Financial Services UK

  • August 18, 2017

    Banks Shake Singapore Rate-Rigging Claims, For Now

    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.

  • August 18, 2017

    SEC Drops Suit Against 'London Whale' Traders

    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.

  • August 18, 2017

    UK Litigation Roundup: Here's What You Missed In London

    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.

  • August 18, 2017

    EIOPA Clarifies Key Info Catagories Under 2018 PRIIPs Rules

    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.

  • August 18, 2017

    CMA Finalizes Regulated Payment System Appeals Process

    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.

  • August 18, 2017

    Hundreds Of Firms Have FCA Licenses Scrapped For Failings

    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.

  • August 18, 2017

    FCA Gears Up For Regulation Of Data Reporting Providers

    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.

  • August 18, 2017

    Firms Hit Lloyds Unit With Libor Swaps Misselling Claim

    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.

  • August 17, 2017

    UK Forex Traders Want More Detail On Antitrust Charges

    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.

  • August 17, 2017

    UK Regulator Floats New Plan For Fee Payment

    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.

  • August 17, 2017

    JPMorgan’s $22M Swiss Franc Libor Deal Gets Preliminary OK

    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.

  • August 17, 2017

    Car Dealer's MasterCard Swipe Fees Suit Delayed For 1 Year

    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.

  • August 17, 2017

    Banco Popular Investors Say EU Officials Doomed Bank

    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).

  • August 17, 2017

    Zurich Tries To Shift $32M Natixis Receipts Spat Onto MCap

    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.

  • August 17, 2017

    Industry Criticizes ESMA Move On Endorsing Credit Ratings

    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.

  • August 17, 2017

    Lloyds Sued For £5.8M 'For Giving Deposit Box To Imposter'

    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.

  • August 16, 2017

    Consent Not Only Way To Honor EU Data Law, Regulator Says

    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.

  • August 16, 2017

    Help Consumers File PPI Complaints, FCA Tells Banks

    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.​

  • August 16, 2017

    Barclays Asks NY Top Court To Toss Amici In $10B Saudi Suit

    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.

  • August 16, 2017

    Romanello Looks To Metro Bank In Hunt For Windhorst Assets

    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.

Expert Analysis

  • A Look At The Present State Of Privilege In Investigations

    Georgina Jones

    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.

  • 5 Tips For A Successful Legal Blog

    David Coale

    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.

  • Internal Investigations: 10 Ways To Be A Cyber Sleuth

    Caroline Sweeney

    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.

  • Enforcing Non-US Court Judgments In The US Can Be Difficult

    Rodney Page

    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.

  • Series

    Notes From A Law Firm Chief Privacy Officer: New Demands

    Phyllis Sumner

    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.

  • Companies Subject To OFSI Jurisdiction Should Beware

    Christopher David

    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.

  • How The IPad Can Be A Litigator's Best Friend

    Paul Kiesel

    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 Can Help New Lawyers And Society

    Martin Pritikin

    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.

  • Extradition To The United States: Fight Or Flight?

    Ben Isaacs (9).jpg

    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.

  • Series

    15 Years Of SOX: A Significant Footprint In US And Abroad

    Paul Lanois

    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.