Financial Services UK

  • January 23, 2020

    Russian Bank Wins $900M Sham Loan Suit Against Ex-Owners

    Three former bankers have to pay collapsed Russian lender Trust National Bank $900 million in compensation, after a London judge ruled Thursday that they had funneled hundreds of millions of dollars out of the Russian lender for their own benefit.

  • January 23, 2020

    Credit Suisse Denies Knowledge Of $2B Mozambique Scam

    Swiss lender Credit Suisse denied knowing about a $2 billion fraud and bribery scam tied to loans the bank made to Mozambique, rejecting the African country’s claims that it’s liable for the actions of three of its former employees.

  • January 23, 2020

    EU Backs Appeals Court's Take On Antitrust Law In Fees Suit

    The European Commission sent a lawyer to the Supreme Court in London on Thursday to weigh in on a long-running dispute between Visa, Mastercard and some of the U.K.’s biggest retailers over fees, saying that a lower appeals court applied EU law correctly to the dispute.

  • January 23, 2020

    EU Lawmakers Reject Banking Watchdog's Director Choice

    The European Parliament blocked a senior Central Bank of Ireland official from stepping into a top role at the bloc’s banking watchdog on Thursday because of concerns about his ties to the banking sector.

  • January 23, 2020

    EU Broadens Scope Of Payments Fraud Reporting Rules

    Europe’s banking watchdog has said its is broadening the scope of data on payments fraud that companies must report to include types of transactions not included in earlier European Union guidelines.

  • January 23, 2020

    PE Firm Can’t Oust Target’s Founders Amid Bribery Claims

    A judge at a London court has prevented a private equity firm from trying to oust the founders of a family-run records search company amid accusations of bribery to allow the under-fire directors to fight for control of the business.

  • January 23, 2020

    UK Regulators Must Face Scrutiny After Brexit, Report Urges

    Parliament must scrutinize Britain’s finance watchdogs to ensure they protect the country's markets after Brexit, as they will no longer be held to account by the European Union, regulatory experts warned on Thursday.

  • January 22, 2020

    Swipe-Fee Fight Turns To Antitrust Exemption At Top UK Court

    Britain's top court should hold Visa and Mastercard to a high standard of proof if their interchange fees are to be exempt from European Union competition law under a provision designed to shield restrictive agreements that ultimately benefit consumers, three retailers said in arguments Wednesday.

  • January 22, 2020

    Aviation Mogul's Hacked Emails At Center Of UAE Fraud Claim

    A cache of emails divulged by a hacker revealed that an aviation magnate was a “serial fraudster” who dishonestly reaped millions from an Emirati state-owned investment authority, the fund’s counsel said during opening trial statements Wednesday.

  • January 22, 2020

    Credit Suisse Gets Ex-Employee's 'Espionage' Claims Cut

    A London judge pared back a £46 million ($60 million) lawsuit brought against Credit Suisse by a former director who was jailed in Romania on espionage charges, but ruled on Wednesday that the bank could still have to pay him back after his career was ruined.

  • January 22, 2020

    Ex-Kazakh PM Slams ENRC's 'Incoherent' Suit Over SFO Leak

    The former prime minister of Kazakhstan has denied leaking confidential information about a mining giant to the Serious Fraud Office, saying the “incoherent” allegations should be severed from the latest suit connected to the Kazakh company’s complex legal battle with the agency.

  • January 22, 2020

    Watchdog Calls For Power To Crack Down On Loyalty Penalty

    The U.K.’s antitrust watchdog has called on the government to hand it power so that it can directly fine mortgage lenders and insurers that it believes are breaking laws aimed at preventing long-standing customers from paying higher fees.

  • January 22, 2020

    Serco Shareholders Sue Over Stock Dive After Fraud Probe

    Dozens of shareholders in Serco are suing the company at the High Court to seek compensation after share prices were devastated in 2013 by fraud and false accounting revelations over the electronic tagging service the security outsourcing giant operated for the government.

  • January 22, 2020

    Pension Co. Loses Demand For Docs At £86M FCA Trial

    A judge barred a pension company on Wednesday from seeing documents linked to an investigation by the Financial Conduct Authority into its business partners, hindering its efforts to deflect blame for allegedly misleading consumers at an £86 million ($113 million) trial.

  • January 22, 2020

    UK Cybercrime Laws Need Reform, Report Says

    Britain’s cybercrime laws need to be brought into the 21st century, according to a legal report published Thursday that warns outdated rules could lead to courts prosecuting professionals who have ethical motives for accessing company data.

  • January 22, 2020

    EU Banking Watchdog Floats Stress Test Overhaul

    Europe’s banking watchdog said Wednesday that it plans to give banks more flexibility when they explain the results they submit to national regulators as part of the blocwide stress tests they undergo every two years.

  • January 22, 2020

    Fashion Chain Ted Baker Accounting Gap Widens To £58M

    Ted Baker revealed on Wednesday that an accounting error is more than twice as big as it had initially thought, leaving the fashion chain with a £58 million ($76 million) hole in its balance sheet.

  • January 21, 2020

    Vodafone Quits Facebook-Led Libra Association

    British telecom conglomerate Vodafone Group PLC has become the first member company to quit the Libra Association since the Facebook-led digital currency project's official formation in October, the company confirmed to Law360 on Tuesday.

  • January 21, 2020

    NY Settlement Lets Goldman Sachs Exit La. Bond-Rigging Suit

    A Louisiana federal court said Tuesday that a $20 million settlement in a different case allows Goldman Sachs & Co. LLC to exit a suit alleging the Wall Street titan and other major banks rigged the price of bonds issued by government-sponsored entities such as Fannie Mae and Freddie Mac.

  • January 21, 2020

    Austria Threatens To Leave Talks On Financial Transaction Tax

    Austria’s finance minister said Tuesday that his country might leave discussions among 10 countries on a European Union financial transaction tax unless the proposal on the table is changed to focus on more speculative activities.

  • January 21, 2020

    Pensions Co. Raked In Huge Fees As Savers Lost, FCA Says

    A pensions “introducer” promised consumers unrealistic, sky-high returns if they sunk their retirement savings into risky overseas investments and reaped huge commission fees as the projects failed, the financial services watchdog said at trial Tuesday.

  • January 21, 2020

    Central Banks Team Up To Study Use For Digital Currencies

    The Bank of England said Tuesday it is working with five central banks from across the globe to explore the merits of creating digital currencies, as Facebook prepares to launch its own virtual money.

  • January 21, 2020

    Grant Thornton Fights Damages Award Over Botched Audit

    Grant Thornton UK LLP told an appellate court on Tuesday that it should not have to pay £22.4 million ($29.2 million) in damages to a fire engine provider it audited in 2009 because the losses did not fall within the scope of the accounting company’s duty.

  • January 21, 2020

    Investor Group Calls For Broader Financial Transaction Tax

    Europe should extend its proposed tax on financial transactions to include the currency market, a “privileged playground” that trades more than $5 trillion every day, to make financial institutions pay their share of the tax, a consumer group said Tuesday.

  • January 21, 2020

    Raiffeisen Bank Loses Docs Fight Again In Coal-Mining Row

    An appellate court in London ruled on Tuesday that Austrian lender Raiffeisen Bank cannot be given the instructions received by Ashurst LLP over the sale of shares in an international coal-mining group because the materials are privileged.

Expert Analysis

  • What UK Panel's Cryptoasset Update Does And Doesn't Clarify

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    A recent legal statement from the U.K. Jurisdiction Taskforce clearing up the status of cryptoassets and smart contracts reaffirms the flexibility of English law, but leaves matters of data protection and treatment of related assets in question, say Mark Dawkins and Jenny Arlington of Akin Gump.

  • How English Courts Approach Comity When Laws Conflict

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    Two recent cases from the High Court of Justice and the Court of Appeal shed light on how English appeals courts consider the principle of comity when one jurisdiction exposes a person to criminal prosecution for conduct required by the law of another jurisdiction, says Nick Barnard of Corker Binning.

  • Mandatory Mediation May Lie Ahead For England And Wales

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    The U.K. Court of Appeals' decision in Lomax v. Lomax, among other recent developments, show significant judicial support for compulsory mediation of appropriate civil and commercial cases in England and Wales, say Margarita Michael and Grace Spurgeon of O'Melveny.

  • Some Countries May Balk At OECD Minimum Tax Proposal

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    The Organization for Economic Cooperation and Development's proposed global minimum tax rate puts the OECD firmly in the camp in favor of higher overall taxation to reduce tax competition and at odds with influential members who argue low taxes stimulate economic development, says Laurence Field of Crowe.

  • Key Risks And Developments For UK Law Firm Culture In 2020

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    In 2020, law firms throughout the U.K. will be increasingly reshaped by rapid changes in societal expectations and advances in technology, say Helen Rowlands and Niya Phiri of Clyde & Co.

  • Hottest Legal Industry Guest Topics Of 2019

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    This year guest contributors discussed tips for lawyers combating burnout and dealing with narcissists, how millennials are changing law firm culture, BigLaw’s move toward plaintiff-side litigation and other legal industry trends.

  • Cos. Can Start Preparing Now For Immigration Beyond Brexit

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    Ahead of the U.K.'s likely departure from the European Union on Jan. 31, 2020, companies should use the one-year transition period to help workers understand any new registration requirements, evaluate budgetary concerns and expedite any employee relocations, say Julia Onslow-Cole and Charlotte Wills at Fragomen.

  • #MeToo Pressure On UK Businesses Is Set To Rise

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    Recent declarations by the Financial Conduct Authority and Prudential Regulation Authority indicate that sexual harassment in the U.K.'s financial services industry may lead to consequences under the newly expanded Senior Managers and Certification Regime, and other sectors are facing growing scrutiny as well, say attorneys at Covington.

  • EU Tax Scandal Is Sure To Reach London

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    With powerful states in Europe using their full resources to investigate and prosecute those involved in the tax fraud scheme known as cum-ex trading, it seems all but inevitable that shared information will prompt significant investigations in London by the U.K. authorities, says Bambos Tsiattalou of Stokoe.

  • Opinion

    UK Anti-Money Laundering Efforts Must Be Reassessed

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    Transparency International's recent report regarding money laundering in the U.K. shows that the government is not making enough progress in addressing these crimes, says Syedur Rahman of Rahman Ravelli.

  • Brexit's Impact On London As A Top Int'l Arbitration Seat

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    Despite concerns that London may be considered a less attractive place to do business post-Brexit, there are many reasons to believe that the city will retain its position as a globally favored arbitral seat, say Adrian Jones and James Wagner at FaegreBD.

  • Post-Brexit UK Likely To Conform With EU On Human Rights

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    In a recent speech, U.K. Foreign Secretary Dominic Raab stated his intent to expand sanctions for human rights violations by extending the so-called Magnitsky amendment, strongly indicating that Britain's exit from the EU would be unlikely to disrupt coordinated efforts to address international transgressions against human rights, says Stephen Baker at Baker & Partners.

  • The Evolution Of GDPR Enforcement Across The EU

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    With the last few months bringing significant fines to major businesses that have breached the European Union's General Data Protection Regulation, it is clear that regulators are moving away from the light-touch approach they employed during the transition to the new rules, says James Simpson of Blaser Mills.

  • Opinion

    What Headlines Missed About ‘Cartel’ Traders’ Trial 1 Year Ago

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    In U.S. v. Usher, a Manhattan federal jury acquitted three British forex traders known as "the cartel" of antitrust allegations one year ago, but some common myths about the case, perpetuated by flashy headlines, still need to be debunked, say White & Case's Samuel Feldman and Mark Gidley, who represented one of the defendants.

  • When Will UK Courts Imply A Duty Of Good Faith?

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    English courts have traditionally refused to recognize a general doctrine of good faith. The High Court of Justice's decision in Bates v. Post Office provides some answers regarding when a duty of good faith may be implied, but also raises questions, say Maria Frangeskides and Rebecca Dipple of Orrick.