Financial Services UK

  • July 22, 2019

    Outside Docs Off-Limits In £1B Indian Tycoon Debt Case

    A London judge told a consortium of banks fighting to recover a £1.14 billion debt ($1.42 billion) from besieged Indian tycoon Vijay Mallya that they can't use documents from UBS and other outside parties to enforce their financial judgment against the businessman.

  • July 22, 2019

    Ukraine Bank Fights To Keep $1.9B Fraud Suit In England

    A Ukrainian bank said Monday that an appellate court would undermine EU law if it blocked the lender’s $1.9 billion suit against two of its former owners from proceeding in London alongside “closely connected” claims of fraud against three English companies.

  • July 22, 2019

    ESMA: Watchdogs Aren't Measuring Liquidity Risks At CCPs

    Europe’s markets regulator said Monday that national watchdogs are not properly measuring the risks to clearinghouses that come from them holding collateral, as it urged the bloc’s supervisors to evaluate the liquidity of financial instruments passing through CCPs.

  • July 22, 2019

    ECJ To Hear Cases Over Payments, Unfair Lending

    European Union legislation governing payment providers is headed to the bloc's highest court after an Austrian bank asked for an explanation of how the rules apply to its contracts with retail customers.

  • July 22, 2019

    Metro Bank To Sell Loans After $1.2B Accounting Error

    Troubled lender Metro Bank confirmed on Monday it is in talks to sell off a loan portfolio as it seeks to improve its financial position after revealing a £900 million ($1.2 billion) accounting blunder.

  • July 19, 2019

    Ex-Credit Suisse Director Cops To Role In $2B Loan Fraud

    A former Credit Suisse managing director on Friday admitted to his role in a bribery and investor fraud scheme involving $2 billion in loans to state-backed companies in Mozambique, telling a New York federal judge he conspired to defraud those who invested in the debt.

  • July 19, 2019

    Money Moves: Covington, Weil, Eversheds Sutherland

    Covington & Burling LLP snagged a lobbying firm's formal general counsel, Weil Gotshal & Manges LLP added to its London office and Eversheds Sutherland is building out its banking team after a record year — this is Law360's latest roundup of personnel moves in the banking arena.

  • July 19, 2019

    Insurers Denied Extra Disclosure In Bank's Cargo Cover Suit

    A group of 14 insurers lost a bid Friday to force ABN Amro Bank to hand over internal communications over its negotiation of a marine cargo policy at the heart of a High Court lawsuit, after a judge said the request amounted to a "fishing expedition."

  • July 19, 2019

    Barclays, PE Firm's Civil Trial Delayed Amid Criminal Case

    A trial over a private equity firm’s claim that Barclays Bank PLC defrauded it at the height of the financial crisis has been postponed until June to ensure enough time for the parties to weigh the outcome of parallel criminal proceedings, a judge ruled Friday.

  • July 19, 2019

    Visa Settles Swipe Fee Suit With London Transport Operator

    London’s transit network has inked a settlement with Visa Inc. to end a lawsuit accusing the credit card giant of violating competition rules over its old interchange fees. 

  • July 19, 2019

    EY Must Look For Docs In Whistleblower's Conflict-Gold Case

    A London judge Friday ordered an Ernst & Young unit to search for additional documents in a whistleblower suit accusing EY of suppressing incriminating audit findings for a Dubai gold company, after learning some materials had been destroyed.

  • July 19, 2019

    What Attys Must Know To Steer Sovereign Wealth Funds

    Sovereign wealth funds rival their private-sector counterparts in market share and are helping fuel the development of emerging industries, but their varied approach means attorneys who advise them must prepare to navigate uncharted waters.

  • July 19, 2019

    Gov't Launches Review Of UK Financial Regulatory System

    The government announced Friday it is launching a review of the way it supervises financial services in Britain as the country prepares to leave the European Union and its regulatory framework.

  • July 19, 2019

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

    The last week has seen the owner of a Manchester skyscraper that needed repair sue several underwriters at Lloyd's, a prominent cryptocurrency trader drag a U.K. digital currency exchange into court and an executive for Honeywell sue HSBC Bank PLC. Here, Law360 looks at those and other new claims in the U.K.

  • July 19, 2019

    EU Moves To Boost Resilience Of Money Market Funds

    Europe’s securities regulator set out guidelines on Friday aimed at ensuring that managers across the European Union are consistently testing whether their money market funds are sufficiently resilient and reporting key information to national supervisors.

  • July 19, 2019

    EU Tells Nordea To Fix Policy, Process & Data Weaknesses

    Nordea Bank Abp must address weaknesses in its policies, processes and data systems, Europe’s banking watchdog has said, as it takes over regulation of the Nordic lender from the Swedish Financial Authority.

  • July 19, 2019

    Credit Suisse Loses £239M Banker Bonus Tax Row

    Credit Suisse AG lost its attempt on Friday to claw back £239 million ($300 million) it paid on bankers' bonuses in the wake of the financial crisis after a London court ruled that Britain levied the tax fairly.

  • July 18, 2019

    Linklaters Hires Blockchain Wonk As 1st US Fintech Leader

    London-based legal mammoth Linklaters LLP has hired a noted blockchain lawyer to lead its financial technology work in the United States, the firm announced Thursday on the heels of heated U.S. congressional hearings on Facebook Inc.'s potential foray into cryptocurrency.

  • July 18, 2019

    EU Banking Watchdog Urges Care With Fintech Regs

    National regulatory authorities in the European Union are employing inconsistent frameworks with respect to the authorization and monitoring of financial technology companies, and more in-depth study is needed to determine an appropriate course of action, Europe's banking watchdog said Thursday.

  • July 18, 2019

    EY Fights Disclosure Bid In Whistleblower Conflict Gold Suit

    An Ernst & Young unit opposed as unnecessary Thursday a disclosure request from a whistleblower at its Middle East outpost who accuses E&Y entities of suppressing audit findings indicating that a Dubai company laundered money and bought gold from conflict zones.

  • July 18, 2019

    Greek Lender Can Chase No-Show Shippers Over $86M Loan

    Greek lender Piraeus Bank scored a victory Thursday in its pursuit of two shipping companies and their owner over $86 million when a London court validated its efforts to sue the defendants, who have refused to respond to the proceedings.

  • July 18, 2019

    Network Service Co. Shareholders Win £6.5M Over PE Buyout

    The founder of a network services provider and other shareholders won £6.5 million ($8.11 million) from the company's former managers after a judge ruled Thursday that the founder was duped into selling a majority stake during a management buyout for less than the company was worth. 

  • July 18, 2019

    Pensions Regulator's Fines Soar To 49K In Past Year

    The number of companies fined for violating pensions laws have grown significantly over the last 12 months, the Pensions Regulator reported Thursday, amid growing scrutiny over how employees' retirement packages are managed.

  • July 18, 2019

    EU Clears US Asset Manager's Acquisition Of Dutch Insurer

    The European Commission has approved U.S. asset manager Apollo Management LP’s acquisition of a Dutch insurer after concluding that the transaction would raise no competition concerns in Europe.

  • July 18, 2019

    Danske Bank Profit Takes Hit After Compliance Crunch

    Danske Bank said Thursday that its net profit for the first half of 2019 has fallen 24% against the same period a year ago, pinning the blame partly on compliance costs connected to a money-laundering probe and allegations that it overcharged customers.

Expert Analysis

  • Key Reforms In UK Anti-Money Laundering Proposal

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    In response to concerns about an excess of suspicious activity reports, the U.K. Law Commission recently published a report recommending improvements to the U.K.'s anti-money laundering regime. The proposed reform is welcome, but may have missed an opportunity to advocate for some additional changes, says Jonah Anderson of White & Case.

  • A Timely Review To Enhance UK’s Company Register

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    The U.K. government's review of its company and persons of significant control registers, which have struggled with information reliability issues, will provide a useful yardstick on the progress of fighting money laundering and other nefarious activities, say Ian Hargreaves and Deirdre Lyons Le Croy of Covington.

  • Answers To Key Legal Finance Ethics Questions

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    While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.

  • Brexit Outlook: The Future Of EU Cross-Border Disputes

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    Natasha Harrison of Boies Schiller discusses how key areas of cross-border commercial litigation will be affected when the U.K. withdraws from the EU, depending on how — if at all — Brexit happens.

  • Adapting English Law To Cryptoassets And Smart Contracts

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    The U.K. Jurisdiction Taskforce's recent public consultation seemingly attempts to reassure fintech stakeholders that English law is amenable to the development of cryptoassets and smart contracts, in contrast with other jurisdictions that have sought to legislate the space without first fully understanding it, say Guy Robson and Elliott Fellowes of Signature Litigation.

  • International Arbitration Can Help Africa's Energy Sector

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    As an emerging force in the energy industry, sub-Saharan Africa offers attractive investment opportunities but also presents elevated risk profiles for inbound foreign direct investments. International arbitration clauses, which African governments are gradually embracing, will boost investors' confidence, says Leigh Crestohl of Zaiwalla & Co.

  • Perspectives

    Addressing Modern Slavery Inside And Outside The UK

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    As the problem of modern slavery persists, U.K. companies must take a broad approach when rooting out slave labor in their supply chains, and should not ignore the risk posed by suppliers within the U.K., says Maria Theodoulou of Stokoe.

  • Why Data Breach Group Litigation Remains Rare In The UK

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    While the General Data Protection Regulation would seem to create a fertile area for group litigation, U.K. data breaches have not resulted in much litigation so far, say Oran Gelb and Sarah McAtominey of Bryan Cave.

  • What The Howey Test Misses About Crypto Assets

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    The U.S. Securities and Exchange Commission's recently released “Framework for ‘Investment Contract’ Analysis of Digital Assets” centers around the traditional Howey test, signaling that the SEC will continue to treat cryptocurrencies as securities. A new approach that recognizes the unique economic nature of crypto assets is needed, says Boris Richard of FTI Consulting.

  • New EU Public Prosecutor's Office Will Likely Struggle

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    The planned European Public Prosecutor's Office faces structural and jurisdictional issues that may complicate EU investigations and prosecutions, including those in the U.K., say Peter Binning and Alex Cummins of Corker Binning.

  • The Challenges Of Replacing Interbank Offered Rates

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    Interbank offered rates for financial products are set to be replaced soon with market-based rates. But any new benchmarks will undoubtedly be more volatile, and the sheer size of the existing asset pool they will be tied to ensures that the impact of the shift will be large, says Timothy McKenna of NERA Economic Consulting.

  • Opinion

    Danske AML Scandal Is A Wake-Up Call For Bank Regulators

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    While discussion of the Danske Bank scandal has focused on what went wrong and who was to blame, it is the financial regulators' failures that must be corrected in order to prevent such a massive money laundering scandal from happening again, says Neil Williams of Rahman Ravelli.

  • New UK Data-Gathering Powers May Be Stalled For Now

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    While the Crime Overseas Production Orders Act appears to significantly extend U.K. enforcement authorities' data-collection powers, overseas production orders are unlikely to be granted until a cooperation agreement is achieved with the U.S., say Peter Burrell and Francesca Sherwood of Willkie.

  • Norwich Pharmacal Orders Remain Vital In The Internet Age

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    Norwich Pharmacal orders, which can require third parties to reveal vital information despite duties of confidentiality, have proven to be a versatile remedy in a wide range of cases over the decades. Today, they remain relevant because websites provide platforms for anonymous wrongdoing, says Simon Bushell of Signature Litigation.

  • What To Expect When You're Expecting The End Of Libor

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    The significant adjustments that market participants need to make when Libor is phased out will be undertaken while replacement rates and fallback provisions remain unresolved. Now is the time to take stock of your company’s exposures and map a path forward, say Gregory Harrington and Arturo Caraballo at Arnold & Porter.