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Financial Services UK

  • March 4, 2019

    Global Auditors To Face Tougher UK Regime, Regulator Warns

    International auditing giants could be made to conduct tougher checks on whether their British clients are able to stay afloat following concerns about the “quality and rigor” of their scrutiny, Britain’s accountancy regulator said on Monday.

  • March 4, 2019

    Shipmaster Put Boat At Piracy Risk, Insurers' Atty Says

    The master of a ship destroyed by an explosion off the Yemen coast in 2011 knowingly breached industry rules when he cut his engines in waters prone to piracy attacks, a lawyer for insurers seeking to avoid up to £77 million in indemnity payouts argued at a London court on Monday.

  • March 4, 2019

    Barclays Must Preserve Audio For $850M Metals Trading Suit

    London’s High Court has ordered Barclays Bank PLC to retain some audio data held by its so-called custodian banks under disclosure requirements for a $850 million lawsuit filed by hedge fund Red Kite Management Ltd. for alleged manipulation of the copper market.

  • March 4, 2019

    EU Adopts Cuts To Cross-Border Costs For 150M Customers

    Governments of European Union member states adopted rules on Monday to make euro payments cheaper for 150 million consumers outside the eurozone, which will cut the cost of making credit transfers, card payments and cash withdrawals.

  • March 4, 2019

    Hedge Fund Reinvested Abandoned Funds, Gold Miner Says

    A West African gold mining company has told a judge in London that a hedge fund reinvested money that it would have borrowed under a loan deal and therefore lessened losses incurred when the miner abandoned a $55 million financing agreement.

  • March 4, 2019

    FCA Mulls Crackdown To Tackle Overcharges In Car Financing

    The Financial Conduct Authority set out proposals Monday to fix commission structures in the motor finance sector after concluding that car dealers are overcharging customers who take out loans to buy cars by approximately £300 million ($396 million) in interest payments every year.

  • March 1, 2019

    Objector To $300M Forex Fee Award Must Post Appeal Bond

    A New York federal judge has ordered that an objector to a $300 million attorney fees award in sprawling litigation that claims 15 banks plotted to rig benchmarking rates in the foreign exchange markets must post a bond for the appeal.

  • March 1, 2019

    Ex-AmTrust Investor Seeks EU Antitrust Probe Of $2.95B Deal

    A private investment firm claiming to have been one of AmTrust’s largest shareholders is broadening its challenge to the $2.95 billion deal that took the insurer private, asking Europe's competition watchdog to launch an antitrust investigation into a deal it claims was deliberately undervalued.

  • March 1, 2019

    Bid To Get GC's OK Shows Deals No Crime: Ex-Barclays Exec

    Former executives' efforts to get Barclays' legal team to sign off on lucrative advisory deals with Qatari investors are proof the agreements are not the sham prosecutors have made them out to be, one ex-executive told investigators in an interview.

  • March 1, 2019

    Scammer Gets 6 Months For Violating £14M Repayment Order

    A London judge on Friday sentenced a man behind a land investment scam to six months imprisonment for circumventing a court order that aimed to recoup the more than £14 million ($18.4 million) victims lost to the fraud, citing the "deliberateness of the breaches."

  • March 1, 2019

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

    The last week has seen Mozambique sue Credit Suisse amid a $2 billion loan scandal that has sparked criminal charges in the U.S., a claim filed against a tax expert at Berkshire Wealth LLP, and Swiss digital payments provider Inatec sue a rival merchant. Here, Law360 looks at those and other new claims in the U.K.

  • March 1, 2019

    EU Rejects Dirty-Money List After US, Saudis Protest

    European governments have refused to back plans for a blacklist of countries with lax anti-money laundering and terrorist financing controls including Saudi Arabia and some U.S. territories, lawmakers in the bloc said on Friday.

  • March 1, 2019

    EU Moves To Protect Irish Securities Trading In London

    Europe's top securities regulator acted Friday to protect Ireland's stock and bond traders from disruption in the event that Britain crashes out of the European Union on March 29.

  • March 1, 2019

    Watchdog Applauds Safeguards Against Push Payment Scams

    The Payment Systems Regulator has welcomed measures aimed at safeguarding consumers against so-called authorized push payment scams, in which banks will compensate victims of fraud if customers have taken reasonable steps to protect themselves.

  • March 1, 2019

    EU Tells Regulators To Protect Deposits In No-Deal Brexit

    The European Banking Authority called on Friday for regulators in member states to safeguard deposits held by European Union-based branches of British lenders if the U.K. crashes out of the bloc without a deal.

  • March 1, 2019

    Nigerian Bank Wins 2nd Shot At $3.5M Engineering Trust Row

    An appeals court in London gave a Nigerian bank a second shot on Friday at avoiding paying an oil engineering company millions of dollars that had been transferred to the lender's accounts, saying the financial transactions were routine and did not create a trust.  

  • March 1, 2019

    Lloyds' Overdraft Fees Flout FCA Proposals, Lawmakers Warn

    New overdraft schemes introduced by Lloyds Banking Group PLC “fly in the face” of attempts by the City’s regulator to make fees more transparent, a panel of U.K. lawmakers said on Friday.

  • March 1, 2019

    Director Handed 8-Year Ban For Making 221M Nuisance Calls

    The director of two financial services companies that made almost 221 million nuisance calls to consumers offering to help them claim compensation over potentially missold insurance products has been banned from running a business for eight years, two U.K regulators said Friday.

  • February 28, 2019

    5 Explosive Emails In New Claim Of Gov't Role In RBS Unit

    An updated suit over the Royal Bank of Scotland's controversial restructuring unit includes potentially damaging new emails suggesting the government propped up the bank during the last financial crisis at the expense of small businesses. Here, Law360 looks at some of the most damning exchanges.

  • February 28, 2019

    Rothschild Bank Pulled Into £637M Watchstone Asset Dispute

    A Rothschild unit has been ordered to turn over information in Slater & Gordon LLP's suit accusing insurance technology provider Watchstone Group of misrepresenting the financial health of a unit whose practices attracted criminal scrutiny just months after the law firm bought it for £637 million ($844 million).

Expert Analysis

  • Relief For Cos. Conducting UK Internal Investigations

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    After almost a year and a half of uncertainty, the U.K. Court of Appeal has restored the eminently sensible position that documents created in an internal investigation are capable of being covered by litigation privilege when a criminal investigation or prosecution is in prospect, say Simon Airey and Joshua Domb of Paul Hastings LLP.

  • SEC Action Brings Lessons For Quantitative Fund Managers

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    The U.S. Securities and Exchange Commission last week announced settlements with Aegon and several of its affiliates for alleged misconduct involving faulty quantitative investment models. The case illustrates the pitfalls of implementing an ambitious investment program poorly, say Brian Daly and Anna Maleva-Otto of Schulte Roth & Zabel LLP.

  • Breaking Down The UK's Revised Corporate Governance Code

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    Recent changes to the U.K. Corporate Governance Code should reassure investors that companies with a premium listing on the London Stock Exchange are committed to being standard-bearers. Issuers may also benefit from the workforce engagement, corporate culture and diversity changes that will be brought into businesses, say Joseph Ferraro and Jennifer Tait of Willkie Farr & Gallagher LLP.

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

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    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.

  • When To Use Options Analysis In Damages Assessments

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    In both the U.K. and abroad, the discounted cash flow methodology is often considered the "go to" valuation approach when conducting a damages assessment. However, DCF is not always appropriate and damages experts should know when to use the option analysis methodology instead, says Ronnie Barnes of Cornerstone Research Inc.

  • Opinion

    UK 'Unexplained Wealth Orders' Will Discourage Investors

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    The United Kingdom has taken the unusual step of introducing significant retrospective powers that could unravel acquisitions and transactions from decades ago. The government's intentions are laudable, but its new "unexplained wealth orders" cast doubts on the U.K.'s appetite for foreign investment and may hurt national interests, says Simon Bushell of Signature Litigation LLP.

  • 2nd Circ. Restricts The FCPA's Reach

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    The Second Circuit’s opinion last week in U.S. v. Hoskins limits the U.S. Department of Justice’s ability to prosecute foreign individuals or companies for Foreign Corrupt Practices Act violations. The opinion also flatly contradicts the U.S. Securities and Exchange Commission’s 2012 FCPA resource guide, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.

  • Brexit: Bracing For A No-Deal Scenario

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    Once considered the “cliff edge,” the possibility of the United Kingdom exiting from the European Union without agreeing on a trade deal has moved from unthinkable to increasingly likely. Both sides are ramping up preparations for a no-deal scenario, which would have significant implications for businesses in all sectors, say attorneys with Baker McKenzie LLP.

  • Considering Contract Termination Under English Common Law

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    The U.K. High Court Commercial Division's recent decision in Phones 4U v. EE is a reminder of the care with which contracting parties should consider their rights when their English law contracts appear to be failing, says John Laird of Crowell & Moring LLP.

  • UK Corporations Face Growing Risk Of Class Actions

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    Recent years have seen an increased focus on class action litigation in U.K. courts, with a rise in high-profile and high-value claims being brought against corporate defendants. Furthermore, various factors suggest that the trend is likely to continue, say attorneys at Herbert Smith Freehills LLP.