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Financial Services UK

  • May 2, 2019

    UBS Says 'No Choice' But To Fight French AML Charges

    The head of UBS Group has defended the Swiss bank’s decision to go to court in France to fight money laundering charges, telling shareholders on Thursday that the lender had not been able to reach an acceptable settlement with French authorities.

  • May 2, 2019

    Deutsche Bank Doesn't Owe Negative Interest In Dutch Suit

    Deutsche Bank doesn't owe the Dutch government millions of dollars in connection with a derivatives deal after a London appeals court ruled Thursday that it never agreed to pay the country interest if rates dipped below zero. 

  • May 2, 2019

    Investors Pull £12B From Equity Funds After Brexit Vote

    Investors have pulled £816 million ($1.1 billion) from U.K. equity funds this year, taking the amount they have withdrawn since the Brexit referendum in June 2016 to £12 billion, according to new data released on Thursday.

  • May 2, 2019

    Watchdog Plans Revamp of Accountants' Disclosure Rules

    Britain's accounting watchdog has proposed updating its guidelines for accountants when they produce financial information for potential investors, which will compel them to disclose whether they believe their company's sales pitch is fair and balanced.

  • May 1, 2019

    Banks Say Settlement Docs Needed To Fight Libor Class Cert.

    Barclays, UBS and other banks still fighting Libor-rigging allegations are asking a New York federal judge for access to investor claim forms submitted to other banks that settled out of the suit, arguing the documents are needed to fight an upcoming class certification bid.

  • May 1, 2019

    PE Fund’s £16M Accounting Fraud Suit Heads North For Trial

    A New York investment fund suing to recover £16.3 million after allegedly discovering the executives of a U.K. engineering firm it purchased overstated the company’s health will have its case go to trial in Manchester next year, a judge in London has ordered.

  • May 1, 2019

    IRS Gets OK To Seek Bank Info For Finnish Tax Evasion Probe

    A North Carolina federal court greenlighted the IRS to request information from three major American banks on certain account holders suspected to have evaded taxes in Finland, according to a Wednesday announcement from the U.S. Department of Justice.

  • May 1, 2019

    FCA Launches Review Of Financial Advice Market

    Britain’s markets watchdog said Wednesday it was reviewing whether rules governing financial advice are working for consumers amid concerns that customers may be handing over cash to advisers for unnecessary services.

  • May 1, 2019

    Macquarie Seeking €19M In Wind Farm Fees As Trial Opens

    A Macquarie Group unit told a London judge on Wednesday that it is entitled to €19 million ($21.3 million) in fees and interest from a German wind farm developer and operator, regardless of whether it raised the money for construction of a project at the heart of the deal.

  • May 1, 2019

    Ex-RBS Staffer Rebuked As Discrimination Case Tossed

    A claim for unfair dismissal and disability discrimination against Royal Bank of Scotland has been struck out by an employment judge, who ruled that the former member of staff at the lender had deliberately delayed his case and made a fair trial impossible.

  • May 1, 2019

    Merrill Lynch Escapes Broker's Swiss Flash Crash Suit

    Merrill Lynch doesn't have to recoup a foreign exchange broker's losses of €20 million ($22.5 million) in trades executed during the Swiss franc flash-crash in 2015 after a London judge tossed the lawsuit Wednesday morning. 

  • May 1, 2019

    ECB Hikes Fees By 21% As Banks Ready For Brexit

    Costs associated with Britain’s impending departure from the European Union will contribute to lenders having to pay 21 percent higher fees to the European Central Bank in 2019, with the bill surging to €576 million ($647 million), the ECB has said.

  • May 1, 2019

    UK Regulator Cuts Capital Buffers For High Street Bank

    The Bank of England cut capital requirements for one of Britain's biggest high-street lenders on Wednesday, suggesting a growing confidence among regulators in the balance sheets of banks.

  • April 30, 2019

    Trump Seeks To Sink Deutsche, Capital One Subpoenas

    President Donald Trump has asked a New York federal court to bar Deutsche Bank and Capital One from complying with House Democrat-backed subpoenas seeking financial records on Trump family members and businesses, saying the demands lack a legitimate purpose and flout federal financial privacy law.

  • April 30, 2019

    2nd Circ. Won’t Revive Real Estate Mogul's $100M Libor Suit

    Real estate mogul Sheldon Solow’s $100 million loss from a tanked municipal securities portfolio is too far removed from Libor manipulation to allow him to sue Citigroup and more than a dozen other banks, the Second Circuit ruled Tuesday in the latest blow to the years-old allegations.

  • April 30, 2019

    Nigeria Denies Blame For $875M Transfer In JPMorgan Suit

    Nigeria fought back Monday against JPMorgan's claim the country contributed to its own losses in a dispute over $875 million in state funds the banking giant transferred to a former oil minister at the behest of corrupt former government officials.

  • April 30, 2019

    Plaintiffs Firm Scott & Scott Opens Shop In Amsterdam

    Plaintiff-side law firm Scott & Scott Attorneys at Law LLP plans to open an office in the Netherlands to focus on competition and securities cases for its corporate and institutional investor clients.

  • April 30, 2019

    Barclays, Law Firm Force Old-Debt Fight Into Arbitration

    Barclays Bank Delaware and a Massachusetts law firm on Tuesday won their bid to dismiss a proposed class action that accused them of unlawfully suing customers over time-barred debt, as a Boston federal judge ruled the credit card holder who brought the case signed a valid arbitration pact.

  • April 30, 2019

    Nordea Sets Aside €95M For Possible Laundering Penalty

    Nordic lender Nordea Bank has put aside €95 million ($106.5 million) for a possible fine related to money-laundering allegations, the lender said Tuesday as it reported heavy losses for the first three months of the year.

  • April 30, 2019

    FSCS Seeks Redress For More Investors In Failed Resort

    The Financial Services Compensation Scheme alleges in its latest lawsuit brought in London court against a Guernsey-based trustee over lost investments in a failed Caribbean resort that loans made to the developer weren’t backed with adequate security.

Expert Analysis

  • 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.

  • A Long Accountability Journey For Financial Cos. Post-GDPR

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    The EU General Data Protection Regulation's accountability principle obligates organizations to provide evidence of compliance — one of the biggest changes brought about by the GDPR. Though the concept is simple, embedding accountability into financial services firms' operations and culture will not be achieved overnight, say experts at PricewaterhouseCoopers.

  • Société Générale: Sanctions Enforcement Is Alive And Well

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    The recent settlement between Société Générale and U.S. regulators illustrates that U.S. sanctions enforcement authorities may be shifting their attention back to large financial institutions after several years of relatively quiet enforcement across the financial services industry, say attorneys with Ropes & Gray LLP.

  • Why English Courts Are Prepared To Assist Cyber Victims

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    This year, a number of cases have illustrated how English courts are dealing with legal hurdles for cybercrime victims and making it easier to obtain a freezing order or injunction under such circumstances, says Fiona Cain of Haynes and Boone LLP.

  • Illegality Defense Developments In UK And Cayman Islands

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    Recent cases in the United Kingdom and Cayman Islands show that the broader test for application of the illegality defense endorsed in Patel v. Mirza appears to be more suitable than the previous Tinsley test, but it is now harder to predict the outcome of individual cases, say James Elliott and William Peake of Harney Westwood & Riegels LLP.

  • UK Privacy Rules That Can Catch You Off Guard

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    The recent data breach scandal involving the Leave.EU campaign shows that the U.K. Privacy and Electronic Communications Regulations is often overlooked by businesses, says Alexander Edwards of Rosling King LLP.

  • A Victory For Legal Privilege In Cross-Border Investigations

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    The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy LLP.

  • Time For Banks To Realign Legal, Risk And Compliance Teams

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    After the collapse of Lehman Brothers and the crisis that followed, banks organized their legal, compliance and risk divisions into silos that addressed the needs of the moment. Ten years later, however, it's time to consider whether this is still the best framework for the future, says Naomi Bowman of Berkeley Research Group LLC.

  • UK And EU Crawl Toward Virtual Currency Regulation

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    The lack of a harmonized approach to regulation of initial coin offerings in the EU is leading to a piecemeal approach across member states that will hamper blockchain developments, say Jacqui Hatfield and Rebecca Kellner of Orrick Herrington & Sutcliffe LLP.