A Manhattan federal judge tasked counsel for a formerly private Cuba bank Monday with explaining why, under new Trump administration policy, it should get a $456 million chunk of $717 million that Societe Generale agreed to pay the U.S. government for violating Cuba sanctions.
The fear of crushing fines under Europe’s General Data Protection Regulation has been enough to make businesses finally pay attention to privacy — but some level of enforcement is imminent, the new regime's top official tells Law360.
A Manhattan federal judge’s ruling that the government had pinned a badge on Deutsche Bank and its lawyers at Paul Weiss in an investigation of alleged Libor-rigging was a warning to prosecutors and their civil counterparts to distance themselves from companies’ internal investigations.
The past week has seen a major ice cream distributor in the United Arab Emirates sue Maersk, Ferrari hit a trio of accountants with a fresh claim, and insurer Chubb sue actor Kevin Spacey in the High Court.
The U.K. unit of Indian lender Punjab National Bank is suing a Mauritius cruise company in London over €14.4 million ($16.1 million) in outstanding loan payments dating back to 2012, on claims that the firm and its two guarantors have fallen afoul of their contractual obligations.
Europe’s top markets and insurance regulators said Friday they have proposed amendments to the bloc’s financial regulations that will push EU banks, investment firms and insurers to consider the impact of sustainable finance when offering products to their customers.
A London judge refused on Friday to give a Ukrainian businessman more time to file his defense against breach of trust allegations linked to a $1 billion damages claim, rejecting arguments that he might be unable to sign documents because he is in detention in Russia.
Lloyds Banking Group on Friday named a retired High Court judge to review the way it compensated victims of an estimated £245 million ($322 million) fraud at a branch of its HBOS subsidiary, following political pressure over its handling of the scandal.
The Financial Conduct Authority and other industry regulators announced on Friday that they are banding together to tackle failed rogue companies that rise from the ashes as a new business so they can skirt liabilities, which is known as “phoenixing.”
A judge at the High Court in London upheld on Friday a lower court’s decision to grant the founder of private equity group Abraaj conditional bail on security of £15 million ($19.5 million) as he faces hearings to have him extradited to the U.S., where he faces fraud charges.
A senior legal adviser to the European Court of Justice has recommended that it should not reinstate a fine of nearly €15 million ($16.7 million) levied against the broking giant ICAP after it allegedly rigged Japanese yen interest rate derivatives.
The chairwoman of an influential parliamentary committee has urged the government to investigate why more shops are accepting only card payments as it was announced on Friday that a task force is being set up to “safeguard the future of cash.”
The U.S. Department of Justice effectively outsourced its investigation of Libor rigging at Deutsche Bank to the bank and its attorneys at Paul Weiss, a New York federal judge said Thursday in a ruling with broad implications for corporations and the white collar bar.
European data protection chiefs shed some light Thursday on why they have been slow to issue fines under the General Data Protection Regulation, with the U.K. authority comparing the new regime to a "teething toddler" and Ireland's watchdog urging those seeking precedent-setting rulings to be patient.
The entirety of Spanish boutique Arias SLP's team, including its founding partner, will soon join Herbert Smith Freehills LLP, bolstering the firm's Madrid litigation and arbitration group with their extensive disputes experience.
The former chief executive of the U.K. subsidiary of a Bangladeshi state-owned bank urged a London tribunal on Thursday to force the Financial Conduct Authority to hand over more information as he gears up to fight the regulator's sanction over alleged anti-money laundering failures.
A London judge granted bail Wednesday to the founder of defunct private equity firm Abraaj Group on a £15 million ($19.5 million) security, just days after refusing to release him for fear he would flee to avoid extradition to the U.S. on fraud charges.
Clydesdale Bank is facing allegations that its customers lost “hundreds of millions of pounds” after it misled them about the charges for terminating their loans, with lawyers launching a collective action in a London court to recover the money.
Latham & Watkins LLP announced that it has snagged a partner who specializes in insurance mergers, acquisitions and regulation from Linklaters LLP to join its London office.
The investment banking branch of Royal Bank of Scotland Group did not breach a $15.7 million loan contract when it told a Greek shipping magnate to repay the balance in full after he failed to post additional security, a judge in London ruled Thursday.
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.
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.
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, 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.
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.
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.
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.
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.
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.
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.