Court Of Appeal Will Hear £14B Mastercard Class Action Bid
An English appeals court ruled Tuesday that it could weigh whether a £14 billion ($18.1 billion) consumer antitrust suit against MasterCard Inc. can proceed as a class action, rejecting an attempt to limit the challenge to a procedural review.
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Tough compliance regimes at British banks risk making staff too frightened to make important decisions or take the initiative, the head of the Banking Standards Board warned a panel of lawmakers on Tuesday.
A London court has ruled that 23 former executives at AIG are entitled to deferred bonuses pre-dating the financial crisis that could be worth more than $100 million despite the units' involvement in the risky trading that nearly brought down the insurance giant.
A fresh investigation is to be launched into the state of auditing in the U.K., the head of a parliamentary committee revealed on Monday, in the wake of a series of accounting scandals and corporate collapses that have “undermined public and investor confidence.”
The U.K.'s accounting regulator could need more funding if it is to avoid "David and Goliath" battles with “corporate giants” such as BHS Ltd., the retail chain that collapsed in 2016 with a £571 million ($733 million) pension deficit, two senior lawmakers have said.
Parliament's influential Treasury Committee launched an investigation on Friday into whether financial services companies are excluding and overcharging vulnerable customers, after thousands of local bank branches closed down across the U.K.