Financial Services UK

  • September 23, 2019

    $1.2B Award Against Mining Co. Must Be Enforced

    An Israeli billionaire’s mining company has failed to convince an English judge to nix an order enforcing a nearly $1.25 billion arbitral award issued to its former joint venture partner following a dispute over a stymied Guinean mining project.

  • September 23, 2019

    Investors Rip 'Fictitious' Accounting By Defunct Insurer's CEO

    Investors in Gable Insurance AG have continued pressing their claims in the High Court in a £1.9 million ($2.3 million) lawsuit that the defunct Liechtenstein company's former chief executive concealed a major fraud to lure investments while he funneled money to a company he owned.

  • September 23, 2019

    UK Top Court Sets Parliament Suspension Ruling For Tuesday

    The U.K. Supreme Court will rule Tuesday on whether Prime Minister Boris Johnson unlawfully suspended Parliament for five weeks earlier this month, according to a statement issued by the court Monday.

  • September 23, 2019

    EU Bank Regulator Launches New Transparency Testing

    Europe’s banking watchdog said Monday that it will publish quarterly information from 2019 on 130 of the bloc’s banks, deviating from its usual semiannual disclosures for the first time in order to give national supervisors more details about the EU’s financial sector.

  • September 23, 2019

    Gold Payment App Falls Into Administration

    Gold payment app Glint has gone into administration after being declared insolvent, the Financial Conduct Authority has announced, leaving customers in the dark about the safety of their funds.  

  • September 23, 2019

    DVB Bank Pursues Shipowner Over $24M Overdue Loan

    The Singapore branch of German lender DVB Bank has launched a suit in the U.K. against the owners of a ship being held in northern England, seeking repayment of $23.9 million in unpaid loans.

  • September 23, 2019

    ECB Appeals Ruling Over Failed Portuguese Bank Disclosure

    The European Central Bank has appealed a decision that forces it to disclose why it stopped aid to a collapsed Portuguese bank, claiming it does not need to justify why it is in the public interest to withhold the information, according to documents published Monday.

  • September 23, 2019

    Akin Gump Adds Partners To Growing London PE Practice

    Akin Gump will add two senior transactions lawyers to its growing private equity team in London in October, the firm said Monday.

  • September 23, 2019

    Banks, Insurers Commit To Global Climate Action

    Banks from 46 countries with more than $47 trillion in assets have adopted new United Nations-backed principles on “responsible banking” to fight climate change and increase focus on sustainable finance.

  • September 20, 2019

    Ex-SocGen Exec Tells 2nd Circ. She's No Fugitive

    A former Societe Generale SA executive accused of rigging the Paris bank's submissions to the London Interbank Offered Rate asked the Second Circuit to throw out the case Friday, saying a lower court wrongly classified her as a fugitive.

  • September 20, 2019

    Court Will Redo Damages Interest In Deutsche RMBS Suit

    A Texas federal court agreed on Thursday to rethink its 2017 ruling that determined the interest rate for calculating damages in the Federal Deposit Insurance Corp.'s suit over Deutsche Bank Securities Inc.'s sale of shoddy residential mortgage-backed securities.

  • September 20, 2019

    European Consumers Wary Of Cryptocurrency, Study Shows

    Most European consumers do not understand basic facts about cryptocurrency, and regulatory uncertainty about the digital asset remains high, according to new research.

  • September 20, 2019

    FCA Appoints Exec Director of Risk and Compliance Oversight

    Britain’s finance watchdog on Friday named a longtime financial services expert with experience in banking and insurance to be its new executive director of risk and compliance oversight.

  • September 20, 2019

    Ex-Shareholders Say Wirecard Ignored Stock Sale Fraud

    Two investors have sued Wirecard AG for €33 million ($36.3 million), expanding their London legal fight claiming they were intimidated into selling their stock in a financial services company just before it was sold to the German payments provider for a windfall. 

  • September 20, 2019

    'Irregular' $335M Awards Against PrivatBank Prompt UK Suit

    The trustee for $375 million worth of securities backing loans to troubled Ukrainian lender PrivatBank has asked a London court for guidance on how to abide by its obligations to noteholders while it challenges $335 million worth of partial arbitration awards against that bank. 

  • September 20, 2019

    Asset Manager Escapes Bulk Of €32M Suit Over Soured Deal

    The owner of a Caribbean luxury hotel development won €5.7 million ($6.2 million) against Duet Group on Friday, but the judge rejected the remainder of the €32 million claim and allowed the asset manager to recoup the sums from a company now owned by the hotelier.

  • September 20, 2019

    RBS Names New CEO After Scandals Dent Bank's Reputation

    The Royal Bank of Scotland named Alison Rose as its new chief executive Friday, handing over a long list of challenges as the lender looks to rebuild after a series of scandals, including the poor treatment of struggling business customers.

  • September 20, 2019

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

    The last week has seen an investment banker sue his former Mishcon De Reya LLP lawyers following a failed lawsuit against Newcastle F.C.'s billionaire owner, a foreign exchange business drag the head of its Irish operations into court and an Enterprise insurance unit take action against its Greek brokerage arm. Here, Law360 looks at those and other new claims in the U.K.

  • September 20, 2019

    Europe Hires: Jones Day, Squire Patton Boggs, Shoosmiths

    Several law firms are touting recent attorney hires in Europe. Shoosmiths LLP has poached a Euribor lawyer from Hodge Jones & Allen, while Squire Patton Boggs LLP nabbed a banking partner from Herbert Smith Freehills LLP and Jones Day has landed a white collar defense pro from an Amsterdam outfit.

  • September 20, 2019

    Consider Recording Client Meetings, FCA Tells Advisers

    The Financial Conduct Authority has urged financial advisers to record interactions with their clients to help ensure that “better quality” recommendations are being made and “provide the most robust evidence” if a consumer brings a complaint.

  • September 20, 2019

    EU Lawmakers Join Call For Money Laundering Crackdown

    European lawmakers have demanded that rules designed to clamp down on money laundering and terrorist financing be better enforced across the bloc, saying that improved coordination is needed to counter criminal finance.

  • September 19, 2019

    EU Court Strikes Down Danish Bank State Aid Ruling

    Europe’s General Court on Thursday annulled a ruling by the European Commission over the repayment of financial help a Danish bank received from Denmark after the financial markets tanked a decade ago.

  • September 19, 2019

    Orrick Nabs Structured Finance Pro From Ropes & Gray

    Orrick Herrington & Sutcliffe LLP said Thursday that it has snagged a structured finance lawyer from Ropes & Gray LLP to join its London office, the firm’s second hire of the week.

  • September 19, 2019

    Brokerage's Suit Over Swiss 'Flash Crash' Stayed For Talks

    A London judge paused litigation brought by a multinational trading platform over money allegedly owed in the wake of the 2015 "flash crash" of the Swiss franc so that the parties could try to resolve the dispute out of court.

  • September 19, 2019

    Businessmen Fight €33M Fraud Suit Over Wirecard Deal

    Two Indian businessmen have denied pressuring a retailer into selling shares in a financial services company shortly before it was flipped to a German payments provider for millions, saying the €33 million ($36.45 million) lawsuit baselessly casts them as villains.

Expert Analysis

  • 3 Ways To Stabilize Contract Law In Jersey

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    The Jersey Court of Appeal's recent judgment in Booth v. Viscount highlights judicial dissatisfaction with the current lack of certainty in Jersey contract law, but there are a few possible ways to address the undesirable state of affairs, says Eleanor Davies of Baker & Partners.

  • How Hague Enforcement Initiative Compares To EU Regimes

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    The Hague Conference on Private International Law's latest convention on cross-border enforcement may create an international dispute resolution framework, and could provide the U.K. with useful alternatives to EU regimes in the event of a no-deal Brexit. However, it is not guaranteed to be a true game-changer, say Andrew Stafford and James Chapman-Booth of Kobre & Kim.

  • Series

    Why I Became A Lawyer: Expanding The Meaning Of Diversity

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    My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.

  • 2 Perspectives On Navigating The Litigation Funding Process

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    Paul Martenstyn of Vannin Capital and Daniel Spendlove of Signature Litigation share their top tips on how to get a case funded, drawing from their respective experience as a funder and a lawyer.

  • 'Warehousing' Structures May Violate EU Merger Regulations

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    The recent fine in the Canon/Toshiba case demonstrates the European Commission's narrow approach to "warehousing" structures and further blurs the line between how gun-jumping and legitimate preparation of mergers are interpreted in EU merger agreements, say Tobias Caspary and Penelope Hale of Fried Frank.

  • UK Unexplained Wealth Orders Are On The Rise

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    U.K. enforcement agencies are growing more comfortable in utilizing unexplained wealth orders and undertaking the complex investigations that follow, but the vast majority of international businesses and private clients in the U.K. with wealth situated overseas should not fear that UWOs will be used against them, says Zoya Burbeza of Zaiwalla & Co.

  • When Shareholders Can Bring Direct Claims In Cayman Court

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    Two recent Cayman court decisions highlight the limited situations in which a shareholder may bring a direct claim against a director or a third party and the importance of ensuring that claims are commenced by the proper plaintiff, say attorneys at Appleby Global.

  • Lessons From The Global Forestry Investments Scheme

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    The Global Forestry Investments case's progression, from the Insolvency Service's involvement to recent charges by the Serious Fraud Office, indicates that those responsible for serious financial losses may face criminal prosecutions in addition to regulatory penalties, says Maria Theodoulou of Stokoe Partnership Solicitors.

  • Assessing Risk For AI Trained By Tainted Data In The EU

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    In Europe, evaluating the risk of launching an artificial intelligence system trained by tainted data can be challenging, but identifying the relevant rights, possible sanctions and whether the issue is ongoing can put lawyers well on their way to understanding the risk profile, say Toby Bond and Nick Aries of Bird & Bird.

  • Helpful Insights On Arbitration Jurisdiction From UK Court

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    The U.K. Commercial Court's recent decision on arbitration jurisdiction in Minister of Finance v. International Petroleum Investment makes clear that the court will not unnecessarily interfere with arbitration proceedings, but it will be ready to intervene where appropriate, say Ioannis Alexopoulos and Nikoletta Beneki of Signature Litigation.

  • Pros And Cons Of UK Deferred Prosecution Agreements

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    Since deferred prosecution agreements were introduced in 2014, the Serious Fraud Office has initiated five DPAs that have received formal declarations from the court. Opinions are divided as to whether these agreements improve long-term compliance or allow corporates to pay their way out of prosecution, says Perveen Hill of BDB Pitmans.

  • Perspectives

    2nd Circ.'s Approach To Bail Is Backward

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    The Second Circuit's decision in United States v. Boustani correctly identifies the dangers of a "two-tiered" bail system, but the proper solution is to make bail more accessible to everyone, not to fewer people, says Alexander Klein of Barket Epstein.

  • 3 Steps To Calculating Damages For Unnecessary Injunctions

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    A recent Cayman Islands case, Ennismore v. Fenris, sheds light on the process for assessing how much plaintiffs should pay to defendants if they called for a pretrial injunction that the court later finds should not have been granted, say Nicola Roberts and Laura de Heer of Harney Westwood.

  • How New EU Cyber Sanctions Compare To US Policy

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    The Council of the European Union recently adopted new cybersecurity legislation that imposes sanctions on people and entities responsible for cyberattacks rather than on states. Attorneys with Crowell & Moring discuss the scope of the new EU sanctions regime, how it is similar to U.S. cyber sanction policy, and its potential impact.

  • UK Financial Orgs Could Face Cyber Enforcement On 2 Fronts

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    A recent uptick in cyberincident reports in the U.K., combined with the Information Commissioner's Office and Financial Conduct Authority's joint approach to General Data Protection Regulation enforcement, suggests that U.K. financial services firms could be at high risk for simultaneous enforcement actions from the two regulators, say Rob Dedman and Kim Roberts of King & Spalding.