Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.
Libya's sovereign wealth fund should not have been allowed to bring new claims over the valuation of a real estate development in England, two property consultants and their companies argued at an appeals court on Thursday.
A Puerto Rican lender has urged a London court to prevent Petroleos De Venezuela SA from appealing her findings that U.S. sanctions did not bar the state-run oil company from repaying some $86 million owed under a loan agreement.
A group of 12 insurance underwriters including Axis, Munich Re and Tokio Marine have told a London court that a finance company was fully aware that a fleet of ships was likely to be scrapped as they hit back in a $23.7 million claim.
A former trader has alleged that a termination package paid to him by Rabobank did not cover the legal costs that he later racked up when fighting Libor-rigging investigations in the U.S. and Britain, which regulators ultimately dropped.
Lawyers for Etihad Airways urged an appellate court in London on Thursday to hold proceedings linked to Air Berlin's bankruptcy solely in England, arguing that its €350 million ($416 million) loan agreement with the failed airline does not grant jurisdiction in Germany.