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Financial Services UK

  • April 24, 2019

    PwC Unit Wins Access To Docs In $1.9B Ukraine Bank Suit

    A PricewaterhouseCoopers unit has been granted access to London court documents filed in PrivatBank’s $1.9 billion lawsuit against two of the bank's former owners on claims of embezzlement, as the accountancy firm fights its own legal battles in Cyprus with ties to the same alleged fraud.

  • April 24, 2019

    Trader Ran High Tab In Outings With UBS Officer, Jury Hears

    A day trader accused of receiving inside information from a former UBS Group AG compliance officer frequently spent thousands of pounds on nights out at Tramp, a private members club in London’s smart Mayfair district, a London jury heard Wednesday.

  • April 24, 2019

    Wirecard Wins $1B Investment As Regulator Seeks Probe

    Payment company Wirecard announced Wednesday it has won a €900 million ($1 billion) investment pledge from Japanese technology giant Softbank despite having come under scrutiny by the German financial regulator over allegations of market manipulation.

  • April 24, 2019

    Britain Begins Search For Next BoE Head

    U.K. Chancellor Philip Hammond has started searching for the next governor to take the helm of the Bank of England, as current chief Mark Carney is set to leave next year, the government announced Wednesday.

  • April 24, 2019

    BoE To Give Banks More Time To Mull Stress Test Results

    Britain’s central bank said on Wednesday that it will give banks more focused feedback and extra time to review the results of its stress tests from this year, after an independent committee reviewed the annual scrutiny of the sector's financial resilience.

  • April 24, 2019

    Exec Defends Accounts In Fight Against PE Co. Fraud Claim

    An executive at a U.K. engineering firm being sued by a New York-based investor over allegations of overstated accounting has added to his defense denying the claims, giving details of a meeting in which he says the ailing health of the company at the heart of the suit became well-known.

  • April 24, 2019

    Investors Say Their Money Was Misspent In HSBC Film Scheme

    A group of investors who have hit HSBC's private banking arm with a proposed class action for allegedly misleading them about a film investment tax relief scheme have said that a third of their money was misspent on business activities that were never designed to return a profit, according to documents filed with a London court. 

  • April 24, 2019

    Commerzbank's £39M Shipping Claim Stayed Until November

    A court in London has halted proceedings brought by German banking giant Commerzbank against an Iranian and Indian shipping company, which the lender alleges has defaulted on a loan worth nearly $76 million.

  • April 24, 2019

    Conservative MP Denies Ties To Failed UK Bond Company

    A Conservative lawmaker hit back on Wednesday at allegations that he has ties to bankrupt mini-bond provider London Capital & Finance PLC, which collapsed this year, claiming they are part of a "coordinated attempt" to go after him.

  • April 23, 2019

    Changes At SFO Signal Fresh Approach In Crime-Fighting

    Lisa Osofsky’s new hires at the U.K.’s Serious Fraud Office have signaled the former U.S. prosecutor’s intention to bring a more proactive approach to crime in the U.K. as questions swirl about the agency’s ability to win the biggest cases.

  • April 23, 2019

    Abraaj Partner To Be Tried Separately From PE Firm's CEO

    A Manhattan federal judge targeted November for Abraaj Group managing partner Mustafa Abdel-Wadood to stand trial on fraud charges, after hearing Tuesday it could take two years for his ex-boss, CEO Arif Naqvi, to be extradited from England.

  • April 23, 2019

    ​​​​​​​Ex-UBS Worker Not Source Of Trader Friend's Tips, Jury Told

    A former UBS compliance officer did not provide inside information to her day trader friend and co-defendant, her lawyer told a London jury Tuesday, saying the trader must have received his tips on deals the bank was working on elsewhere.

  • April 23, 2019

    McCarthy Denning Adds 3 Banking And Finance Lawyers

    London-based McCarthy Denning announced on Tuesday that it has bolstered its banking practice with three experienced financial services lawyers.

  • April 23, 2019

    Greek Bank Denies Botching Insurance Payout In Tanker Row

    A Greek lender suing the owners of a damaged oil tanker for failing to repay $8.1 million in loans and interest has told a London court that it acted fairly when it settled an insurance claim on their behalf for just a fraction of the potential payout.

  • April 23, 2019

    FCA Drops Plans For 'Duty Of Care' Rule

    The Financial Conduct Authority announced Tuesday it would rethink its plans for a “duty of care” rule to protect financial services consumers and would instead focus on revising existing rules to ensure fair treatment. 

  • April 23, 2019

    Oil Co. Cannot Withhold Fees For $1.2B Loan, Natixis Says

    Natixis has hit back at denials by a Nigerian oil and gas company that it owes the French investment bank fees for underwriting a $1.2 billion syndicated loan, dismissing its reasoning as “inconsistent” with the contracts it entered into.

  • April 23, 2019

    FCA To Seek To Lower Compliance Burdens After Brexit

    The Financial Conduct Authority will seek to reduce compliance burdens for U.K. firms and move away from a strictly “rules-based approach” to interpreting European legislation after Britain exits the European Union, the regulator’s chief executive signaled Tuesday.

  • April 23, 2019

    Court Forces Unauthorized Investment Co. Into Liquidation

    A court has placed an unauthorized company, which used so-called cold-calling to offer investments in assets, into provisional liquidation after it failed to attend a hearing, the government’s bankruptcy watchdog said on Tuesday.

  • April 23, 2019

    UK Regulator Warns Pension Plans Over Statement Lapses

    Britain's pensions regulator warned trustees overseeing workers' retirement schemes on Tuesday that they must write airtight annual statements or face penalties after two fines were recently upheld in court.

  • April 23, 2019

    Cyberattack Reports Surge To 61% in 2018, Insurer Reveals

    There was a “sharp increase” in the number and the cost of cyberattacks in 2018, insurer Hiscox said on Tuesday, as it warned that more than three in five companies reported security breaches.

Expert Analysis

  • Structuring Investigations In Light Of UK Privilege Case

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    The English Court of Appeal's much-anticipated decision in Eurasian Natural Resources Corporation means that companies will continue to face difficulties in obtaining the information they need to investigate suspected wrongdoing, without losing the benefit of legal advice privilege under English law, say Mark Beeley and Rebecca Dipple of Orrick Herrington & Sutcliffe LLP.

  • UK's Proposed Investment Scrutiny Powers Are Far-Reaching

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    The recently issued National Security and Investment White Paper proposes a significant expansion in the U.K. government's powers to scrutinize foreign investments. If the proposals are brought into force, the U.K. regime will be one of the most stringent in the world, say Douglas Lahnborg and Matthew Rose of Orrick Herrington & Sutcliffe LLP.

  • 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.