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.
Royal Bank of Scotland has reached a last-minute deal worth about £200 million ($257 million) with thousands of investors who claim they were misled during the bank's 2008 rights issue shortly before a government bailout wiped out its share price.
Late May has seen a commodity exchange transaction suit by Deutsche Bank against a Hong Kong food company, a petition by HM Revenue and Customs to wind up Duet Asset Management Ltd., and a Greek shipper's lawsuit against more than a dozen insurers. Here, Law360 looks at those and other new claims in the High Court of England and Wales.
A new global code of conduct to clean up the $5 trillion daily foreign exchange market is a golden opportunity for financial firms to restore faith after a spate of trading scandals, lawyers say — but, they warn, the voluntary code also provides regulators a handy playbook to dish out massive fines for any future misconduct.
Banks with sizable insurance subsidiaries, or bancassurers, will be slapped with higher scores for their systemic importance if a new method for assessing firms outlined by an umbrella group of central bankers and regulators is adopted, Fitch Ratings said Friday.
European banks will not be required to report any additional data when taking part in the European Banking Authority’s latest probe into firms’ balance sheets, which will scrutinize their composition capital, risk-weighted assets and other financial measures, the European Union’s top banking watchdog said on Thursday.