A London court has dismissed the first challenge to new "dirty money" powers that allow British authorities to force wealthy people to explain how they obtained their riches if the wealth is suspected to be the proceeds of crime, but lawyers are unsure how effective the new enforcement tool will be.
Jurors in the antitrust trial of three former foreign exchange traders for Citigroup, Barclays PLC and JPMorgan Chase & Co. units on Friday heard a recording of a former Barclays trader voice concern about his allegedly collusive trading behavior in the forex market as prosecutors wrapped up their witness testimony.
A Qatari-owned bank is suing the owners of a yacht known as the Force India in the English courts in an effort to recover around €5.2 million ($6 million) it says it is owed under a loan deal with Gizmo Invest SA, a Luxembourg-based entity.
The last week has seen Allianz sue Maersk, a Barclays request to transfer part of its banking business and another filing between two sides fighting over payouts from a £200 million RBS rights holders settlement. Here, Law360 looks at those and other new claims in the U.K.
A Singapore-based bank has filed a lawsuit in London against commodities exporter Global TradingLinks, seeking over $9 million in damages that it claims to have suffered as a result of deception in the paperwork supporting a trade deal.
The international anti-money laundering watchdog said on Friday that national regulators will supervise cryptocurrency exchanges and wallet providers, in a landmark move that will bring virtual assets under regulation in order to prevent criminals from using them to launder money and fund terrorism.
Liquidators for a failed Greek telecommunications company must pay £7.4 million ($9.6 million) in costs to dozens of individuals and businesses connected to private equity firms Apax and TPG, a judge in London ruled, finding that the liquidators’ decision to suddenly abandon their lawsuit against the two companies made the case one of an "extraordinary nature."
Small businesses in the U.K. are being hit with 65,000 attempted cyberattacks every day, costing them £25,700 ($33,500) a year to clean up, according to a study released by global insurer Hiscox, which said the sector was a "hot target."
A recent Treasury Department report proposed a host of ideas for boosting development in America's financial technology sector and keeping it globally competitive, including a "sandbox" for experimenting with new products and services, but experts say a morass of regulatory agencies makes building such a playground difficult in the U.S.
British asset manager Quidnet Capital has mocked allegations that it carried out inadequate construction work, leveled by five firms that it has sued for £6.4 million ($8.4 million), calling the claims "embarrassing" in their lack of detail.
The U.K.’s data protection watchdog confirmed Thursday that it is investigating the leak of an anonymous memo to the media that details the performance review of audit firm Grant Thornton’s chief executive, who left her job this week.
The Financial Conduct Authority said on Thursday that professional bodies must each fork over a minimum of £5,000 to cover the £1.65 million ($2.15 million) annual price tag for its new anti-money laundering unit.
British lawmakers on Thursday criticized the focus of a pending review of cases handled by the independent dispute resolution tribunal that handles complaints against banks, saying the study places too much emphasis on process and not enough on the quality of judgments.
A U.K. asset manager being sued by a Russian investment firm over claims it mishandled the investor’s portfolio by sinking its money into high-risk products that the client did not understand rejected the lawsuit as "misconceived and without merit" in documents filed with a London court.
The European Securities and Markets Authority revealed Thursday that trade repositories authorized in the EU reported a total 74 million open transactions at the end of 2017, amounting to a gross notional outstanding value of about €660 trillion ($758 trillion).
Former Formula One chief executive Bernie Ecclestone has settled a U.K. lawsuit from an American private equity firm claiming he bribed a BayernLB official to ensure the German lender would sell its stake in the motor racing championship to a competing private equity company.
Britain’s Financial Conduct Authority and The Pensions Regulator pledged on Thursday to give savers better value for money, as part of broader plans to boost cooperation in the rapidly changing pensions sector.
The head of the U.S. Commodity Futures Trading Commission has threatened to deny Europe's financial services firms access to U.S. futures markets unless the European Union drops new plans for the oversight of foreign clearing houses after Brexit.
A Manhattan federal jury on Wednesday convicted two former Deutsche Bank AG traders of rigging the London Interbank Offered Rate to benefit their trading positions, setting the stage for a protracted legal fight over whether or not the trial was tainted by compelled testimony.
A client cannot hold spread betting firm IG Index Ltd. responsible for £2 million ($2.6 million) in losses he suffered after a series of disastrous bets, a High Court judge has ruled, saying the firm didn't have to stop doing business with him.
Economic crime agencies in three Scandinavian countries said Wednesday they have been handed documents alleging that dirty money may have flowed through the region's biggest lender, Nordea Bank AB.
Law360 speaks to Jeffrey Golden, joint-head of 3 Hare Court Chambers, and ex-Delaware Supreme Court justice Randy Holland about the importance of building contacts in different jurisdictions, how 3 Hare Court has been breaking new ground and building up a strong global practice, and which key trends they’re keeping an eye on within the legal industry.
The Serious Fraud Office has landed another mixed result in its prosecution of several former Barclays and Deutsche Bank traders for manipulating Euribor, the latest in the white collar specialist's latest effort to hold individuals accountable for rigging key benchmark interest rates. Here, Law360 looks at the highlights of the SFO's long-running campaign.
With Britain less than a year from exiting the European Union, firms on Law360’s Global 20 have begun pushing deeper into the countries remaining in the bloc, adding offices and industry specialists in a shift that could rebalance how BigLaw works in the region.
Faced with the opportunity to purchase cyber risk insurance to mitigate the damage caused by cyber events, prospective policyholder companies need all the help they can get in order to navigate this increasingly complex part of the U.K. insurance market, says Richard Mattick of Covington & Burling LLP.
This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.
The former CEO of a U.K. bank recently pled guilty to charges under the Foreign Account Tax Compliance Act, following a U.S. Department of Justice sting operation spanning several countries. The conviction sends a clear message that U.S. authorities will prosecute not only U.S. account holders, but those who facilitate tax evasion, whatever their nationality, say attorneys at White & Case LLP.
The General Data Protection Regulation applies to blockchain networks that directly store personal information. However, blockchain technology can make compliance challenging, and also raises questions regarding who bears responsibility for compliance, say attorneys at Covington & Burling LLP.
As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.
The U.K. Supreme Court's judgment in Eclairs v. JKX seemingly opened the door for a broad interpretation of the proper purpose rule, but despite the confusion, the rule will continue to operate as a useful legal safeguard for shareholders, say Nick Hoffman and Conal Keane of Harney Westwood & Riegels LLP.
The use and provision of virtual currency services have remained largely unregulated in the European Union, but its newest anti-money laundering directive could be the first step to tougher regulation, say Chris Warren-Smith and Paul Mesquitta of Morgan Lewis & Bockius LLP.
In KBR v. SFO, the U.K. High Court confirmed that the Serious Fraud Office can require foreign companies to produce documents held outside the U.K. as long as there is a sufficient connection between the company and the jurisdiction. This judgment will embolden other agencies with similar compulsory document production powers, says Andrew Smith of Corker Binning.
Dark web monitoring allows law firms to see what sensitive information may have made its way onto the thriving global underground marketplace where cybercriminals buy and sell exposed data. It can also help lawyers advise clients on a wide range of legal and business matters, say Anju Chopra and Brian Lapidus of Kroll.
Tesco Bank and British Airways are the latest British icons to find themselves in legal difficulties regarding data breaches, exemplifying the breadth of breach-related risks beyond the established route of the Information Commissioner's Office, says Kim Roberts of King & Spalding LLP.