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Financial Services UK

  • 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).

  • February 28, 2019

    'Sham' Qatar Deals Were Real, Ex-Barclays CEO Told SFO

    Former Barclays PLC boss John Varley believed £322 million ($427 million) the bank paid in fees to Qatari investors under two advisory deals in 2008 was appropriate and was not conditional on the Gulf state taking part in the British lender’s crisis-era cash call, a jury heard Thursday in a landmark criminal trial.

  • February 28, 2019

    Ex-Barclays Trader Accused Of 'Selective Memory' On Stand

    A former Barclays PLC trader on trial in London for allegedly rigging a key European interest rate benchmark bristled Thursday at a prosecutor’s suggestion that she exhibited a “selective memory” on the witness stand, shooting back, “I’m not lying.”

  • February 28, 2019

    Aviva Unit Loses Appeal Over Chronic Fatigue Payout

    An appellate court in London on Thursday dismissed an attempt by Friends Life Ltd. to avoid compensating a former investment banker for income protection payments that the insurer had withheld after accusing him of faking chronic fatigue syndrome.

  • February 28, 2019

    Referral Deal Dooms Poker Player's Suit, E-Wallet Co. Says

    A technology company that offers online wallets has hit back at a former poker player suing for allegedly unpaid commissions for recruitment, telling a London court that the terms of his contract bar him from bringing the suit.

  • February 28, 2019

    FCA Gives Businesses 15 Months To Follow 'No-Deal' Rules

    The Financial Conduct Authority said on Thursday that it will give banks and insurers 15 months from March to follow regulatory rules that will apply to them if the U.K. leaves the European Union without a deal, in a bid to ensure that British businesses have enough time to transition out of the bloc.

  • February 28, 2019

    UK Banks, Global Insurers Are Ditching Coal, Report Finds

    The world's largest institutional investors, including Barclays Bank UK PLC and major insurers such as Standard Chartered PLC, are abandoning coal over climate change concerns that have rendered the fossil fuel a "stranded asset," according to a think tank.

  • February 28, 2019

    UK Agency Seeks Freeze On 95 Bank Accounts In AML Sweep

    British investigators are seeking court orders to freeze 95 bank accounts at Barclays PLC holding £3.6 million ($4.8 million) in suspected illicit funds, the National Crime Agency said Thursday in what it called a "day of action."

  • February 28, 2019

    FCA Says Asset Managers Misleading Clients Over Costs

    Asset managers are calculating product costs and charges inconsistently and sometimes inaccurately, the Financial Conduct Authority warned on Thursday as it urged companies to review their procedures to avoid misleading customers.

  • February 27, 2019

    IRS Never Proved Forex Traders' Rates Rigged, DC Circ. Told

    A business partnership that traded in foreign currency derivatives appealed a U.S. Tax Court conclusion that its transactions were a sham, telling the D.C. Circuit on Tuesday that the IRS never proved its trades were rigged.

  • February 27, 2019

    Investors Wanted Extra Deals In Barclays Cash Call, Jury Told

    Investors from Qatar, China and Japan all wanted side deals from Barclays when they participated in the British lender's emergency £11 billion ($14 billion) cash call at the height of the financial crisis, a former executive testified Wednesday at a high-profile London trial.

  • February 27, 2019

    EBA Takes AML Spotlight With New Powers In Danske Probe

    Just two months after winning powers to become Europe's top anti-money laundering enforcer, the European Banking Authority has already fired a warning shot that should make lenders take notice: A marquee investigation into possible regulatory failures that allowed Danske Bank to process some €200 billion in suspicious transactions over nearly a decade without facing scrutiny.

  • February 27, 2019

    Jailed UK Expat Sues To Make Dubai Bank Drop $500M Claim

    A British businessman who has been jailed for nearly a decade by Dubai authorities for $430 million in allegedly unpaid debts tied to a purportedly fraudulent investment scheme has asked a London judge to force an Emirates lender to drop its latest collection efforts so that he might go free. 

  • February 27, 2019

    Developer Told To Spruce Up Lloyds Swaps Misselling Suit

    A London court has given a Yorkshire-based property firm just over a month to specify who it thinks lied or behaved fraudulently in its swaps misselling claim accusing Lloyds Bank PLC of forcing the company into administration.

  • February 27, 2019

    Trustee Accused Of Taking £280K From Pensions 'Piggy Bank'

    An accountant was found to be using a pension scheme that he was a trustee and administrator of as his "personal piggy bank," The Pensions Regulator said Wednesday, after he admitted to transferring £280,000 ($373,000) out of the funds to help his own investments.

  • February 27, 2019

    Experian Drops Bid For Rival ClearScore After CMA Objects

    Credit data company Experian PLC said Wednesday that its planned merger with rival ClearScore has been scrapped after Britain’s competition watchdog indicated it could block the deal.

  • February 27, 2019

    FCA Sets Out Plans For More Power Over Investment Advisers

    The Financial Conduct Authority has said it will work with HM Treasury to extend its regulation of investment consultants, who are responsible for managing £1.6 trillion ($2.1 trillion) of pensions, in a move to stimulate competition within the sector.

  • February 27, 2019

    Regulators Probe Metro Bank Over £900M Accounting Blunder

    Metro Bank PLC has revealed that both the Bank of England’s Prudential Regulation Authority and the Financial Conduct Authority are investigating a £900 million ($1.2 billion) accounting blunder caused when it wrongly calculated the value of loans.

  • February 27, 2019

    Insurers Hit Back At ABN Amro Over Cargo Cover Claims

    A group of 14 insurers has hit back at allegations by ABN Amro Bank that they wrongly refused to pay compensation to one of its subsidiaries, saying in new court documents that the policy at the heart of the suit did not cover credit risk or financial default as the Dutch lender claimed.

  • February 27, 2019

    Failed Lender Reaching ‘From Beyond The Grave,’ MPs Warn

    Failed payday lender Wonga is damaging the finances of thousands of customers “from beyond the grave” because they cannot seek redress for allegedly missold loans as the company was not covered by Britain's bankruptcy compensation scheme, a parliamentary committee warned Wednesday.

Expert Analysis

  • Tax Enforcers Unite Against International Tax Crime

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    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

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    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

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    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

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    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?

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    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

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    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

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    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

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    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

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    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

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    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.