The U.K. Supreme Court has simplified the legal test for the duty of care owed by professional advisers to their customers in a decision that found Grant Thornton liable for its former client's losses, a ruling described by lawyers as a major win for claimants.
A former Deutsche Bank commodities trader was sentenced to one year and one day in Illinois federal court on Monday after he was convicted of wire fraud for engaging in a scheme to spoof the precious metals market.
China's central bank on Monday told the country's leading financial institutions to cease all support for cryptocurrency transactions, citing the potential for digital currencies to facilitate money laundering and skirt regulations on asset transfers.
KPMG should be fined at least £15 million ($21 million) for ignoring the interests of a struggling mattress company it advised in favor of a private equity fund client it was nurturing, Britain's accounting watchdog told a disciplinary tribunal on Monday.
An HSBC client threatened to "open up a Pandora's box" over allegations that the bank's foreign exchange traders were front-running his firm's currency transactions to force it to reach a financial settlement, lawyers for the lender said at a trial on Monday.
The government said on Monday that it wants midsized pension schemes in Britain to consolidate into larger plans, as it seeks to provide greater financial security for long-term savers.
The European Central Bank on Monday reported a €39 billion ($46 billion) fall in total assets of eurozone pension funds in the first three months of this year.
Credit Agricole can look through the contents of 115 unclaimed safety deposit boxes stored at its London branch, a judge ruled on Monday, as he said that the search will help to identify their owners or allow the bank to sell their contents.
Spanish bank BBVA said Friday it is opening its bitcoin trading service to all of its Swiss private banking clients, marking yet another financial institution to broaden its cryptocurrency services in recent months.
The past week in London has seen a blockchain company sue Bryan Cave Leighton Paisner, one of the world's largest sugar producers file an insurance claim and drinks giant Pepsi lodge two intellectual property complaints. Here, Law360 looks at those and other new claims in the U.K.
The eurozone's central bank said on Friday it will save banks approximately €70 billion ($83 billion) by extending a capital relief measure until the end of March 2022 to boost lending and help the economy recover from the coronavirus pandemic.
Stanford International Bank has asked the U.K.'s highest court to revive the bulk of its £118 million ($163 million) lawsuit against HSBC over a $7 billion, decades-long Ponzi scheme orchestrated by the Caribbean bank's former owner.
A British financial adviser who urged clients to transfer £23 million ($32 million) of their pension savings into dodgy investment plans has been banned from acting as a company director for more than a decade, the Insolvency Service said on Friday.
Danske Bank said on Friday that it will not allow clients to trade cryptocurrencies on its platform despite their growing interest, saying the lack of transparency of digital assets means they are open to being used for financial crime.
Lloyd's of London has secured £650 million ($900 million) in funding with the help of JPMorgan to add to its backstop fund to protect the market from catastrophes such as another pandemic.
The U.K. Supreme Court ruled on Friday that Grant Thornton owes its client Manchester Building Society for its losses from exiting interest rate swaps tied to a mortgage portfolio, concluding that the break costs are within an auditor's duty of care.
Investors suing Bank of America and other banking giants for allegedly conspiring to fix European government bond prices are crediting State Street Corp. with giving them "critically important" ammunition in their case as part of a one-off settlement tentatively approved Wednesday in New York federal court.
A U.S. lawyer who advised ENRC on sanctions issues during the Kazakh miner's internal probe into suspected corruption blasted the Dechert partner who led the investigation for his "unprofessional behavior" at a London trial on Thursday.
A Spanish winemaker has asked the U.K.'s financial regulator to look into foreign exchange trades it says were encouraged by Goldman Sachs in the latest chapter of a multimillion-dollar fight over lost investments.
Charities could cut annual contributions to staff pension plans by more than half under new government regulations for scheme funding, a retirement industry consultancy said Thursday.
The insurance industry has called for a change in rules that limit the advice that pension providers can offer amid concern that many people are withdrawing from their retirement savings without guidance.
The owner of currency investment firm ECU Group testified on Thursday that he did not suspect HSBC foreign exchange traders were misusing confidential information to trade ahead of client orders at the time, as the bank pushes to escape the suit.
The chairman of a parliamentary committee called Wednesday on Lex Greensill to testify as part of an inquiry into Sanjeev Gupta's steel business, saying that the Australian businessman's refusal to appear before Parliament because of an ongoing probe is "disrespectful."
Multibillion-dollar losses reported by Credit Suisse and UBS from their exposure to Archegos Capital highlight the necessity of capital requirements for larger lenders, Switzerland's central bank said on Thursday.
The government has announced that it is extending by three months a COVID-19 relief measure that protects companies from enforcement action by creditors if they have fallen into debt because of the pandemic.
Cryptocurrencies are rising in popularity among British investors, although their understanding of the digital assets is declining and consumers might not know what they are buying, the finance watchdog warned on Thursday.
More corporate clients than ever have pursued third-party litigation funding in England this year, as the COVID-19 pandemic has forced businesses to think more conservatively and try to prioritize the cash on their balance sheets.
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.
Though the Financial Markets Test Case Procedure has only been used as a collective redress mechanism for the first time recently in Financial Conduct Authority v. Arch Insurance, hopefully it will be called on more often to resolve future post-Brexit issues and other pandemic cases, says Becca Hogan at Signature Litigation.
As the rising popularity of special purpose acquisition companies extends beyond the U.S., attorneys at Morgan Lewis look at how governments in Asia and Europe are positioning themselves through regulatory shifts, and what market trends can be expected in the U.S.
Investor exposure to Archegos Capital and Greensill Capital before their high-profile collapses earlier this year show puzzling lapses in internal controls and highlight key risk management considerations for investors, says Benedict Roth at Martello Financial Services.
New U.K. money laundering legislation will likely benefit electronic money and payment institutions, but an increase in state forfeiture powers and a lingering possibility of a broad failure-to-prevent offense leave the fintech industry's regulatory future uncertain, say Andrew Herd and Helena Spector at Red Lion Chambers.
An advocate general's recent opinion in Bank Melli Iran v. Telekom Deutschland, a European Union sanctions blocking case, highlights serious new international regulatory compliance risks but also presents helpful guidance for navigating conflicting EU and U.S. rules, say Thomas Grant at Cambridge University and Scott Kieff at George Washington University.
The U.K.'s draft Online Safety Bill seeks to regulate a broad swath of online content and internet services but faces a number of potential implementation challenges, including balancing digital safety with freedom of expression and administering regulatory goals with frequently opposing objectives, say Ben Packer and Jemma Purslow at Linklaters.
Libor's impending demise and replacement by near risk-free reference rates throw up a set of unique challenges for Islamic financial transactions, which necessitate compliance with both Sharia pricing requirements and regulations of the relevant jurisdiction, say attorneys at King & Spalding.
The recent collapse of the U.K. Serious Fraud Office's case against two former Serco Geografix Ltd. directors underscores the SFO's continued challenges in turning lucrative deferred prosecution agreements into the guilty verdicts it seeks, raising concerns about the agency's success rates, say Richard Sallybanks and Alex Swan at BCL Solicitors.
The U.K. Court of Appeal's recent decision in Adams v. Options UK, and upcoming hearing in Financial Conduct Authority v. Avacade, highlight important precautions self-invested personal pension operators should take when dealing with unauthorized third parties, says Paul Ashcroft at Wedlake Bell.
The COVID-19 pandemic has provided many new opportunities for fraudsters to exploit resulting assistance measures or changes in victims' behavior, and the U.K. government's efforts to combat fraud and recover public funds may be insufficient, say Cameron Brown at Red Lion Chambers and Kabir Sondhi at 9 Bedford Row.
The U.K. Financial Conduct Authority’s recent criminal proceedings against NatWest over Money Laundering Regulation compliance failures show how the regulator may be positioning itself to take on a more active role as a prosecutor, says Jemma Sherwood-Roberts at Constantine Law.
Amid the economic turmoil of COVID-19, a proactive approach to asset disclosure should be central to a strong strategy for enforcing judgments, enabling civil fraud claimants to identify and freeze all manner of assets while applying pressure and gaining information, say Kate Gee and Olivier Swain at Signature Litigation.
The U.K. Financial Conduct Authority's recent fine against Sapien Capital for money laundering failures related to the cum-ex trading scandal never actually touched upon the practice's legality, foreshadowing a roundabout strategy regulators outside the affected countries may employ to hold those responsible to account, says Syed Rahman at Rahman Ravelli.
If recent talks for the U.S. to rejoin the Iran nuclear deal pan out, financial activity between formerly sanctioned entities and European counterparties will likely increase, and demand for certain types of legal work may shift, say Kartik Mittal and Stephanie Limaco at Zaiwalla.
Although the U.K. Office of Financial Sanctions Implementation’s recently released guidance seems like a simple policy update, it demonstrates a desire to maximize the reach of its enforcement powers and the intention to take a harder approach going forward, says Syed Rahman at Rahman Ravelli.