The collapse of the trial of two former Tesco directors accused of fraud and false accounting by the Serious Fraud Office is the latest blow for the white collar crime agency and calls into question its dual strategy of pursuing deferred prosecution agreements with companies and criminal prosecutions of individuals, attorneys say.
ING Bank NV should have to pay Oversea-Chinese Banking Corp. Ltd. back for the $19 million it was told to hand over to liquidators of Lehman Brothers as part of a settlement of several derivatives transactions, lawyers for the Singapore lender told a court in London on Tuesday.
Prosecutors opened their second trial in London on Tuesday of three former Barclays PLC employees accused of participating in a conspiracy to rig global interest rates to rip off counterparties that did business with them, after the jury in the original trial was unable to deliver a verdict.
The U.K. Parliament overwhelmingly rejected the government’s draft agreement for leaving the European Union on Tuesday, pitching the Brexit process deeper into disarray and raising questions about whether the March 29 departure date can still be met.
A London judge on Tuesday said four transport companies owe the Swedish Export Credit Corp., HSBC Bank PLC and a Brazilian lender at least $35.2 million for failing to repay loans secured to buy buses for a Brazilian city, saying they skipped court proceedings.
Crowell & Moring LLP said Tuesday that it has snagged an experienced financial litigator from Squire Patton Boggs LLP to oversee the expansion of its London office.
A partner at London law firm Child & Child on Tuesday became the first English lawyer to be punished as a result of revelations from the Panama Papers scandal after he was fined £85,000 ($109,000) by a U.K. disciplinary tribunal for failing to carry out money laundering checks.
A judge in London dismissed on Tuesday an application by Austrian lender Raiffeisen Bank that would have required Ashurst LLP to hand over all documents and instructions it received in connection with $85 million it held in escrow during negotiations for the sale of shares in an international coal mining group.
Global regulators have approved watered-down rules drafted to help avoid another financial crisis, which cut by almost half the amount of extra capital that banks will be required to hold from 2022 to buffer themselves against movements in the market price of their investments.
Manchester Building Society attempted on Tuesday to revive a U.K. lawsuit claiming that Grant Thornton is liable for £32.7 million ($42 million) losses suffered on interest rate swaps used by the lender to hedge its mortgage portfolio, claiming its “very future and existence” depends on the outcome of the appeal.
The Financial Conduct Authority is considering taking action against Credit Suisse for possible failures of its internal controls over an alleged $2 billion loan scandal in Africa, as well as against individual bankers, the head of the regulator told lawmakers Tuesday.
UBS AG told a New York federal judge on Friday that the U.S. Department of Justice's lawsuit accusing it of defrauding investors through the sale of residential mortgage-backed securities leading up to the financial crisis should be dismissed, saying the case is based on an overly broad and legally unsupported interpretation of a financial institutions reform act.
U.K. police said Monday that they've seized a Cartier diamond ring worth £1.19 million ($1.53 million) from a jailed Azerbaijani banker whose wife became the first suspect targeted using new anti-corruption powers allowing investigators to probe how individuals acquired large amounts of unexplained money.
Hunton Andrews Kurth LLP announced that a former Gide Loyrette Nouel partner with more than 15 years of experience in international tax issues and transactions joined the firm’s London office.
Demand for Britain's financial services has fallen for the first time in five years, the Confederation of British Industry and PricewaterhouseCoopers said Monday, blaming regulatory demands and uncertainty surrounding the U.K.'s impending exit from the European Union.
Mayer Brown LLP said on Monday that it has hired a lawyer from Paul Hastings LLP with experience in structured finance as the fourth partner to join its banking and finance team in London in the last six months.
Europe’s banking regulators agreed on rules on Monday that they said will help them to cooperate and exchange information on “weak links” in their fight against money laundering in the bloc.
Prime Minister Theresa May predicted on Monday that Brexit could be abandoned if MPs reject her draft Withdrawal Agreement as anticipated on Tuesday, as she warned that Parliament risks being thrown into “paralysis.”
The government has joined forces with the financial services industry on a new taskforce to battle economic crime such as money laundering and fraud, which costs the U.K. £14.4 billion ($18.5 billion) each year, the Treasury said Monday.
The European Central Bank must be more transparent about how it supervises lenders, the European Court of Auditors said Monday as it demanded new laws to force the institution to open its books and help protect wider financial stability.
Stock market operator Euronext NV confirmed Monday it has tabled a €625 million ($717 million) cash offer for Oslo Bors VPS, hours after the Norwegian exchange said it had found alternative bidders.
Law360 speaks to Jeffrey Golden, joint-head of 3 Hare Court Chambers, and ex-Delaware Supreme Court justice Randy Holland about the importance of building contacts in different jurisdictions, how 3 Hare Court has been breaking new ground and building up a strong global practice, and which key trends they’re keeping an eye on within the legal industry.
The Serious Fraud Office has landed another mixed result in its prosecution of several former Barclays and Deutsche Bank traders for manipulating Euribor, the latest in the white collar specialist's latest effort to hold individuals accountable for rigging key benchmark interest rates. Here, Law360 looks at the highlights of the SFO's long-running campaign.
With Britain less than a year from exiting the European Union, firms on Law360’s Global 20 have begun pushing deeper into the countries remaining in the bloc, adding offices and industry specialists in a shift that could rebalance how BigLaw works in the region.
Worldwide freezing orders, which preserve a respondent's assets until the outcome of the substantive case, are an important weapon in the arsenal of a commercial litigant. However, as FSDEA v. Dos Santos demonstrates, courts lay heavy obligations upon WFO applicants, says Nicola McKinney of Grosvenor Law Ltd.
Recent developments in the United Kingdom emphasize the importance of companies implementing cybersecurity measures proactively both to prevent incidents and to argue in mitigation when, not if, the company does suffer a data breach, say Guillermo Christensen of Ice Miller LLP and Anupreet Amole of Brown Rudnick LLP.
Two recent cases in the Eastern Caribbean Court of Appeal have presented British Virgin Island courts an opportunity to develop a local jurisprudence regarding the BVI Business Companies Act and provide guidance on how the proper purpose test is to be applied, says Rosalind Nicholson of Walkers Global.
The House of Lords' landmark decision in Three Rivers v. Bank of England significantly undermined confidentiality of communications between lawyers and clients. The U.K. Supreme Court should review this case as soon as possible, says Quentin Bargate of Bargate Murray Ltd.
As the deadline for a hard Brexit draws ever closer, financial firms operating in the United Kingdom or European Union must consider how possible outcomes will impact transactions and contractual relationships, and take steps to mitigate business interruptions, say Gilles Kolifrath and Linda Sharkey of Kramer Levin Naftalis & Frankel LLP.
Though the United Kingdom has reached an agreement with the European Union regarding its withdrawal, the U.K. Parliament is unlikely to approve it. Much of the U.K.'s financial industry is still preparing for a "no deal" outcome, says Chris Bryant of Bryan Cave Leighton Paisner LLP.
The recent Mossack Fonseca indictments and Deutsche Bank raid would not have been possible without the whistleblower behind the Panama Papers leak. But there is no incentive for rooting out the type of criminal money laundering revealed here, creating a large enforcement gap, say Eric Havian and Michael Ronickher of Constantine Cannon LLP.
The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.
Landmark California legislation going into effect in January requires the two largest pension funds in the U.S. to publicly report on their climate-related financial risks, which should result in more widespread adoption of financial disclosure recommendations from the Financial Stability Board, say attorneys with CKR Law LLP.
The EU General Data Protection Regulation's accountability principle obligates organizations to provide evidence of compliance — one of the biggest changes brought about by the GDPR. Though the concept is simple, embedding accountability into financial services firms' operations and culture will not be achieved overnight, say experts at PricewaterhouseCoopers.