Even though the Financial Conduct Authority only used its partial settlement process for the third time in April, attorneys say the system is proving to be a success for individuals and companies facing disciplinary action from the watchdog.
A Manhattan federal judge on Friday approved a $182.5 million settlement between JPMorgan Chase & Co., Citigroup and investors who accuse the two megabanks of rigging a key euro rate, signing off also on a roughly $36 million haul for plaintiffs' firms that brought the antitrust class action.
This past week has seen a Kazakhstan lender file fraud claims against a dissolved London-based business, a Dubai airport security equipment company sue Barclays, and Yamaha's motorcycle business file claims against a German insurer. Here, Law360 looks at those and other new claims in the U.K.
The expansion of U.S. plaintiffs firms into Europe means that five major banks fined €1.07 billion ($1.2 billion) Thursday for rigging the multitrillion-dollar foreign exchange market may be about to face a wave of costly follow-on claims in the region.
Individuals and businesses that orchestrate or are involved in cyberattacks, including by providing financial support to the main plotters, will be hit with EU-wide sanctions such as travel bans or asset freezes under a new enforcement regime launched by the European Council on Friday.
A London judge on Friday ruled against bifurcating a trial brought by three insolvent hedge funds alleging Reed Smith LLP wrongly forwarded their portion of a $15.7 million settlement in another case to the U.S. to satisfy a separate court order.
Two days after expressing concerns about the "wealth factor" involved, the Second Circuit on Thursday rejected a Lebanese salesman and accused fraudster's emergency bid to be released on $20 million bond.
A London judge has ordered an unauthorized broker to pay the Financial Conduct Authority £917,231 ($1.1 million) in restitution for clients' funds that were allegedly spent by the business and never invested.
Federal prosecutors, investigators and a grand jury from the Western District of Pennsylvania were part of an international effort to shut down the GozNym cybercrime network accused of trying to steal more than $100 million from victims around the world, according to an indictment unsealed Thursday.
A former UBS compliance officer accused of passing inside information on potential takeovers to her trader friend told a London jury Thursday that she had looked up confidential information simply because she was curious and wanted to know what deals should be on her radar.
The U.K.'s banking supervisor warned Thursday against Britain becoming a "rule-taker" after Brexit, stressing it was important for the country to shape its own rules for the financial services sector.
A London appeals court ruled that a former Yukos employee must face the energy giant's claims that he took kickbacks from financial institutions in the English courts instead of in the Netherlands, holding that an earlier settlement giving Dutch courts jurisdiction did not apply.
The European Central Bank has urged the bloc’s financial institutions to begin referring to the European Union’s new unsecured overnight borrowing rate in new contracts and those set to mature before the current scandal-hit eurozone benchmark is dropped in 2021.
Five major banks including Royal Bank of Scotland and Barclays have been fined more than €1 billion ($1.2 billion) for allegedly colluding in the trade of large sums in foreign-exchange markets, the European Commission announced Thursday.
Investors who have reached $2.3 billion in settlements with big banks in sprawling litigation over the alleged rigging of foreign exchange markets told the Second Circuit that the lone objection to a $300 million attorney fee award should be rejected.
A putative class of investors is pushing back against a bid by Barclays, UBS and other banks still fighting Libor-rigging allegations in New York federal court to access claim forms submitted in connection to settlements with other banks.
A former brokerage firm director testified Wednesday that he "didn’t see it as bribery” when he gave a Dutch housing executive a cut of fees from Deutsche Bank for derivatives deals the company entered into — which ended up costing the property provider €840 million ($940 million).
A London judge has given UBS AG the go-ahead to take possession of a residential property owned by Vijay Mallya, an Indian beer tycoon fighting extradition to his home country on fraud charges, if an outstanding £20 million ($25.7 million) loan is not repaid by April next year.
A former UBS compliance officer accused of insider dealing told a London jury Wednesday she found it “very strange” that her day trader friend and co-defendant asked her to only contact him using a disposable phone he gave her.
Britain's pensions watchdog said Wednesday it is cracking down on employers that break the law by flouting their duty to automatically enroll workers in saving schemes, and will carry out a series of targeted inspections over the summer.
The owner of Clydesdale Bank said on Wednesday it has earmarked an additional £30 million ($38.5 million) to cover customer complaints about being wrongly sold controversial payment protection insurance as the deadline for making claims approaches.
Two of Britain's most long-awaited financial services cases are set to go to trial in January, giving court watchers plenty to look forward to in 2019 — from complex fraud suits to a showdown over insurance in the Deepwater Horizon Disaster. Here Law360 looks at the key cases coming in the year ahead.
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.
In suggesting that solicitors who facilitate tax avoidance breach its code of conduct, the Solicitors Regulation Authority fails to distinguish between legal tax avoidance and illegal tax evasion, says attorney Martin Kenney.
My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.
Prosecutors will be glad that an English appeals court's recent judgment in Fulton v. Regina joins other Proceeds of Crime Act decisions in confirming that a court does not need to show leniency or resolve ambiguities in favor of an offender when making a confiscation order, says Nick Barnard of Corker Binning.
The permanent cessation of the Libor rate in 2021 will likely trigger a flood of litigation over many existing contracts that lack effective replacements. Marc Gottridge of Hogan Lovells identifies the types of products that may be most susceptible to disputes.
A New York federal court's recent decision in U.S. v. Connolly is a warning to prosecutors against outsourcing their investigations to companies and outside counsel, but it should also be used by companies to determine the framework for internal investigations, says Rachel Maimin of Lowenstein Sandler.
While major enforcement actions against foreign banks for U.S. sanctions violations have slowed down in the past few years, recent settlements against three foreign banks show that federal and state authorities are still enforcing sanctions laws — and the pace of enforcement will likely increase, say Andrew Zimmitti and Richard Hartunian of Manatt.
The U.K. Department for Digital, Culture, Media and Sport's latest cybersecurity survey shows that U.K. cyberattacks have decreased in the last 12 months, likely thanks in part to the General Data Protection Regulation. But companies' cybersecurity efforts should continue to evolve, say experts at PriceWaterhouseCoopers.
The U.K. Competition and Markets Authority's proposals for reshaping competition enforcement and consumer protection would shift the historical balance in U.K. competition policy, increasing regulatory burden on companies while weakening judicial scrutiny of CMA actions, says Bill Batchelor of Skadden.
The U.S. Department of the Treasury’s Office of Foreign Assets Control has recently increased the real cost of sanctions violation settlements by requiring annual compliance certifications. This alters the cost-benefit analysis of implementing robust sanctions compliance programs at nonfinancial institutions, says Jeremy Paner of Holland & Hart.
A key theme in Preet Bharara's new book is the enormous role the human element plays in the administration of justice. The former U.S. attorney for the Southern District of New York discussed this theme, among other topics, in a recent conversation with White and Williams attorney Randy Maniloff.