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Financial Services UK

  • March 18, 2019

    SFO Joins Probe Into Failed UK Lender Over Sales Claims

    The Serious Fraud Office announced on Monday it has opened an investigation into failed lender London Capital & Finance PLC, which collapsed in January, leaving thousands of customers out of pocket.

  • March 18, 2019

    Loan Syndicator Sues Real Estate Developer Over Work Fees

    Loan consultancy EMFC Loan Syndications LLP has sued a U.K.-based luxury real estate developer at a London court for fees it claims it is owed for work it carried out to arrange a $57 million loan facility.

  • March 18, 2019

    US Frees Banks To Transfer UK Swaps To EU In Hard Brexit

    Five U.S. agencies have set out measures to allow banks to transfer so-called legacy swaps from the U.K. to a subsidiary based in Europe or America without triggering tougher margin requirements if Britain crashes out of the bloc without a deal.

  • March 18, 2019

    Genworth Drags Santander Units Into AXA's £265M PPI Claim

    Genworth Financial Inc., which is being sued for nearly £265 million ($351 million) by rival French insurer AXA SA over a missold insurance product, can seek to shift the blame onto two British units of Santander, London’s High Court has said.

  • March 18, 2019

    SFO Seizes £1.5M From Fugitive Mortgage Fraudster

    The Serious Fraud Office has seized more than £1.5 million ($2 million) in illicit funds from a property tycoon wanted in connection with Britain’s biggest ever mortgage con.

  • March 18, 2019

    Willkie, Skadden Steer FIS’ $43B Worldpay Buy

    Fidelity National Information Services, led by Willkie Farr & Gallagher LLP, on Monday inked a $43 billion deal, including debt, for Worldpay, guided by Skadden Arps Slate Meagher & Flom LLP, marking the latest payments services tie-up as the space consolidates.

  • March 15, 2019

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

    The last week has seen a commercial fraud claim filed against the founders of now-defunct sports marketing giant MP & Silva, Kuwait's social security agency sue several Swiss banks and its former head, and AXA lodge an action against the company behind Admiral Insurance. Here, Law360 looks at those and other new claims in the U.K.

  • March 15, 2019

    ECB's Refusal To Publish Minutes On Banco Espirito Anulled

    A European court has annulled a decision by the European Central Bank in 2016 to refuse disclosure related to its suspension of aid to the now-collapsed Banco Espirito Santo SA, concluding that the information being sought would not have undermined public interest as claimed.

  • March 15, 2019

    SEC Official Calls For More Robust Brexit Disclosures

    The U.S. Securities and Exchange Commission wants to see public companies bolster disclosures regarding possible Brexit-related risks, one of the agency's top officials said Friday at a securities regulation summit in London.

  • March 15, 2019

    Libyan Defendant Can't Get SFO Docs In JPMorgan Bribe Suit

    A Libyan businessman being sued alongside a unit of JPMorgan by Libya's sovereign wealth fund over an alleged $6 million bribe lost a motion Friday to get documents from the Serious Fraud Office linked to a 2008 probe into his activities.

  • March 15, 2019

    London Asset Manager Gets Trial Date For Contract Dispute

    A London property investment company seeking millions of pounds from a group of Luxembourg entities for terminating asset management agreements tied to commercial property portfolios will have a trial in their breach of contract case heard next year.

  • March 15, 2019

    UK Credit Raters Will Lose Validity After Brexit, ESMA Warns

    Europe’s top markets regulator on Friday called on credit ratings agencies based in the U.K. to register their services within the bloc to prevent their outstanding European assessments from being binned in a no-deal Brexit.

  • March 15, 2019

    Iranian Bank Must Name All Clients In $4B UK Sanctions Suit

    An Iranian bank suing the U.K. government for $4 billion over its enforcement of nuclear sanctions, which were later struck down, must hand over the names and addresses of all its customers to HM Treasury, the Court of Appeal ruled on Friday.

  • March 15, 2019

    Press On With Capital Markets Project, Brussels Urges Bloc

    The European Union’s financial chief told leaders of member states on Friday to make it a priority to pass rules to ensure the bloc’s flagship project to boost private sector investment in business is realized by the end of the year.

  • March 15, 2019

    Retailer Can Serve Docs In €33M Shares 'Intimidation' Case

    A retailer that claims it was intimidated into selling shares in a financial services company can serve a €33 million ($37.4 million) lawsuit on two businessmen who were allegedly behind the firm that bought the stock, a judge in London has ruled.

  • March 15, 2019

    FCA Acts Against Debt Firms Failing Vulnerable Consumers

    The Financial Conduct Authority said Friday it has started supervisory action against two debt management companies with “unacceptably poor standards,” after a review of the sector revealed one of the firms had put an 87-year-old widow on a 95-year repayment plan.

  • March 15, 2019

    Swedbank Tips Off Watchdog To Suspected Money Laundering

    Sweden's financial regulator said Friday that Swedbank has handed over a report about suspected money laundering activity to add to the agency's ongoing investigation of the lender’s alleged links to the €200 billion ($227 billion) money laundering scandal at Danske Bank.

  • March 15, 2019

    UBS Sets Aside €450M For French Money-Laundering Fine

    UBS AG said Friday it has set aside €450 million ($510 million) after a French court hit it with a €3.7 billion fine for money-laundering, even though the Swiss bank maintains there is a “lack of evidence to support the charges.”

  • March 15, 2019

    EU Caved To US, Saudis Over Dirty Money, Parliament Says

    The European Parliament has suggested that member states caved in to diplomatic pressure when they refused to blacklist Saudi Arabia and four U.S. territories earlier this month for their allegedly weak safeguards against money laundering and terrorist financing.

  • March 14, 2019

    All 9 Banks Beat Canadian Rate-Rigging Suit

    The parents, subsidiaries and affiliates of nine international banking institutions all escaped a proposed class action accusing them of plotting to fix the Canadian dollar interest rate after a New York federal judge found Thursday that investors failed to delineate how the banks intended to profit from the alleged plot.

Expert Analysis

  • 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.

  • Why Is The UK's Criminal Law Disclosure Process Failing?

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    A decade of funding cuts to the U.K.'s police, prosecution and defense has severely strained the criminal justice system, and the failing disclosure system is just one symptom of a deeper malaise that must be remedied by adequate investment in training and staffing, says Marlon Grossman of Stokoe Partnership Solicitors.