Banks and their lawyers are bracing for a wave of prosecutions, penalties and lawsuits as investigations into a controversial dividend trading strategy known as cum-ex gather pace across Europe— and could soon spill over into regulatory enforcement in the U.K.
Federal prosecutors have urged the U.S. Supreme Court to reject former HSBC executive Mark Johnson's bid for review of his fraud conviction over a $3.5 billion trade, saying taking another party's "right to control" its own assets is a settled form of wire fraud.
The European Union's executive arm on Thursday adopted legislative proposals on crypto-assets and a new digital finance package, which it said will give people more protection and opportunities in modern payments.
A judge on Thursday denied an attempt by Dentons Europe LLP to lower costs in a case stemming from an alleged €6.5 million ($7.6 million) gold dust investment scam, after concluding that the law firm had not been neutral in the investors' application for disclosure.
The Financial Conduct Authority has closed its inquiry into concerns that information from a Bank of England meeting was used to share data in a way that was against market abuse rules.
The U.K. plans to join the U.S. and Canada to levy sanctions against individuals in Belarus accused of violating human rights sanctions after "rigged elections," the British foreign secretary said Thursday.
The Financial Conduct Authority's efforts to lay down rules on how pension committees across the U.K. weigh "value for money" for long-term savers are still too vague, companies warned Thursday.
Britain's finance watchdog said Thursday it has begun criminal proceedings against three former employees of an IT company after accusations the firm mislead investors in a £43 million ($53.7 million) market abuse scandal.
A trader accused of deleting WhatsApp to hinder an insider dealing probe testified Thursday he deleted the application on the second of two iPhones handed to police when he was arrested to hide his friendship with a Russian politician suspected of killing former Russian security officer Alexander Litvinenko.
A judge gutted a foreign exchange firm's bid for evidence from bitcoin tycoon Craig Wright in litigation over the closure of his wife's cryptocurrency account, denying the disclosure of financial documents.
Britain's auditing watchdog said Thursday that companies need to step up their financial reporting ahead of the next financial results cycle after finding gaps in a review of their performance under international reporting standards.
Switzerland's financial services watchdog said Thursday it has reprimanded Geneva-headquartered Bank SYZ SA after it found it breached anti-money laundering regulations while working with an Angolan client.
Europe's top court on Thursday upheld a €104 million ($121 million) fine imposed on one of the world's largest cable makers over a high-voltage power cable cartel, ruling that antitrust authorities were authorized to copy data from the manufacturer's computers.
Ireland's central bank said Thursday it had fined Dublin-based KBC Bank Ireland more than €18 million ($21 million) and formally reprimanded the lender for overcharging mortgage clients, putting its own financial needs above the interests of customers.
Europe's securities watchdog called on lawmakers Thursday to give regulators across the bloc more power to share information to combat fraudulent schemes linked to dividend transfers, which have deprived the European Union of €55 billion ($63.6 billion) in taxes.
Jurors told an Illinois federal judge on Wednesday they couldn't come to a consensus in a wire fraud trial accusing two former Deutsche Bank traders of unlawfully spoofing the precious metals market, but they were ordered to continue deliberating.
Deutsche Bank isn't liable for unpaid taxes tied to illicit dividend trades by private German lender M.M. Warburg & Co., a German court ruled Wednesday in Europe's cum-ex tax avoidance scandal.
A trader accused of deleting WhatsApp from his mobile phone to hinder an insider trading probe had already lost his chat data from the communication application when he changed his account over fears his phone had been hacked by parties in Russia, he said in a statement shown to jurors Wednesday.
A European Union court on Wednesday said tax breaks given to buyers of Spanish ships had to be returned after the bloc's top court found they provided an unlawful competitive advantage.
The Financial Conduct Authority has taken aim at law firm JWK Legal Group in a suit accusing a group of airport parking companies of running unauthorized investment schemes after the regulator's claim was described as too vague.
A London judge on Wednesday ordered a Russian bank to halt its $135 million fraud lawsuit against a corporate investment company accused of siphoning assets off the failed lender, ruling the companies had agreed to arbitrate disputes in the U.K.
A new spate of lawsuits filed in Danish courts this week against embattled banking giant Danske Bank A/S over money laundering scandals brings the total amount claimed against the bank to $1 billion, a law firm representing investors said.
Three financial institutions won their legal challenge Wednesday against the European Union's central resolution authority over the size of their contributions to the bloc's fund for helping failing banks over concerns about a lack of transparency.
Businesses in the financial services sector should consider performing stress tests and ensuring their technology systems are safe in the face of a challenging environment, European regulators said in their first assessment of the sector following the outbreak of COVID-19.
Law enforcers in the U.K. must explain how they will stamp out economic crime, an influential parliamentary committee said Wednesday while calling on the government and regulators for answers after the "deeply troubling" FinCEN files leak.
Britain's finance watchdog said Wednesday it is preparing to regulate which international firms will be allowed to operate in the U.K. permanently after the Brexit transition ends when the clock strikes midnight on Dec. 31.
The recent decision in the Financial Conduct Authority's business interruption insurance case was a big deal for policyholders forced to shut because of COVID-19, but it also marked the first test of the Financial List's most unusual features five years since its launch.
Australia's recent decision to introduce a licensing regime for its litigation funders has stirred up attention across the industry, but experts say it appears unlikely that the U.K. will move beyond its current combination of light-touch regulation and court oversight.
UPDATED September 21, 2020, 11:18 AM GMT | As courts across the region take measures to prevent the spread of the novel coronavirus, some are restricting access and altering their procedures. Here is a roundup of changes.
While the U.S., U.K. and EU have proposed legislation in anticipation of the approaching Libor end date, the multiplicity of their approaches gives rise to uncertainty for market participants rather than eliminating it, say Anne Beaumont at Friedman Kaplan and Janine Alexander and Audrey Favreau at Collyer Bristow.
A rise in margin losses due to pandemic-related market turbulence could lead to disputes in the context of leveraged trading products, and retail investors involved in such disputes should pay particular attention to recent additions to the Financial Conduct Authority Handbook, says Katherine Harper at Forsters.
The U.K.'s forthcoming National Security and Investment Bill differs significantly from the Committee on Foreign Investment in the United States' framework for reviewing potentially dangerous foreign investment transactions by establishing nonmandatory notifications and a six-month time limit for formal review, say Angella Castille and Jonathon Gunn at Faegre Drinker.
The U.K. Supreme Court's recent Sevilleja v. Marex decision benefits creditors and other stakeholders by excluding their claims from the reflective loss principle, which precludes third-party complaints that merely reflect company loss, say Robert Fidoe and Jack Moulder at Watson Farley.
In U.S. v. Vorley, the U.S. Department of Justice has signaled it may present high-frequency traders as victims of a spoofing scheme, but analysis of testimony from two similar cases reveals flaws in this approach, says Joshua Ray at Rahman Ravelli.
With the merits test for anchor defendants in U.K. litigation involving European Union defendants back before the English courts this summer, the London High Court's recent decision in Tsareva v. Ananyev provides useful precedent for jurisdictional challenges to anchor defendants' inclusion, say Egishe Dzhazoyan and Kateryna Frolova at King & Spalding.
When compared with the U.S. Supreme Court’s Ohio v. American Express opinion, two recent U.K. Supreme Court rulings holding that credit card companies' payment schemes violated antitrust law suggest that corporations operating two-sided platforms are much more likely to win an antitrust case in the U.S., say Allison Gorsuch and Lauren Weinstein at MoloLamken.
Investors in German payment processor Wirecard are suing the German Federal Financial Supervisory Authority, calling attention to whether allegations of gross failings can overcome regulator immunity, say Anna Battams and Isobel McNaught at Collyer Bristow.
The continuing story of wrongdoing at the Brazilian state-owned oil producer Petrobras uncovered by an anti-corruption investigation called Operation Car Wash is both disturbing and instructive of the country's system of law, says Stephen Baker at Baker & Partners.
The U.K. Court of Appeal's recent decision in Lamesa Investments v. Cynergy Bank considered whether U.S. secondary sanctions were a mandatory provision of law under a standard agreement clause and is a valuable reminder of the importance of bespoke drafting of sanctions-related contractual clauses, say Jason Hungerford and Paul Whitfield-Jones at Mayer Brown.
Investors' recent lawsuit against HSBC over film-related tax avoidance schemes spotlights the difficult balancing act of crafting practical tax relief legislation while safeguarding against abuse, says Andrew Parkes at Andersen Tax.
Any legally represented defendant prosecuted by the Serious Fraud Office or the Crown Prosecution Service's Specialist Fraud Division should have the right to demand a judicial method of determining their guilt or innocence — and COVID-19 could be a catalyst for necessary change, says David Corker at Corker Binning.
While the U.K. Supreme Court decision last month in the MasterCard and Visa multilateral interchange fees cases rectifies a number of inconsistent decisions in the litigation saga, the court's findings on the "pass-on defense" in competition damages claims are of wider application, says Kim Dietzel at Herbert Smith.
As the judiciary braces for widespread pandemic-driven contractual disputes, courts in England and Wales are showing enthusiastic support for mediation, both when determining the implications of a party's refusal to mediate and when assessing whether normal restrictions on the use of mediation-derived information apply, says Leah Alpren-Waterman at Watson Farley.
As indicated by the U.K.'s recent application to join the Lugano Convention, this is an "oven-ready" option for the U.K. for governing questions of jurisdiction and the enforcement of judgments with European Union countries after Brexit — but not without important differences from the current regime, say attorneys at Latham.