Financial Services UK

  • November 26, 2019

    ED&F Man Beats Jurisdictional Appeal In $284M Fraud Suit

    An appeals court on Tuesday rejected a jurisdictional challenge by a Singapore-based brokerage house over an alleged $284 million fraud, saying the risk of inconsistent judgments if the claims were not all brought in England shouldn’t be discounted.

  • November 26, 2019

    FCA Bans Minibond Marketing After Year Of Scandal

    The Financial Conduct Authority said Tuesday it will temporarily ban the mass marketing of speculative minibonds to retail customers after the collapse of a number of companies selling the products, including investment firm London Capital & Finance.

  • November 26, 2019

    UK Fines Citigroup £44M For Reporting Failures

    The Bank of England’s regulatory arm said Tuesday that it has hit Citigroup’s U.K. operations with a fine of £43.9 million ($56.5 million), its highest ever, for regulatory failings between 2014 and 2018.

  • November 25, 2019

    Qatar PM Wanted To Be Barclays' 'Special Gulf Guy,' Jury Told

    The former prime minister of Qatar wanted to be Barclays' "special Gulf guy" in the bank's financial crisis-era fundraising and was against other Middle Eastern investors participating, a London jury heard during testimony from the bank's rainmaker in the region on Monday.

  • November 25, 2019

    BGC Says Ex-Broker 'Poached' Crown Jewel Talent For Rival

    A London-based broker is accusing a former senior employee of helping a fierce rival poach its best employees at a $35 million trial on Monday, saying the corporate “raid” devastated one of its most lucrative businesses and hurt its attempts to hire top-tier talent.

  • November 25, 2019

    AIG Fights Ex-Execs' $108M Unpaid Bonus Ruling

    AIG's financial products unit told an appeals court Monday that a London judge’s decision that ex-executives are entitled to deferred bonuses predating the financial crisis ignored that employees shared in the risks as well as the rewards of the business under the compensation plan.

  • November 25, 2019

    FCA Sets Penalties For Bad Proxy Advice To Shareholders

    The Financial Conduct Authority published details Monday of enforcement action it will take against proxy advisers that give bad recommendations to company shareholders who rely on their advice when voting on corporate governance issues.

  • November 25, 2019

    US Asset Manager Seeks $112M Over Mining Co. Loan Deal

    A U.S. asset manager has sued an Australian investment vehicle in England, claiming it is owed up to $112.2 million over money that would have been due under a loan deal used to pay for assets including a coal mine in Australia.

  • November 25, 2019

    Deloitte Fights Swiss Partner's Suit Over Retirement Appeal

    A Deloitte partner in Switzerland who is suing the accounting giant for requiring him to retire was given notice “on account of serious and sustained concerns as to his conduct and judgement,” the company said in a defense filing.

  • November 25, 2019

    EU Helps Banks Report Capital Reserves To Watchdogs

    Europe’s banking regulator has set out guidance to help the bloc’s banks explain to their national watchdogs how they are complying with onerous EU rules designed to prevent failing financial institutions from relying on taxpayers.

  • November 22, 2019

    2 European Banks Reach $2.7M Deal In Forex Rigging Suit

    Standard Chartered Bank and Societe Generale agreed to resolve foreign exchange market rigging claims for a combined $2.7 million, according to a bid for preliminary approval filed in New York federal court by investors Friday.

  • November 22, 2019

    Feds Look To Toss Standard Chartered Whistleblower Suit

    The U.S. government asked a New York federal judge Thursday to dismiss a whistleblower suit against Standard Chartered PLC, saying it had already investigated its False Claims allegations and found no violations.

  • November 22, 2019

    PE Units Sue Over $9.25M Russian Crypto Fraud

    A private equity firm has lodged a suit to force Barclays Bank to disclose information it believes will shed light on a $9.25 million fraud claim involving missing Russian cryptocurrency investments.

  • November 22, 2019

    7 Questions For London Stock Exchange's Global GC

    Catherine Johnson, global general counsel at LSEG, talks to Law360 about the need for in-house lawyers to think commercially while tackling their day-to-day tasks, the importance of collaboration while integrating a business, and the ways in which the legal department can help bring new products to market.

  • November 22, 2019

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

    The past week in London has seen subsidiaries of German powerhouse Thyssenkrupp and a host of insurers drag a cargo ship owner into court, rival cryptocurrency companies fight over trademarks and a couple whose home was damaged by a falling dumpster sue the insurer Chubb. Here, Law360 looks at those and other new claims in the U.K.

  • November 22, 2019

    BNY Mellon Sits On Fence In €384M Argentina Bond Suit

    BNY Mellon has said that it will remain neutral in a €384.7 million ($424.5 million) suit brought by three investment funds holding Argentine government bonds that accuse the country of improperly refusing to pay out on bonds the bank oversaw.

  • November 22, 2019

    Saudi Sues Ex-Partner Again For £4.4M Post-Settlement

    A Saudi Arabian businessman who recently agreed to settle his suit accusing a former partner of defrauding him out of £35 million ($45 million) in property developments has filed a new claim alleging that the terms of the deal have been breached and he’s still owed £4.4 million.

  • November 22, 2019

    Metro Bank Worker Gets 80 Months Over Stolen Money

    A London judge sentenced three men on Friday to more than 16 years in prison combined for their role in laundering hundreds of thousands of pounds stolen from Metro Bank PLC by a former employee.

  • November 22, 2019

    Wirecard Denies Ex-Shareholders Stock-Sale Fraud Claims

    Wirecard has fought back against a €33 million ($36.5 million) fraud suit brought by two investors who say they were forced to sell their stock in a financial services company for a pittance compared to the price the German payments provider later paid for the shares.

  • November 22, 2019

    Property Investor Settles Asset Management Contract Dispute

    A London property investment company has settled its High Court claim against a group of Luxembourg firms it has accused of wrongfully terminating asset management agreements tied to commercial property portfolios.

  • November 22, 2019

    Nationwide's £36M PPI Complaints Hit Sends Profits Falling

    Nationwide has set aside a further £36 million ($46 million) to cover compensation for wrongly selling payment protection insurance after being hit with a flood of claims in the run-up to the August deadline, the bank said Friday.

  • November 21, 2019

    Boustani Atty Downplays Bribery To Close $2B Fraud Case

    In his closing statement at a Brooklyn federal conspiracy trial Thursday, an attorney for Privinvest Group executive Jean Boustani diminished the seriousness of bribery — comparing it to tipping — and argued that his client should be acquitted despite funneling millions to bankers and Mozambican officials.

  • November 21, 2019

    Ex-Investment Manager Pleads Guilty To FATCA Fraud

    A former investment manager with shuttered English brokerage firm Beaufort Securities has pled guilty in a New York federal court to defrauding the U.S. by violating the Foreign Account Tax Compliance Act, according to the U.S. Department of Justice.

  • November 21, 2019

    JPMorgan Faces Discrmination Suit From UK Funds Worker

    A former employee at JPMorgan's asset management division accused the bank of harassment and racial discrimination at a London employment tribunal Thursday, saying an allegedly less-qualified white colleague won a promotion over him.

  • November 21, 2019

    EU Climate Stress Test Plans Face Hurdles, ECB Says

    The European Central Bank admitted Thursday that “major barriers” currently exist with plans to add climate-change risks to future scenarios for European banking stress tests.

Expert Analysis

  • EU Access To UK Financial Services May Tighten After Brexit

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    If a no-deal Brexit happens, cross-border trade in financial services between the U.K. and EU will be restricted unless the U.K. meets the EU's recently updated equivalence standards or successfully negotiates for "enhanced equivalence," says Kirsten Lapham of Ropes & Gray LLP.

  • Brexit Risk-Disclosure Considerations For US Reporting Cos.

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    Following recent remarks on Brexit by officials from the U.S. Securities and Exchange Commission and the U.K.'s Financial Conduct Authority, attorneys with Norton Rose Fulbright discuss the potential operational, financial and accounting risks posed by different Brexit scenarios that boards and audit committees should discuss in company disclosures.

  • Legislative Fix For Post-Libor Issues Seems Improbable

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    Because the Libor rate for short-term loans will soon be gone, the U.S. Alternative Reference Rates Committee may seek to amend contracts wholesale through legislation. However, this solution would face serious political and legal obstacles, says Anne Beaumont of Friedman Kaplan Seiler & Adelman LLP.

  • Collective Redress In The EU: Past, Present And Future

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    Legislative processes harmonizing collective redress throughout the European Union have accelerated, leading to a proposed requirement that all member states establish collective action mechanisms, but some worry that the directive lacks sufficient guarantees against abusive litigation, say Philippe Métais and Elodie Valette of White & Case LLP.

  • Lenders Score Major High Court Victory In Foreclosure Case

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    The U.S. Supreme Court's unanimous ruling on Wednesday in Obduskey v. McCarthy & Holthus LLP removes nearly all activities taken by creditors seeking nonjudicial foreclosure of liens and mortgages from the ambit of the Fair Debt Collection Practices Act, says John Baxter of Nelson Mullins Riley & Scarborough LLP.

  • How UK Orgs Can Prepare For EU's New Money Laundering Law

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    The U.K. government will likely adopt the European Union's Fifth Money Laundering Directive even in the event of a no-deal Brexit, meaning U.K. financial services organizations and law firms have under a year to review and possibly update their current policies and procedures, says Joanne Cracknell of Willis Towers Watson PLC.

  • EU Fintech Regulation Raises US Copyright Questions

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    The EU's revised Payment Services Directive is driving the creation of application programming interfaces that allow fintech companies to securely access and use customer banking data. The same APIs are almost certain to be used in the United States, bringing implications for copyright protection, say attorneys with Morgan Lewis & Bockius LLP.

  • Is New SFO Head A 'Different Kind Of Director'?

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    While sharing some of her predecessor's sentiments, Serious Fraud Office Director Lisa Osofsky has shown decisiveness and independence by closing two of the SFO's largest investigations in her first six months in office, says Ross Dixon of Hickman & Rose Solicitors.

  • New Rules Would Support Sustainability In EU Capital Markets

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    Environmental, social and governance preferences are becoming an increasingly important aspect of the financial industry. New rules proposed by the European Securities and Market Authority would press asset managers in particular to develop investment and advisory processes integrating ESG factors, say attorneys at Jones Day.

  • A CFIUS Primer For UK Businesses

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    Parties should not underestimate the potential for national security concerns to arise in relation to non-U.S. investment in U.S. business, even in areas that may not be facially connected to U.S. security or infrastructure, and even when those involved are not U.S. businesses, say Jennifer Mammen and Daniel Schwartz of Bryan Cave Leighton Paisner LLP.

  • 3 Brexit Scenarios And Their Implications For US-UK Trade

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    Brexit negotiations are likely to result in one of three scenarios later this month: a Brexit deal, no Brexit at all or a "hard" no-deal Brexit. Each possibility will have different implications for the prospects of a U.S.-U.K. free trade agreement, says Dean Pinkert of Hughes Hubbard & Reed LLP.

  • Frustrating Events: Are Your Contracts Brexit-Proof?

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    In Canary Wharf v. European Medicines Agency, the U.K. High Court recently ruled that the U.K.'s withdrawal from the European Union will not discharge the EMA's lease obligations. Following Brexit, most similar arguments invoking force majeure or frustration are unlikely to succeed, say Rebecca Dipple and Wayne Hofer of Orrick Herrington & Sutcliffe LLP.

  • Simple Secrets For Writing A Killer Brief

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    These days, the legal profession offers meager opportunity for oral argument, so we need to focus on being better, brighter, tighter writers. And the key to writing a better brief is grabbing your judge's attention with a persuasive, well-crafted story, says Daniel Karon of Karon LLC.

  • Takeaways From EU's Latest Anti-Money Laundering Rules

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    The Sixth Anti-Money Laundering Directive recently adopted by the Council of the European Union targets the financing of terrorism and organized crime, which have remained significant problems despite the efforts of previous directives, say Ian Hargreaves and Deirdre Lyons Le Croy of Covington & Burling LLP.

  • What 2019 Has In Store For UK Data Protection

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    Many of the big data protection compliance themes of 2018 will continue on this year, including even General Data Protection Regulation preparation, but the possibility of a no-deal Brexit may complicate matters, says Stewart Room of PwC LLP.

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