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Financial Services UK

  • January 15, 2019

    Singapore Bank Fights ING In Court Over $19M Lehman Charge

    ING Bank NV should have to pay Oversea-Chinese Banking Corp. Ltd. back for the $19 million it was told to hand over to liquidators of Lehman Brothers as part of a settlement of several derivatives transactions, lawyers for the Singapore lender told a court in London on Tuesday.

  • January 15, 2019

    Ex-Barclays Bankers On Trial Again In Euribor Rigging Plot

    Prosecutors opened their second trial in London on Tuesday of three former Barclays PLC employees accused of participating in a conspiracy to rig global interest rates to rip off counterparties that did business with them, after the jury in the original trial was unable to deliver a verdict.

  • January 15, 2019

    UK Lawmakers Reject Gov't Brexit Deal In A Landslide

    The U.K. Parliament overwhelmingly rejected the government’s draft agreement for leaving the European Union on Tuesday, pitching the Brexit process deeper into disarray and raising questions about whether the March 29 departure date can still be met.

  • January 15, 2019

    HSBC, Lenders Get $35M After Transit Cos. Are No-Shows

    A London judge on Tuesday said four transport companies owe the Swedish Export Credit Corp., HSBC Bank PLC and a Brazilian lender at least $35.2 million for failing to repay loans secured to buy buses for a Brazilian city, saying they skipped court proceedings.

  • January 15, 2019

    Crowell & Moring Poaches Finance Expert From Squire Patton

    Crowell & Moring LLP said Tuesday that it has snagged an experienced financial litigator from Squire Patton Boggs LLP to oversee the expansion of its London office.

  • January 15, 2019

    London Lawyer 1st Fined Over Panama Papers Revelations

    A partner at London law firm Child & Child on Tuesday became the first English lawyer to be punished as a result of revelations from the Panama Papers scandal after he was fined £85,000 ($109,000) by a U.K. disciplinary tribunal for failing to carry out money laundering checks.

  • January 15, 2019

    Raiffeisen Bank Loses Disclosure Bid In Ashurst Escrow Suit

    A judge in London dismissed on Tuesday an application by Austrian lender Raiffeisen Bank that would have required Ashurst LLP to hand over all documents and instructions it received in connection with $85 million it held in escrow during negotiations for the sale of shares in an international coal mining group.

  • January 15, 2019

    Global Watchdogs Agree Bank Reserves Against Market Risks

    Global regulators have approved watered-down rules drafted to help avoid another financial crisis, which cut by almost half the amount of extra capital that banks will be required to hold from 2022 to buffer themselves against movements in the market price of their investments.

  • January 15, 2019

    Lender Bids To Revive £32M Suit Against Grant Thornton

    Manchester Building Society attempted on Tuesday to revive a U.K. lawsuit claiming that Grant Thornton is liable for £32.7 million ($42 million) losses suffered on interest rate swaps used by the lender to hedge its mortgage portfolio, claiming its “very future and existence” depends on the outcome of the appeal.

  • January 15, 2019

    FCA Defends Probe Of Credit Suisse Over $2B African Fraud

    The Financial Conduct Authority is considering taking action against Credit Suisse for possible failures of its internal controls over an alleged $2 billion loan scandal in Africa, as well as against individual bankers, the head of the regulator told lawmakers Tuesday.

  • January 14, 2019

    UBS Takes Aim At Feds' Fraud Suit Over Crisis-Era RMBS

    UBS AG told a New York federal judge on Friday that the U.S. Department of Justice's lawsuit accusing it of defrauding investors through the sale of residential mortgage-backed securities leading up to the financial crisis should be dismissed, saying the case is based on an overly broad and legally unsupported interpretation of a financial institutions reform act.

  • January 14, 2019

    £1.2M Diamond Ring Linked To 1st UK 'Wealth Order' Seized

    U.K. police said Monday that they've seized a Cartier diamond ring worth £1.19 million ($1.53 million) from a jailed Azerbaijani banker whose wife became the first suspect targeted using new anti-corruption powers allowing investigators to probe how individuals acquired large amounts of unexplained money.

  • January 14, 2019

    Hunton Andrews Kurth Adds Tax Partner To London Office

    Hunton Andrews Kurth LLP announced that a former Gide Loyrette Nouel partner with more than 15 years of experience in international tax issues and transactions joined the firm’s London office.

  • January 14, 2019

    CBI, PwC Warn Demand Is Falling For UK Financial Services

    Demand for Britain's financial services has fallen for the first time in five years, the Confederation of British Industry and PricewaterhouseCoopers said Monday, blaming regulatory demands and uncertainty surrounding the U.K.'s impending exit from the European Union.

  • January 14, 2019

    Mayer Brown Hires Ex-Paul Hastings Structured Finance Pro

    Mayer Brown LLP said on Monday that it has hired a lawyer from Paul Hastings LLP with experience in structured finance as the fourth partner to join its banking and finance team in London in the last six months.

  • January 14, 2019

    EU Bank Regulators Adopt Data Swap Rules In AML Fight

    Europe’s banking regulators agreed on rules on Monday that they said will help them to cooperate and exchange information on “weak links” in their fight against money laundering in the bloc.

  • January 14, 2019

    UK's May Predicts No Brexit If Lawmakers Reject Her Deal

    Prime Minister Theresa May predicted on Monday that Brexit could be abandoned if MPs reject her draft Withdrawal Agreement as anticipated on Tuesday, as she warned that Parliament risks being thrown into “paralysis.”

  • January 14, 2019

    UK Gov't Joins Fight Against £14B Cost Of Financial Crime

    The government has joined forces with the financial services industry on a new taskforce to battle economic crime such as money laundering and fraud, which costs the U.K. £14.4 billion ($18.5 billion) each year, the Treasury said Monday.

  • January 14, 2019

    ECB Must Open Up About Banking Supervision, Auditors Say

    The European Central Bank must be more transparent about how it supervises lenders, the European Court of Auditors said Monday as it demanded new laws to force the institution to open its books and help protect wider financial stability.

  • January 14, 2019

    Euronext Tables $717M Formal Offer To Buy Oslo Exchange

    Stock market operator Euronext NV confirmed Monday it has tabled a €625 million ($717 million) cash offer for Oslo Bors VPS, hours after the Norwegian exchange said it had found alternative bidders.

Expert Analysis

  • Worldwide Freezing Orders Can Backfire Without Proper Care

    Nicola McKinney

    Worldwide freezing orders, which preserve a respondent's assets until the outcome of the substantive case, are an important weapon in the arsenal of a commercial litigant. However, as FSDEA v. Dos Santos demonstrates, courts lay heavy obligations upon WFO applicants, says Nicola McKinney of Grosvenor Law Ltd.

  • UK Litigation And Guidance Highlight Cybersecurity Risk

    Guillermo Christensen

    Recent developments in the United Kingdom emphasize the importance of companies implementing cybersecurity measures proactively both to prevent incidents and to argue in mitigation when, not if, the company does suffer a data breach, say Guillermo Christensen of Ice Miller LLP and Anupreet Amole of Brown Rudnick LLP.

  • 2 BVI Cases Explore Scope Of Proper Purpose Test

    Rosalind Nicholson

    Two recent cases in the Eastern Caribbean Court of Appeal have presented British Virgin Island courts an opportunity to develop a local jurisprudence regarding the BVI Business Companies Act and provide guidance on how the proper purpose test is to be applied, says Rosalind Nicholson of Walkers Global.

  • Attorney-Client Privilege Must Be Reclaimed In The UK

    Quentin Bargate

    The House of Lords' landmark decision in Three Rivers v. Bank of England significantly undermined confidentiality of communications between lawyers and clients. The U.K. Supreme Court should review this case as soon as possible, says Quentin Bargate of Bargate Murray Ltd.

  • Last-Minute Brexit Preparations For EU Financial Firms

    Gilles Kolifrath

    As the deadline for a hard Brexit draws ever closer, financial firms operating in the United Kingdom or European Union must consider how possible outcomes will impact transactions and contractual relationships, and take steps to mitigate business interruptions, say Gilles Kolifrath and Linda Sharkey of Kramer Levin Naftalis & Frankel LLP.

  • UK Financial Services Industry Faces 'Cliff Edge' Scenario

    Chris Bryant

    Though the United Kingdom has reached an agreement with the European Union regarding its withdrawal, the U.K. Parliament is unlikely to approve it. Much of the U.K.'s financial industry is still preparing for a "no deal" outcome, says Chris Bryant of Bryan Cave Leighton Paisner LLP.

  • Opinion

    Why We Need Anti-Money Laundering Whistleblower Awards

    Eric Havian

    The recent Mossack Fonseca indictments and Deutsche Bank raid would not have been possible without the whistleblower behind the Panama Papers leak. But there is no incentive for rooting out the type of criminal money laundering revealed here, creating a large enforcement gap, say Eric Havian and Michael Ronickher of Constantine Cannon LLP.

  • What To Expect From Serious Fraud Office In 2019

    Anna Gaudoin

    The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.

  • A Closer Look At New Calif. Pension Fund Climate Law

    Kristie Blase

    Landmark California legislation going into effect in January requires the two largest pension funds in the U.S. to publicly report on their climate-related financial risks, which should result in more widespread adoption of financial disclosure recommendations from the Financial Stability Board, say attorneys with CKR Law LLP.

  • A Long Accountability Journey For Financial Cos. Post-GDPR

    James Drury-Smith

    The EU General Data Protection Regulation's accountability principle obligates organizations to provide evidence of compliance — one of the biggest changes brought about by the GDPR. Though the concept is simple, embedding accountability into financial services firms' operations and culture will not be achieved overnight, say experts at PricewaterhouseCoopers.