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Featured
FCA's Investigation Regime May Tarnish Unnamed Individuals
Financial Conduct Authority proposals to name companies early in investigations will damage the careers of many individuals involved, according to lawyers, with some unnamed employees coming under suspicion that puts them at risk of losing their jobs.
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May 31, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen financier Crispin Odey file a defamation claim against the Financial Times, Ford hit with the latest "Dieselgate" claim and a human rights activist bring a privacy claim against Saudi Arabia. Here, Law360 looks at these and other new claims in the U.K.
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May 31, 2024
UK Insurers Sign Cooperation Deal With Gibraltar
The Association of British Insurers has said it has penned an agreement with the Gibraltar Insurance Association it hopes will promote better cooperation between the two trade bodies on areas of common interest.
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May 31, 2024
Investor Sues Wealth Managers, Lawyers For Negligence
A real estate investor has sued a law firm and two finance companies in a London court, claiming they negligently advised her on an investment worth almost £20 million ($25.5 million).
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May 31, 2024
Law Firm Denies Promoting Misleading Investment Scheme
A law firm has denied an accusation by the Financial Conduct Authority that it assisted a client in promoting a misleading care home investment scheme, arguing it provided legal advice in "good faith" based on the information it was given.
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May 31, 2024
UBS Formally Completes Merger Of Credit Suisse
UBS Group AG said Friday that it has formally completed the legal merger of stricken Credit Suisse AG, 18 months after regulators brokered the deal to prevent the collapse of its rival.
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May 31, 2024
EU Watchdog Warns Retail Investment Firms Of AI Pitfalls
The European Union's markets regulator has issued guidance for firms using artificial intelligence to give investment services to retail clients, warning of risks like biased decision-making.
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May 31, 2024
Freshfields Guides Gov't Sale Of £1.2B In NatWest Shares
HM Treasury said Friday it has sold more NatWest Group PLC shares worth £1.24 billion ($1.57 billion) back to the lender, as the U.K. government continues its planned exit from the bank it nationalized during the global financial crisis.
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May 31, 2024
Anti-Fraud Agency Sued For £144K Over Unjustified Suspicion
The operator of the U.K.'s national fraud database is being sued for £144,000 ($183,000) for allegedly marking a London resident's bank activity for suspected fraud without any justification and severely affecting his credit rating.
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May 31, 2024
BBVA To Tap Shareholders To Fund €12B Hostile Takeover
Spanish banking giant BBVA said Friday that it has called a shareholders' meeting to approve the sale of new shares in a package to finance the €12 billion ($13 billion) hostile takeover of its smaller rival, Banco de Sabadell SA.
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May 31, 2024
Nationwide's Planned £2.9B Virgin Money Deal Gets UK Probe
The Competition and Markets Authority said Friday it has opened a formal probe into Nationwide Building Society's plans to buy Virgin Money for £2.9 billion ($3.7 billion), which they say would create a combined group with assets of approximately £366 billion.
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May 30, 2024
Autonomy VP Declines To Take Stand As Fraud Trial Nears End
Testimony wrapped Thursday in a California federal criminal trial over claims that former Autonomy CEO Michael Lynch and finance vice president Stephen Chamberlain duped HP into overpaying billions for the British tech company, as Chamberlain opted not to testify in his own defense after Lynch stepped off the witness stand.
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May 30, 2024
Russia Looks To Pause Ukrainian Bank's $1.1B Award Suit
Russia has asked a D.C. federal court to pause a case initiated by one of Ukraine's largest banks to enforce a $1.1 billion arbitral award against the Kremlin, saying it has renewed its efforts to annul the award before the French courts.
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May 30, 2024
Bulgarian Fraudsters Get 25 Years For Major Benefits Scam
Five Bulgarian individuals were sentenced to more than 25 years in prison Thursday after admitting to making £54 million ($68.7 million) in fraudulent benefits claims, the largest-ever scam of its kind.
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May 30, 2024
Ex-BigLaw Atty Fights 10-Year Sentence In OneCoin Case
A former Locke Lord LLP partner urged the Second Circuit Wednesday to ax his 10-year prison sentence and conviction for laundering around $400 million in proceeds from the global OneCoin cryptocurrency scam, saying the case was contaminated by perjury and errors at the trial court level.
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May 30, 2024
Manager Claims Wealth Fund Has Shorted His Fees For Years
A wealth fund manager has sued his employer for £252,900 ($321,300) in missing management fees and bonuses, alleging at a London court that his trust in bosses meant he didn't realize they had underpaid him for several years.
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May 30, 2024
Co-Founder Says French Incubator Wants To 'Destroy' Him
A co-founder of a French incubator has urged a London court to throw out a claim brought against him by his former company over allegedly misappropriated funds, saying the aim of the "vexatious and oppressive" litigation was to "destroy" him.
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May 30, 2024
Big Tech Must Help Reimburse Fraud Victims, City Group Says
The next U.K. government should implement legislation that forces big tech and social media giants to shoulder some of the financial burden for victims of online fraud, a financial services trade group said Thursday.
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May 30, 2024
Freeze On UK Tax Thresholds Set To Expire in 2028, Hunt Says
Chancellor Jeremy Hunt said on Thursday that the freeze on income tax thresholds will continue until 2028, despite promises by the Conservative government to reduce the overall taxation burden in the future.
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May 30, 2024
Divorcee Of Putin Ex-Son-In-Law Sues Investment Co. For £1M
The ex-wife of Vladimir Putin's former son-in-law has claimed that a venture capital firm owes her £1.1 million ($1.4 million) for allegedly failing to help her to secure her divorce proceedings and a $60 million prenuptial agreement.
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May 30, 2024
EU Adopts Rules To Make Banks Withstand Economic Shock
European Union negotiators formally adopted a raft of new rules on Thursday to make banks operating in the bloc more resilient against market downturns and economic shocks.
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May 30, 2024
EU Adopts New AML Measures, Sets Up Supervisory Agency
The Council of the European Union adopted anti-money laundering measures on Thursday in a move to close loopholes exploited by organized crime, which include setting up a dedicated agency to fight illicit financial activities across the bloc.
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May 30, 2024
Odey Sues FT For Libel After Sexual Misconduct Allegations
Crispin Odey has sued the Financial Times at a London court after the newspaper published articles that contained a string of allegations of sexual misconduct against the well-known financier.
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May 29, 2024
Autonomy Founder Pushed Sales Team Hard, Jury Hears
A federal prosecutor cross-examining ex-Autonomy CEO Michael Lynch on Wednesday in a criminal fraud trial over claims the British tech tycoon conned HP into overpaying billions for his software company sought to portray Lynch as an overbearing leader who put intense pressure on his team to generate "revenue revenue revenue."
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May 29, 2024
EU Unveils Office To Police New Artificial Intelligence Law
The European Union's executive arm on Wednesday unveiled details of its new AI Office to police compliance with the newly launched Artificial Intelligence Act across member states, including financial services.
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May 29, 2024
Goldman Sachs Raises Over $20B For Direct Lending Strategy
Goldman Sachs Alternatives, advised by Fried Frank Harris Shriver & Jacobson LLP, revealed Wednesday that it clinched its latest senior direct lending fund after securing $13.1 billion from investors, and that together with other money raised for associated vehicles it has over $20 billion in fresh capital to put toward its direct lending strategy.
Editor's Picks
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5 Questions for Osborne Clarke Partner Nick Price
The Payment Systems Regulator is due to start forcing payment firms to reimburse victims of scams who have been tricked by a fraudster into transferring them money. Here, Law360 talks to Osborne Clarke partner Nick Price about how this new regime could mean uncertainty about compliance.
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Ex-Barclays Litigation Head Joins M&A Startup As 1st CLO
The former leader of Barclays PLC's litigation team and longtime in-house lawyer there has taken on the role of chief legal officer for Tidal Partners, the new mergers and acquisitions advisory boutique has announced.
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Sberbank Unit 'Failing' As Deposits Pulled, ECB Warns
The European subsidiary of one of Russia's biggest banks is "failing or likely to fail" as customers pull deposits after the Russian invasion of Ukraine, according to a notice issued by the European Central Bank on Monday.
Expert Analysis
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Examining Senior Managers' Accountability For AI Use
With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.
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FCA Brokerage Changes Offer Asset Managers Wider Options
The Financial Conduct Authority’s fast-tracked plan to lift its controversial ban on joint payments to broker-dealers for third-party services will be welcomed by many asset managers wishing to return to a soft commission structure, say Richard Frase and Simon Wright at Dechert.
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What Cos. Should Know About The EU Greenwashing Rules
The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.
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Sanctions Ruling Opens Door For Enforcer To Clear Up Rules
In Vneshprombank v. Bedzhamov, the High Court recently argued against a broader interpretation of the test on reasonable suspicion for asset freezes, offering the Office of Financial Sanctions Implementation an opportunity to clarify when freezes should be applied and respond to judicial criticism of its guidance on financial sanctions, says Tasha Benkhadra at Corker Binning.
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'Debanking' Complaints Highlight Need For Flexibility In AML
The House of Commons' Treasury Committee's concerns about bank account closures have highlighted certain counterproductive features of anti-money laundering laws, and the review offers the opportunity for a more flexible approach, says John Binns at BCL Solicitors.
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Mitigating Incarceration's Impacts On Foreign Nationals
Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.
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Decoding Arbitral Disputes: The Benefits Of Non-EU Venues
In Spain v. Triodos, a Swedish appeal court recently annulled an intra-EU investment treaty award, reinforcing a growing trend in the bloc against enforcing such awards, and highlighting the advantages of initiating enforcement proceedings in common law jurisdictions, such as the U.K., says Josep Galvez at 4-5 Gray's Inn Square.
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How Proposed Platforms For Unlisted Co. Trading May Work
The U.K. government is continuing development of its proposed private intermittent securities and capital exchange system to facilitate secondary share trading in private companies through a regulatory sandbox while ironing out details, representing an innovative step for unlisted company liquidity, say lawyers at Sullivan & Cromwell.
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Experian Ruling Helps Cos. Navigate GDPR Transparency
In Information Commissioner v. Experian, the Upper Tribunal recently reaffirmed the lawfulness of the company's marketing practices, providing guidance that will assist organizations in complying with the GDPR’s transparency obligations, say lawyers at Jenner & Block.
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Clarity Is Central Theme In FCA's Greenwashing Guidance
Recent Financial Conduct Authority guidance for complying with the U.K. regulator's anti-greenwashing rule sends an overarching message that sustainability claims must be clear, accurate and capable of being substantiated, say lawyers at Cadwalader.
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How New FCA Rules Strengthen Borrower Protections
The Financial Conduct Authority’s recently published final rules, aimed at strengthening protections for borrowers in financial difficulty by regularizing good practices across the industry, put its previous guidance on a permanent footing and send a clear message to firms that this issue remains a regulatory priority, say James Black, Julie Patient and Mark Aengenheister at Hogan Lovells.
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Opinion
New Property Category Not Needed To Regulate Digital Assets
The U.K. Law Commission's exploration of whether to create a third category of property for digital assets is derived from a misreading of historical case law, and would not be helpful in resolving any questions surrounding digital assets, says Duncan Sheehan at the University of Leeds.
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FTSE Draft Rules Show Impact Of FCA Listing Reforms
FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.
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FCA Strikes A Balance With 'Finfluencer' Guidance
With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.