The English courts have reasserted their authority over international disputes implicating global banking giants over the past year with key rulings involving JPMorgan's duty to prevent fraud in Nigeria, the rights of Tesco shareholders using digital exchanges and the future of bitcoin as an asset. Here, Law360 looks back at the biggest decisions of 2019 in the U.K.
Three former bankers have to pay collapsed Russian lender Trust National Bank $900 million in compensation, after a London judge ruled Thursday that they had funneled hundreds of millions of dollars out of the Russian lender for their own benefit.
Swiss lender Credit Suisse denied knowing about a $2 billion fraud and bribery scam tied to loans the bank made to Mozambique, rejecting the African country’s claims that it’s liable for the actions of three of its former employees.
The European Commission sent a lawyer to the Supreme Court in London on Thursday to weigh in on a long-running dispute between Visa, Mastercard and some of the U.K.’s biggest retailers over fees, saying that a lower appeals court applied EU law correctly to the dispute.
The European Parliament blocked a senior Central Bank of Ireland official from stepping into a top role at the bloc’s banking watchdog on Thursday because of concerns about his ties to the banking sector.
Europe’s banking watchdog has said its is broadening the scope of data on payments fraud that companies must report to include types of transactions not included in earlier European Union guidelines.
A judge at a London court has prevented a private equity firm from trying to oust the founders of a family-run records search company amid accusations of bribery to allow the under-fire directors to fight for control of the business.
Parliament must scrutinize Britain’s finance watchdogs to ensure they protect the country's markets after Brexit, as they will no longer be held to account by the European Union, regulatory experts warned on Thursday.
Britain's top court should hold Visa and Mastercard to a high standard of proof if their interchange fees are to be exempt from European Union competition law under a provision designed to shield restrictive agreements that ultimately benefit consumers, three retailers said in arguments Wednesday.
A cache of emails divulged by a hacker revealed that an aviation magnate was a “serial fraudster” who dishonestly reaped millions from an Emirati state-owned investment authority, the fund’s counsel said during opening trial statements Wednesday.
A London judge pared back a £46 million ($60 million) lawsuit brought against Credit Suisse by a former director who was jailed in Romania on espionage charges, but ruled on Wednesday that the bank could still have to pay him back after his career was ruined.
The former prime minister of Kazakhstan has denied leaking confidential information about a mining giant to the Serious Fraud Office, saying the “incoherent” allegations should be severed from the latest suit connected to the Kazakh company’s complex legal battle with the agency.
The U.K.’s antitrust watchdog has called on the government to hand it power so that it can directly fine mortgage lenders and insurers that it believes are breaking laws aimed at preventing long-standing customers from paying higher fees.
Dozens of shareholders in Serco are suing the company at the High Court to seek compensation after share prices were devastated in 2013 by fraud and false accounting revelations over the electronic tagging service the security outsourcing giant operated for the government.
A judge barred a pension company on Wednesday from seeing documents linked to an investigation by the Financial Conduct Authority into its business partners, hindering its efforts to deflect blame for allegedly misleading consumers at an £86 million ($113 million) trial.
Britain’s cybercrime laws need to be brought into the 21st century, according to a legal report published Thursday that warns outdated rules could lead to courts prosecuting professionals who have ethical motives for accessing company data.
Europe’s banking watchdog said Wednesday that it plans to give banks more flexibility when they explain the results they submit to national regulators as part of the blocwide stress tests they undergo every two years.
Ted Baker revealed on Wednesday that an accounting error is more than twice as big as it had initially thought, leaving the fashion chain with a £58 million ($76 million) hole in its balance sheet.
British telecom conglomerate Vodafone Group PLC has become the first member company to quit the Libra Association since the Facebook-led digital currency project's official formation in October, the company confirmed to Law360 on Tuesday.
A Louisiana federal court said Tuesday that a $20 million settlement in a different case allows Goldman Sachs & Co. LLC to exit a suit alleging the Wall Street titan and other major banks rigged the price of bonds issued by government-sponsored entities such as Fannie Mae and Freddie Mac.
Austria’s finance minister said Tuesday that his country might leave discussions among 10 countries on a European Union financial transaction tax unless the proposal on the table is changed to focus on more speculative activities.
A pensions “introducer” promised consumers unrealistic, sky-high returns if they sunk their retirement savings into risky overseas investments and reaped huge commission fees as the projects failed, the financial services watchdog said at trial Tuesday.
The Bank of England said Tuesday it is working with five central banks from across the globe to explore the merits of creating digital currencies, as Facebook prepares to launch its own virtual money.
Grant Thornton UK LLP told an appellate court on Tuesday that it should not have to pay £22.4 million ($29.2 million) in damages to a fire engine provider it audited in 2009 because the losses did not fall within the scope of the accounting company’s duty.
Europe should extend its proposed tax on financial transactions to include the currency market, a “privileged playground” that trades more than $5 trillion every day, to make financial institutions pay their share of the tax, a consumer group said Tuesday.
An appellate court in London ruled on Tuesday that Austrian lender Raiffeisen Bank cannot be given the instructions received by Ashurst LLP over the sale of shares in an international coal-mining group because the materials are privileged.
Anne Giviskos, head of risk and compliance at Euronext, talks to Law360 about the challenges of creating a companywide culture amid significant growth, the importance of keeping up with technology in the fight against market abuse and her department’s approach to regulatory change.
Martina Rejsjö and Jimmy Kvarnström talk to Law360 about Nasdaq’s big focus on innovation to better detect patterns in trading behavior, the skills required to work in a tech-driven environment and the issues that take up the bulk of their time on a daily basis.
Antony Whitehouse, UK head of compliance at French bank Natixis, talks to Law360 about the changing role of compliance, the interplay between local regulatory expectations and a global business, plus some of the challenges that Brexit has thrown up for the compliance departments at European banks with operations in London.
A recent legal statement from the U.K. Jurisdiction Taskforce clearing up the status of cryptoassets and smart contracts reaffirms the flexibility of English law, but leaves matters of data protection and treatment of related assets in question, say Mark Dawkins and Jenny Arlington of Akin Gump.
Two recent cases from the High Court of Justice and the Court of Appeal shed light on how English appeals courts consider the principle of comity when one jurisdiction exposes a person to criminal prosecution for conduct required by the law of another jurisdiction, says Nick Barnard of Corker Binning.
The U.K. Court of Appeals' decision in Lomax v. Lomax, among other recent developments, show significant judicial support for compulsory mediation of appropriate civil and commercial cases in England and Wales, say Margarita Michael and Grace Spurgeon of O'Melveny.
The Organization for Economic Cooperation and Development's proposed global minimum tax rate puts the OECD firmly in the camp in favor of higher overall taxation to reduce tax competition and at odds with influential members who argue low taxes stimulate economic development, says Laurence Field of Crowe.
In 2020, law firms throughout the U.K. will be increasingly reshaped by rapid changes in societal expectations and advances in technology, say Helen Rowlands and Niya Phiri of Clyde & Co.
This year guest contributors discussed tips for lawyers combating burnout and dealing with narcissists, how millennials are changing law firm culture, BigLaw’s move toward plaintiff-side litigation and other legal industry trends.
Ahead of the U.K.'s likely departure from the European Union on Jan. 31, 2020, companies should use the one-year transition period to help workers understand any new registration requirements, evaluate budgetary concerns and expedite any employee relocations, say Julia Onslow-Cole and Charlotte Wills at Fragomen.
Recent declarations by the Financial Conduct Authority and Prudential Regulation Authority indicate that sexual harassment in the U.K.'s financial services industry may lead to consequences under the newly expanded Senior Managers and Certification Regime, and other sectors are facing growing scrutiny as well, say attorneys at Covington.
With powerful states in Europe using their full resources to investigate and prosecute those involved in the tax fraud scheme known as cum-ex trading, it seems all but inevitable that shared information will prompt significant investigations in London by the U.K. authorities, says Bambos Tsiattalou of Stokoe.
Transparency International's recent report regarding money laundering in the U.K. shows that the government is not making enough progress in addressing these crimes, says Syedur Rahman of Rahman Ravelli.
Despite concerns that London may be considered a less attractive place to do business post-Brexit, there are many reasons to believe that the city will retain its position as a globally favored arbitral seat, say Adrian Jones and James Wagner at FaegreBD.
In a recent speech, U.K. Foreign Secretary Dominic Raab stated his intent to expand sanctions for human rights violations by extending the so-called Magnitsky amendment, strongly indicating that Britain's exit from the EU would be unlikely to disrupt coordinated efforts to address international transgressions against human rights, says Stephen Baker at Baker & Partners.
With the last few months bringing significant fines to major businesses that have breached the European Union's General Data Protection Regulation, it is clear that regulators are moving away from the light-touch approach they employed during the transition to the new rules, says James Simpson of Blaser Mills.
In U.S. v. Usher, a Manhattan federal jury acquitted three British forex traders known as "the cartel" of antitrust allegations one year ago, but some common myths about the case, perpetuated by flashy headlines, still need to be debunked, say White & Case's Samuel Feldman and Mark Gidley, who represented one of the defendants.
English courts have traditionally refused to recognize a general doctrine of good faith. The High Court of Justice's decision in Bates v. Post Office provides some answers regarding when a duty of good faith may be implied, but also raises questions, say Maria Frangeskides and Rebecca Dipple of Orrick.