A New York federal judge on Friday partially dismissed a suit alleging more than 20 major worldwide banking institutions rigged Singapore’s benchmark interest rates, saying the investors who brought the case didn’t specifically link all defendants to the alleged conspiracy while giving them time to file a new complaint.
The U.S. Securities and Exchange Commission on Friday dropped its lawsuit against two European former derivatives traders at JPMorgan Chase & Co. involved in the $6 billion “London Whale” debacle about a month after federal prosecutors threw in the towel on the criminal case.
The last week has seen the European Investment Bank sue the Syrian government, Bank of India bring a commercial contract claim against a Turkish mining firm, and a claim targeting insurance firm QBE. Here, Law360 looks at those and other new claims in the U.K.
Europe’s top insurance watchdog on Friday outlined guidance governing the use of standardized fact sheets required under the European Union’s regulation on packaged retail and insurance-based investment products, or PRIIPs.
The U.K.’s competition authority on Friday published final guidance on the procedures it will follow when considering appeals brought by firms or individuals that have been subject to an enforcement action by the Payment System Regulator.
Almost 1,400 firms were investigated by a Financial Conduct Authority scrutiny body for failing to satisfy minimum regulatory standards in the year to June 30, which resulted in more than 200 businesses having their authorization revoked, the regulator said on Thursday.
The Financial Conduct Authority has stepped up preparations for supervising recognized investment exchanges, benchmark administrators and data reporting services providers to meet a new requirement under wide-ranging market reforms that enter into force next year.
A unit of Lloyds Banking Group PLC has been hit with an interest rate swaps misselling claim, filed at London’s High Court by two property investment and development firms that allege the bank made false claims about Libor while it was manipulating the rate.
Three British former “cartel” foreign exchange traders fighting charges of conspiring to fix the price of U.S. dollars and euros in the foreign currency exchange spot market are clamoring for more detail on the charges, telling a New York judge that prosecutors haven’t even said what trades were unlawful.
The U.K. Payment Systems Regulator announced on Thursday that it wants to change the way it calculates and collects fees from payment system providers, in light of several regulatory developments set to roll out over the next few years.
A New York federal judge on Wednesday approved a $22 million “ice-breaker” settlement between JPMorgan Chase & Co. and a class of investors who accuse banks of rigging the market for derivatives tied to the Swiss franc London Interbank Offered Rate, a deal that the plaintiffs hope will strengthen their case against other defendants.
A U.K. judge has agreed to a 12-month stay on a claim brought by British motor company Listers Group against MasterCard Inc. and its international and European arms, pending the appeal decisions in other similar interchange fee litigation cases.
A group of bondholders who invested in troubled Spanish lender Banco Popular Espanol SA launched a legal action in the European Union's top court on Thursday to overturn a decision by the bloc's authorities to put the bank in resolution, which led to its sale to Banco Santander SA for a token €1 ($1.17).
Zurich Insurance PLC should not have been named as the fourth defendant in a legal dispute between French bank Natixis SA and commodities broker Marex Financial Ltd. over a finance deal based on receipts for nickel that were allegedly later found to be forged, the insurer claimed in documents submitted to London’s High Court.
Major credit rating agencies have hit back at proposals from the European Securities Markets Authority to change the rules covering endorsement of company and sovereign credit ratings produced by credit rating agencies based outside the EU, claiming they are disproportionate and have no legal basis.
Lloyds Bank PLC is being sued for around £5.8 million ($7.5 million) after it allegedly handed over a security deposit box containing a client’s jewelry and diamonds to an imposter who used forged documents and apparently posed as the man’s wife, according to a claim filed with London’s High Court.
The U.K.'s privacy regulator on Wednesday sought to dispel concerns that the only way to comply with the stringent requirements for processing consumer information under the European Union's looming general data protection regulation is to get explicit consent, noting that the method isn't a "silver bullet" and that several other options exist.
The U.K. Financial Conduct Authority said Wednesday it has instructed banks to make customer service a priority as they prepare for an influx of claims about missold payment protection insurance over the next two years.
Barclays PLC on Saturday said that an amicus brief written by two New York law professors backing a Saudi contractor’s appeal in a $10 billion fraud case raises “entirely academic” issues and should be rejected by the state’s top court.
Romanello Financial Corp. will find out next month if it can secure a final third-party debt order against Metro Bank PLC to obtain monies owed to Romanello by German entrepreneur Lars Windhorst, after the businessman allegedly reneged on deals to buy more than €60 million ($68.3 million) in securities.
The current trend of rolling back privilege in an investigatory context is a troublesome development for companies, and may lead to a reduction in self-reporting and investigation. Even more concerning are the implications on litigation privilege, meaning that defendants will need to incriminate themselves in order to satisfy the evidential test as to when a prosecution was reasonably anticipated, says Georgina Jones of Taylor Wessing LLP.
David Coale, leader of the appellate practice at Lynn Pinker Cox & Hurst LLP, shares his insights into what works — and what does not — when setting up and maintaining a legal blog.
Given the overwhelming complexity of today’s data environments, investigators must take advantage of a variety of technology tools to apply both tried-and-true and new analytical techniques to internal investigations. Investigators must also develop the mindset of a relentless and detailed forensic detective, says Caroline Sweeney of Dorsey & Whitney LLP.
As business litigation becomes more international in scope, the ability to enforce a judgment across national boundaries is increasingly a key consideration in any litigation strategy. In the U.S., however, the multiple judicial systems among the states and federal system of courts add complexity to issues of enforcement for non-U.S. judgment creditors, say Rodney Page and Joseph Smallhoover of Bryan Cave LLP.
For outside counsel, oftentimes efficiency and responsiveness collide with security measures as clients are increasingly requiring their law firms to comply with third-party risk management programs. To meet these challenges, law firms are focusing more on the roles of chief privacy officer and chief information security officer, says Phyllis Sumner, chief privacy officer for King & Spalding LLP.
The United Kingdom's Policing and Crime Act 2017 significantly increases the Office of Financial Sanctions Implementation's powers to enforce U.K. sanctions. Some are skeptical that the OFSI will use its new powers aggressively, but companies who may have breached the sanctions regime should prepare for the worst, say Christopher David and David Horn of WilmerHale.
New mobile computing tools — both hardware and applications — are changing the technology paradigm for legal practitioners. In particular, the combination of the 12.9-inch iPad Pro, the Apple Pencil and the LiquidText annotation app can revolutionize both trial preparation and courtroom litigating, says attorney Paul Kiesel, in his latest review of tech trends.
Legal incubators serve as an important bridge to practice and a crucial step toward aligning the incentives of new lawyers with the needs of their clients. They may even pose a threat to the traditional law school model itself, and that's not necessarily a bad thing, says Martin Pritikin, dean of Concord Law School at Kaplan University.
Recent extradition cases have demonstrated that individuals in the United Kingdom facing charges in the United States can either fight extradition proceedings tooth and nail, or voluntarily travel to the U.S. An approach carefully tailored to the facts of each case is required in order to best protect a requested person's interests, says Ben Isaacs of 7 Bedford Row.
Sarbanes-Oxley has been quite successful if one of its purposes was to screen out marginal foreign firms. In addition, the drop in the number of publicly listed companies may actually be a blessing in disguise, says Paul Lanois, senior legal counsel at Credit Suisse Group AG.