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Financial Services UK

  • January 10, 2019

    White & Case, Allen & Overy Attys Among 108 Named QC

    Veteran lawyers from Allen & Overy LLP, White & Case LLP and 2 Hare Court are among the 108 new appointees named Thursday to receive the rank of Queen's Counsel, including several barristers specializing in corporate crime, banking, insurance and international arbitration.

  • January 10, 2019

    Last 3 Banks In $120M Enron Debt Investor Suit Settle

    Credit Suisse, Deutsche Bank and Merrill Lynch have settled out of a more than 15-year-old lawsuit brought by a group of investment funds seeking to hold them and others responsible for losses on $120 million of Enron Corp. debt purchased shortly before the energy giant’s 2001 collapse.

  • January 10, 2019

    Forex Investors Want $300M Fee Objector To Post Bond

    An investor class that has secured $2.3 billion in settlements over claims that 15 banks plotted to rig benchmarking rates in the foreign exchange markets told a New York federal court that the lone objector to the $300 million attorneys' fees award should have to post bond.

  • January 10, 2019

    HSBC Offers $30M, 'Chat' Evidence To Settle Bond-Fix Suit

    HSBC Bank PLC has cut a $30 million deal to settle investors’ allegations surrounding a scheme to rig the SSA bond market, and will hand over electronic “chats” to aid the class’ prosecution of remaining banks in the case, according to settlement documents filed in New York federal court on Wednesday.

  • January 10, 2019

    EU Lawmakers Bolster Regulators Ahead Of Brexit

    European lawmakers on Thursday backed plans to strengthen the bloc’s top three financial regulators, with a senior politician saying the move would help prevent the United Kingdom from conducting “dodgy business” in the European Union after Brexit.

  • January 10, 2019

    Insurers, Investment Managers Face Most Brexit Risk: FCA

    Insurers, investment managers and wholesale financial services could have the most to lose if Britain crashes out of the European Union without a trade deal on March 29, the Financial Conduct Authority said Thursday.

  • January 10, 2019

    Norway Demands Change After Nasdaq Power Trade Failure

    Nasdaq Inc. was given a March deadline by Norway's financial services regulator on Thursday to introduce new supervisory reforms in the wake of a massive default on its Nordic energy exchange last year.

  • January 10, 2019

    EU To Step Up Scrutiny Of Alternative Investment Fund Rules

    A review into the European Union's regulatory regime for alternative investment funds managers must address "excessive" disclosure and reporting requirements that could be undermining the aims of the rules, according to a new report published by the European Commission on Thursday.

  • January 10, 2019

    BT Pulls UK Swipe Fee Antitrust Suit Against MasterCard

    BT and three other telecommunications companies have withdrawn their damages claim at the Competition Appeal Tribunal against MasterCard Inc. and its international and European arms over interchange fees.

  • January 10, 2019

    EU Floats Climate-Threat Disclosure Plans For Finance Cos.

    The European Commission told banks and insurers on Thursday they must disclose information to investors about the risks that climate change presents to the performance of their business, as Europe presses ahead with plans to improve sustainability.

  • January 10, 2019

    Top EU Watchdog Gets Tough On Insurers' Capital Reserves

    Europe's top insurance regulator has confirmed that it plans to tighten supervision of companies that determine their own capital reserve requirements, sweeping aside industry concerns that the move will make it harder to do business.

  • January 10, 2019

    FCA Mulls Relaxing Post-Crash Responsible Lending Rules

    The Financial Conduct Authority said Thursday it is considering whether to relax rules on responsible lending to aid tens of thousands of “mortgage prisoners” who are trapped in deals and paying sky-high rates.

  • January 9, 2019

    Danske Bank Estonia Scandal Erased $2.5B, Investors Say

    A putative class of Danske Bank investors claimed in New York federal court Wednesday that more than $2.5 billion was lost as a result of money laundering accusations involving the bank's Estonian branch, where suspicious payments of up to €200 billion ($230 billion) were authorized over eight years.

  • January 9, 2019

    Marketing Cos. Say They’re 'Singled Out' In Share Sale Suit

    Two finance marketing firms accused by the Financial Conduct Authority of making false claims to investors in a share sale to revive the brand behind one of Britain’s biggest music store chains have complained in new court documents they are being “singled out” by the regulator.

  • January 9, 2019

    Italian Watchdog Fines Automakers €678M Over Finance Cartel

    Italy's competition watchdog slapped automakers BMW, Fiat-Chrysler, Ford and Toyota and their banking operations with a combined €678 million ($776 million) fine Wednesday for running a financing cartel that authorities said reduced competition for selling certain cars. 

  • January 9, 2019

    FCA Warns Firms About Misleading Financial Adverts

    Financial Conduct Authority executives warned senior managers on Wednesday they will be reprimanded if their companies are found to be issuing misleading material about financial promotions.

  • January 9, 2019

    Baker McKenzie Snags Ex-White & Case Capital Markets Duo

    Baker McKenzie has hired two capital markets partners from White & Case LLP to join its corporate finance offering in London.

  • January 9, 2019

    Insurers Get Extra Month To Defend ABN Amro Cargo Suit

    A group of 14 insurers has been granted an additional month by a London court to defend allegations that they wrongly refused to pay compensation to a commodity finance business owned by Dutch lender ABN Amro Bank after its clients defaulted on approximately $63.6 million of transactions.

  • January 9, 2019

    Ex-Premier League Star Fights Money Laundering Charges

    A former Premier League star told a London jury Wednesday that he didn't launder money, saying that the thousands of pounds he received from his brother was just an example of the "really, really regular" cash transfers his family members frequently made among themselves.

  • January 9, 2019

    Finance Adviser Takes Ex-Directors To Court Over Benefits

    Towergate Financial, a U.K.-based adviser, has launched legal proceedings at a London court against two of its former directors, seeking to claw back payments it was forced to make to HM Revenue and Customs after its employee benefit trust was found to have breached tax rules.

Expert Analysis

  • Lessons From UK's Data Backlash

    Kim Roberts

    Tesco Bank and British Airways are the latest British icons to find themselves in legal difficulties regarding data breaches, exemplifying the breadth of breach-related risks beyond the established route of the Information Commissioner's Office, says Kim Roberts of King & Spalding LLP.

  • Tech, Media, Telecom Investor-State Arbitration Is On The Rise

    Florencia Villaggi

    Disputes between foreign investors from the technology, media and telecommunications sector and host states are a substantial feature of the investor-state claims landscape. The recent growth of investor-state arbitrations in this sector could be explained by several factors, says Florencia Villaggi of Herbert Smith Freehills LLP.

  • Treat GDPR Compliance As A Marriage, Not A Wedding

    Ben Pilbrow

    Earlier this year, many businesses were so focused on ensuring that their privacy notices and customer lists were compliant by May 25 that they forgot that General Data Protection Regulation D-Day was just the first day of a new regime, rather than a one-day event, say Ben Pilbrow and Joanna Boag-Thomson of Shepherd and Wedderburn LLP.

  • New UK And US Regimes May Deter Foreign Investment

    Robert Bell

    Newly proposed U.K. rules and the amended regime for the Committee on Foreign Investment in the United States will radically change how the two governments review sensitive transactions, which will affect the likelihood of deal clearance, deal timing and the drafting of appropriate contractual provisions, say Robert Bell and Jennifer Mammen of Bryan Cave Leighton Paisner LLP.

  • BVI Companies May See More 'Just And Equitable' Petitions

    Andrew Willins

    Courts in the British Virgin Islands have mostly resisted the temptation to appoint liquidators in soft wind-downs. However, a recent decision in Delco Participation v. Green Elite has opened the door to more "just and equitable" liquidation petitions, say Andrew Willins and Eliot Simpson of Appleby.

  • UK Employees May Soon Gain The 'Right To Disconnect'

    Sarah King

    Several European countries have recently incorporated the "right to disconnect" from work into their domestic legislation. Currently, there is no equivalent law in the U.K., but as stress levels continue to rise, it is likely that U.K. legislators will follow suit, says Sarah King of Excello Law.

  • Cayman Derivative Cases Brought Overseas Still Face Hurdles

    Peter McMaster

    Two court decisions within the past year have simplified the process for bringing derivative claims outside the Cayman Islands on behalf of Cayman companies, as shareholders no longer need permission from a Cayman court. However, such claims still face two difficulties, say Peter McMaster and Anna Snead of Appleby.

  • Q&A

    A Chat With Faegre Client Development Chief Melanie Green

    Melanie Green

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Melanie Green, chief client development officer at Faegre Baker Daniels LLP.

  • Structuring Investigations In Light Of UK Privilege Case

    Mark Beeley

    The English Court of Appeal's much-anticipated decision in Eurasian Natural Resources Corporation means that companies will continue to face difficulties in obtaining the information they need to investigate suspected wrongdoing, without losing the benefit of legal advice privilege under English law, say Mark Beeley and Rebecca Dipple of Orrick Herrington & Sutcliffe LLP.

  • UK's Proposed Investment Scrutiny Powers Are Far-Reaching

    Douglas Lahnborg

    The recently issued National Security and Investment White Paper proposes a significant expansion in the U.K. government's powers to scrutinize foreign investments. If the proposals are brought into force, the U.K. regime will be one of the most stringent in the world, say Douglas Lahnborg and Matthew Rose of Orrick Herrington & Sutcliffe LLP.