UBS is urging a New York federal judge to bar a defunct investment company from allowing the outfit that bought its assets to take over as the last plaintiff in a proposed class action over alleged Libor rigging, calling the move an “attempt at sleight of hand” by an enterprise that no longer exists.
A high-end Kenyan restaurant has accused an African development bank of saddling it with loans for a development and then ditching the project, sticking the eatery with debt that was meant to be paid by revenue from the finished project, according to new documents filed with a London court.
A Dutch private equity firm has accused a cancer treatment center based out of Cyprus of failing to repay €5.3 million ($5.97 million) in loans and interest and frustrating accountants' attempts to answer why the company defaulted, according to a lawsuit filed with a London court.
A lawyer for BNP Paribas on Thursday rebutted an employee's claims that the bank's human resources department took part in a campaign to push her out of the firm, telling a London tribunal that the allegation was "extremely unfair" and unfounded.
Counsel for a former Barclays trader on trial for allegedly rigging a key interest rate benchmark told a London jury on Thursday that the Serious Fraud Office had not backed its case with evidence, comparing it to competing in a bake-off without half the ingredients.
Consumers should "be prepared to lose all their money” if they invest in cryptocurrencies such as bitcoin, the Financial Conduct Authority warned on Thursday, after it found they are often buying the assets to “get rich quick.”
The Serious Fraud Office failed to obtain key documents from the law firm that represented Qatar as the agency investigated side deals used by Barclays PLC to pay Qatari investors additional fees as it tried to raise billions of pounds in the financial crisis, it emerged at a London court on Thursday.
European Union lawmakers agreed to rules on Thursday aimed at preventing financial services businesses from making misleading claims about how sustainable their investment products are by forcing them to disclose any threats their offerings pose to the environment.
A European Union money laundering and terrorist-financing blacklist that would have included Saudi Arabia and four U.S. territories was unanimously rejected by member states on Thursday, after being criticized for lacking transparency and motivation for those territories to act.
Provident Financial PLC on Wednesday reiterated its disdain for Non-Standard Finance's unsolicited, all-share offer that values the lender at roughly £1.3 billion ($1.7 billion) and said it has resolved the regulatory issues with the Financial Conduct Authority that NSF mentioned in its offer.
Credit Suisse must take part in mediation with a proposed class of institutional investors accusing the bank of concealing risk management problems in its fixed-income franchise ahead of $1 billion in write-downs in 2016, a New York federal judge said Tuesday.
Despite its frustrated attempts to achieve qualified majority voting on tax matters, the outgoing European Commission can point to one strong anti-avoidance rule, due to come into force next year, that some tax professionals find alarming. And to some observers, that’s exactly the point.
Bribery and fraud laws in the U.K. are weak and have forced the country's white collar cops to outsource criminal cases against bankers and financial institutions to law enforcement authorities in the United States, according to a corruption watchdog group.
The National Credit Union Administration board has asked a New York federal court to overlook its tardiness and exclude it from $590 million in settlements with Barclays, Citigroup, Deutsche Bank and HSBC over allegations the banks schemed to manipulate Libor for short-term loans.
European Union governments reached a political agreement with the bloc’s lawmakers on Wednesday about draft rules designed to help smaller companies raise money by listing on specialist stock exchanges, the European Commission announced.
Banks must stop bombarding customers who are struggling to pay off their credit card debt with multiple penalty fees, the Financial Conduct Authority said Wednesday, telling card providers to take steps to protect individuals facing financial difficulties.
Not a single person was prosecuted under key U.K. anti-money laundering laws during the first 16 months following their introduction in 2017, new data revealed on Wednesday, raising questions about Britain's campaign against dirty money.
A manager at BNP Paribas suing the French bank for sex discrimination told a tribunal in London on Wednesday that her career has been “irretrievably damaged” after she was continually victimized and harassed for raising gender pay disparity within the company.
Defrauded investors can recoup the money they sunk into a sham property scheme from Clydesdale Bank, a London appeals court said on Wednesday as it ruled that the lender had breached contractual obligations by dispersing the money without permission.
Financial services companies fear that a no-deal Brexit will create headaches, and financial penalties, when it comes to dealing with data transfers from European Union countries to the U.K., a survey by EY revealed on Wednesday.
With only five months remaining for the U.K. to make a deal with the EU and the possibility of a "no-deal" Brexit looking increasingly plausible, now is the time to take proactive steps to protect your clients’ positions and to make sure that their contracts are effective and enforceable, say Claire Stockford and Caitlin McLean of Shepherd & Wedderburn LLP.
Faced with the opportunity to purchase cyber risk insurance to mitigate the damage caused by cyber events, prospective policyholder companies need all the help they can get in order to navigate this increasingly complex part of the U.K. insurance market, says Richard Mattick of Covington & Burling LLP.
This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.
The former CEO of a U.K. bank recently pled guilty to charges under the Foreign Account Tax Compliance Act, following a U.S. Department of Justice sting operation spanning several countries. The conviction sends a clear message that U.S. authorities will prosecute not only U.S. account holders, but those who facilitate tax evasion, whatever their nationality, say attorneys at White & Case LLP.
The General Data Protection Regulation applies to blockchain networks that directly store personal information. However, blockchain technology can make compliance challenging, and also raises questions regarding who bears responsibility for compliance, say attorneys at Covington & Burling LLP.
As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.
The U.K. Supreme Court's judgment in Eclairs v. JKX seemingly opened the door for a broad interpretation of the proper purpose rule, but despite the confusion, the rule will continue to operate as a useful legal safeguard for shareholders, say Nick Hoffman and Conal Keane of Harney Westwood & Riegels LLP.
The use and provision of virtual currency services have remained largely unregulated in the European Union, but its newest anti-money laundering directive could be the first step to tougher regulation, say Chris Warren-Smith and Paul Mesquitta of Morgan Lewis & Bockius LLP.
In KBR v. SFO, the U.K. High Court confirmed that the Serious Fraud Office can require foreign companies to produce documents held outside the U.K. as long as there is a sufficient connection between the company and the jurisdiction. This judgment will embolden other agencies with similar compulsory document production powers, says Andrew Smith of Corker Binning.
Dark web monitoring allows law firms to see what sensitive information may have made its way onto the thriving global underground marketplace where cybercriminals buy and sell exposed data. It can also help lawyers advise clients on a wide range of legal and business matters, say Anju Chopra and Brian Lapidus of Kroll.