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Financial Services UK

  • January 7, 2019

    UK Finance Sector Shifts £800B In Assets To EU, Report Says

    Companies in Britain’s financial services sector have transferred assets worth almost £800 billion ($1 trillion) from the U.K. to rival cities in the European Union since the Brexit referendum, according to a report from the EY accounting firm published Monday.

  • January 7, 2019

    FCA Tells Europe's Cos. To Seek Temporary UK Permission

    The Financial Conduct Authority told Europe’s banks and insurance companies on Monday that they can start applying for temporary permission to continue providing financial services in Britain for a limited period after Brexit if the U.K. leaves the European Union without securing a transition agreement.

  • January 4, 2019

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen Natixis sue a Nigerian oil refinery, a Qatar Insurance unit lodge a commercial fraud claim, and Allianz Global Investors take on some of the same major banks the institutional investor has already sued for foreign exchange manipulation in the U.S. Here, Law360 looks at those and other new claims in the U.K.

  • January 4, 2019

    Fund Manager Who Sparked FCA Probe Loses Firing Row

    A London judge has ruled that an asset management firm was justified in firing a fund manager at the center of a Financial Conduct Authority antitrust probe, finding he disclosed confidential information ahead of an initial public offering.

  • January 4, 2019

    Qatar Bank Rips Yacht Owner's Bid To Dodge €5M Claim

    Qatar National Bank has argued that Force India Ltd.’s defense against a lawsuit seeking recovery under a loan, either through €5.2 million in damages or sale of the company's yacht, should be struck because the arguments made in it are “hopeless” when held up against the terms of the contract.

  • January 4, 2019

    NY Court Seeks UK's Aid In Bloomberg's Misused Data Suit

    A New York federal judge on Thursday asked an English court for judicial assistance in compelling a London-based company’s cooperation with evidence requests in Bloomberg Finance LP's lawsuit accusing UBS AG of unlawfully redistributing its proprietary data.

  • January 4, 2019

    Europe Unveils Draft Sustainability Rules For Firms, Insurers

    The European Commission stepped up its fight against climate change on Friday, unveiling draft rules that will require financial institutions and insurers to consider sustainability when giving out investment advice.

  • January 4, 2019

    Ex-Barclays Execs Face London Trial Over Qatar Fundraising

    Four former directors at Barclays PLC will become the most senior bankers to face criminal charges in the U.K. over their conduct during the financial crisis when they appear before a London jury to face trial over fundraising for the British lender’s emergency cash call in 2008.

  • January 4, 2019

    ING Fights $19M Derivatives Suit Over Singapore Bank Sale

    ING Bank NV has stood by a calculation it made about its liability to Lehman Brothers when selling its Asian unit to Singapore’s Oversea-Chinese Banking Corp. Ltd. in 2009, denying in new court documents that the Singapore lender is entitled to any of the damages or relief claimed.

  • January 4, 2019

    Norton Rose Dragged Into ABN Amro Cargo Insurance Suit

    An insurance intermediary has rejected claims that it arranged faulty cargo insurance for a commodity finance business owned by Dutch lender ABN Amro Bank, claiming in High Court documents that the disputed policy clause was drafted by the company’s law firm, Norton Rose Fulbright LLP.

  • January 4, 2019

    Oslo Exchange Seeks Counterbids To Euronext Takeover Offer

    Norwegian stock exchange Oslo Bors VPS Holding said Friday it is inviting potential buyers to rival a €625 million ($713 million) cash offer for the company, which was tendered by Euronext NV on Christmas Eve.

  • January 3, 2019

    Ex-Credit Suisse Bankers Aided $2B Fraud In Africa: Feds

    Former Credit Suisse bankers, a Lebanese businessman and top officials in Mozambique participated in a scheme to siphon funds from more than $2 billion in government-backed loans for fraudulent projects in the African nation, according to an indictment unsealed Thursday in New York federal court.

  • January 3, 2019

    UK Hi-Fi Retailer Steps Up Swipe Fee Suit Against MasterCard

    A major U.K. home entertainment equipment firm is pushing forward with claims against MasterCard over its interchange fees following the Court of Appeal’s landmark finding last year that both MasterCard and Visa set the so-called swipe fees at an unlawfully high level that restricted competition.

  • January 3, 2019

    Vannin Denied Quick Win In £14M RBS Litigation Funding Suit

    A London judge has rejected efforts by litigation funder Vannin Capital PCC for a quick win in a High Court suit seeking £14 million ($17.7 million) from the shareholders who won a £200 million settlement from Royal Bank of Scotland over its 2008 rights issue.

  • January 3, 2019

    FCA Guides Employees On Avoiding Conflicts Of Interest

    The Financial Conduct Authority said it has instructed its staff to declare and surrender gifts worth more than £30 ($37.8) under a sweeping policy designed to tackle conflicts of interest at the regulator.

  • January 3, 2019

    Exporter Denies Fraud Allegations In Singapore Bank Suit

    A Chinese commodities exporter has hit back at allegations by Oversea-Chinese Banking Corp. that it conspired with a trader to be paid fraudulently by Deutsche Bank, denying that it knew the trade deal was based on bogus documents.

  • January 3, 2019

    Insurers Continue Exodus From UK Ahead of Brexit

    Two leading insurance companies said Thursday they have finalized Brexit relocation plans by transferring their U.K. cross-border contracts or offices to mainland Europe, adding to the list of insurers and reinsurers moving ahead of Britain's withdrawal from the bloc. 

  • January 3, 2019

    Russian Bank's Fight Over $130M Loan Repayments Paused

    Legal proceedings brought by Moscow-based VTB Bank against the holding company of a Russian billionaire’s industrial business over $130 million in allegedly outstanding loan repayments have been stayed to allow both sides to continue talks outside court.

  • January 3, 2019

    Bank of England Appoints Veterans To Top Policy Panel

    Two industry veterans have been appointed to serve as external members on one of the Bank of England’s top panels, which monitors financial health, HM Treasury said Thursday.

  • January 2, 2019

    Germany Drops Insider Probe Into Ex-Deutsche Boerse CEO

    The Frankfurt prosecutor’s office confirmed Wednesday it has ended its investigation into a former Deutsche Boerse AG chief executive suspected of insider trading in exchange for payments of almost €5 million ($5.7 million).

Expert Analysis

  • Tax Enforcers Unite Against International Tax Crime

    Kyle Womboldt

    In light of the launch of the Joint Chiefs of Global Tax Enforcement alliance against transnational tax crime and money laundering, it is more important than ever for corporations and professional services firms to carefully manage their exposure to higher risk clients and business activity, say Kyle Wombolt and Jeremy Birch of Herbert Smith Freehills LLP.

  • Goldman Sachs Decision Raises Bank Failure Questions In UK

    Ben Pilbrow

    Depending on your political beliefs, the U.K. Supreme Court's recent judgment in Goldman Sachs v. Novo Banco either illustrates the benefits of remaining in the European Union or highlights the dangers of not breaking free from it, says Ben Pilbrow of Shepherd and Wedderburn LLP.

  • Opinion

    A Revolution For 3rd-Party Funding In The UK

    Guy Harvey

    Only 10 years ago, third-party funding was an exotic black art at the fringes of appropriate behavior in the United Kingdom. Now it is formally approved and championed by Court of Appeal judges and there is a wide range of funding options available to practitioners, says Guy Harvey of Shepherd and Wedderburn LLP.

  • UK Seeks To Balance Asset Protection And Protectionism

    William Charnley

    In response to the evolving geopolitical threats of the 21st century, the United Kingdom at the end of July began an initiative to enhance its powers to review or block foreign acquisitions of sensitive British assets. The challenge will be striking a balance between protecting legitimate strategic concerns and facilitating international investment, say attorneys at King & Spalding LLP.

  • Is It Time To Prosecute UK Cos. For Human Rights Violations?

    Andrew Smith

    The idea of holding companies criminally liable for human rights abuses committed overseas has gained traction over the past decade. Though the U.K. government has made it clear that it has no immediate plans for further legislation in this area, calls for corporate criminal liability are only likely to get louder, say Andrew Smith and Alice Lepeuple of Corker Binning.

  • 6 Trends Will Shape Future International Commercial Disputes

    Cedric Chao

    The world of international litigation and arbitration tends to move slowly — however, I expect the pace of change to accelerate in the coming decade as six trends take hold, says Cedric Chao, U.S. head of DLA Piper's international arbitration practice.

  • Fortis Case Confirms Viability Of Dutch Settlement Law

    Jonathan Richman

    A Dutch court's approval this month of a €1.3 billion ($1.5 billion) collective settlement of claims brought by shareholders of the former Fortis shows that the Dutch Act on Collective Settlement of Mass Claims can be used to resolve transnational disputes on a classwide, opt-out basis, say Jonathan Richman of Proskauer Rose LLP and Ianika Tzankova of Tilburg University.

  • UK Reflective Loss Rule Impedes Shareholder Recovery

    David Gerber

    The U.K. High Court's recent decision in Breeze and Another v. Chief Constable of Norfolk illustrates the great difficulty shareholders face when trying to recover loss caused by a wrong done to a company, especially if the company is unwilling or unable to pursue the claim itself, say David Gerber and Joshua Reynolds of Arnold & Porter.

  • FCPA Liability For Hiring Practices Gains New Credence

    Bruce Searby

    The U.S. Department of Justice and the U.S. Securities and Exchange Commission have stood by an expansive theory of anti-bribery liability under the Foreign Corrupt Practices Act for corrupt hiring schemes. After the recent Credit Suisse resolutions, the theory appears to be here to stay, says Bruce Searby, a partner at Searby LLP and a former federal prosecutor.

  • Opinion

    Law360's Global 20 Doesn't Acknowledge Global Networks

    Glenn Cunningham

    While I read with interest Law360's report analyzing the top 20 global law firms of 2018, I also noticed it doesn't tell the whole story. Global networks of independent law firms compare favorably with multinational firms in terms of geographic coverage, legal expertise, and awareness of local cultures and customs, says Glenn Cunningham of Interlaw Ltd.