suspected illicit funds shows that British investigators are starting to get to grips with new economic crime powers aimed at tackling the flow of dirty money through the financial system.

  • March 11, 2019

    HSBC Unit Seeks Early Win In Jordanian's $6M Debt Dispute

    HSBC Bank Middle East Ltd. told a London judge Monday that a Jordanian national’s defense to avoid a $6 million payment to the lender as ordered by an overseas court does not stand up to the evidence and relies on notions that are “confusing and bizarre.”

  • March 11, 2019

    Hundreds Of Firms Leave City As Brexit Deadline Nears

    More than 275 financial firms in the City are relocating, have moved staff or have set up entities outside of the U.K. in preparation for possible disruption following Britain's exit from the European Union, a report published Monday said.

Expert Analysis

  • How Brexit May Impact UK Criminal Justice

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    As uncertainty over a Brexit deal remains following the U.K. Parliament's overwhelming rejection this week of a draft withdrawal agreement, John Binns of BCL Solicitors LLP takes a closer look at the potential end of criminal justice cooperation arrangements between the United Kingdom and the European Union.

  • Worldwide Freezing Orders Can Backfire Without Proper Care

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    Worldwide freezing orders, which preserve a respondent's assets until the outcome of the substantive case, are an important weapon in the arsenal of a commercial litigant. However, as FSDEA v. Dos Santos demonstrates, courts lay heavy obligations upon WFO applicants, says Nicola McKinney of Grosvenor Law Ltd.

  • UK Litigation And Guidance Highlight Cybersecurity Risk

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    Recent developments in the United Kingdom emphasize the importance of companies implementing cybersecurity measures proactively both to prevent incidents and to argue in mitigation when, not if, the company does suffer a data breach, say Guillermo Christensen of Ice Miller LLP and Anupreet Amole of Brown Rudnick LLP.

  • 2 BVI Cases Explore Scope Of Proper Purpose Test

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    Two recent cases in the Eastern Caribbean Court of Appeal have presented British Virgin Island courts an opportunity to develop a local jurisprudence regarding the BVI Business Companies Act and provide guidance on how the proper purpose test is to be applied, says Rosalind Nicholson of Walkers Global.

  • Attorney-Client Privilege Must Be Reclaimed In The UK

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    The House of Lords' landmark decision in Three Rivers v. Bank of England significantly undermined confidentiality of communications between lawyers and clients. The U.K. Supreme Court should review this case as soon as possible, says Quentin Bargate of Bargate Murray Ltd.

  • Last-Minute Brexit Preparations For EU Financial Firms

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    As the deadline for a hard Brexit draws ever closer, financial firms operating in the United Kingdom or European Union must consider how possible outcomes will impact transactions and contractual relationships, and take steps to mitigate business interruptions, say Gilles Kolifrath and Linda Sharkey of Kramer Levin Naftalis & Frankel LLP.

  • UK Financial Services Industry Faces 'Cliff Edge' Scenario

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    Though the United Kingdom has reached an agreement with the European Union regarding its withdrawal, the U.K. Parliament is unlikely to approve it. Much of the U.K.'s financial industry is still preparing for a "no deal" outcome, says Chris Bryant of Bryan Cave Leighton Paisner LLP.

  • Opinion

    Why We Need Anti-Money Laundering Whistleblower Awards

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    The recent Mossack Fonseca indictments and Deutsche Bank raid would not have been possible without the whistleblower behind the Panama Papers leak. But there is no incentive for rooting out the type of criminal money laundering revealed here, creating a large enforcement gap, say Eric Havian and Michael Ronickher of Constantine Cannon LLP.

  • What To Expect From Serious Fraud Office In 2019

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    The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.

  • A Closer Look At New Calif. Pension Fund Climate Law

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    Landmark California legislation going into effect in January requires the two largest pension funds in the U.S. to publicly report on their climate-related financial risks, which should result in more widespread adoption of financial disclosure recommendations from the Financial Stability Board, say attorneys with CKR Law LLP.