Financial Services UK

  • June 01, 2020

    Wealth Manager Seeks To Trim Ex-Athletes' Negligence Suit

    A wealth manager urged a London judge Monday to consider paring down a group of former athletes' £15 million ($18.7 million) negligence suit before settlement talks begin, arguing that settling the limitations dispute first will give the mediation a better shot at success.

  • June 01, 2020

    Barclays Forced To Give Up PE Firm Legal Docs In Fraud Suit

    A London judge ordered Barclays to hand over more than 1,500 documents detailing legal advice it received during its dealings with Qatar at the height of the financial crisis, ruling Monday as the trial approaches that the materials are no longer privileged.

  • June 01, 2020

    Police Chief Urges Probe Into Signature-Forging By Banks

    The U.K.'s National Crime Agency should investigate banks alleged to have been forging their customers' signatures, a police commissioner said Monday, branding the authority's inaction a "national scandal."

  • June 01, 2020

    FCA Bans 4 Cypriot Firms Using Fake Celebrity Endorsements

    Britain's finance watchdog said Monday it has barred four Cypriot investment firms from offering their products in the U.K. after they were caught using fake celebrity endorsements to flog risky investments costing British consumers £100,000 ($124,000) in losses.

  • June 01, 2020

    Market Backs Shorter Trading Hours Across EU Exchanges

    Investment managers and banks backed plans to shorten trading hours on European exchanges in order to encourage diversity and improve mental health among traders, the London Stock Exchange said Monday.

  • June 01, 2020

    Chinese Fund Sues Game Developer Over $530M Sale

    A Chinese asset manager has sued a British video game developer in London in an attempt to prove the company was sold to an American hedge fund despite a freezing order imposed in China over an unpaid €93 million ($103 million) loan.

  • June 01, 2020

    UK Pension Fund To Drop Coal, Tobacco Holdings

    The Universities Superannuation Scheme plans to ditch stocks in tobacco, coal and weapons manufacturers following pressure from members about responsible investing, its investment manager announced Monday.

  • June 01, 2020

    UK Launches Investigation Into Subprime Lender Amigo

    The U.K.'s Financial Conduct Authority has launched an investigation into the process that subprime lender Amigo Holdings PLC uses to assess how creditworthy potential customers are before approving loans, the London-listed company said Monday.

  • May 29, 2020

    U.S. Bank Fights Commerzbank's Redo Bid In RMBS Suit

    U.S. Bank NA shot back at Commerzbank's bid to reconsider a court order trimming the German bank's suit over U.S. Bank's stewardship of pre-crisis residential mortgage-backed securitization trusts, telling a New York federal court that its ruling resolved several issues and needs "no epilogue."

  • May 29, 2020

    Int'l Securities Org Says Virus Shouldn't Stop 'Fair' Filings

    An international standards group for the securities market said Friday that although the COVID-19 pandemic may cause difficulty for companies in making financial statements, it nonetheless called on corporations to try to be "fair" and transparent in their disclosures.

  • May 29, 2020

    Investors' Forex-Rigging Claims Against Banks Narrowed

    Hundreds of investors accusing banks of plotting to manipulate foreign exchange rates can move ahead with the bulk of their antitrust suit, a New York federal judge has ruled, while also limiting the claims they are allowed to pursue.

  • May 29, 2020

    EasyJet Hit With £18B Class Action Testing Value Of Privacy

    More than 6,000 EasyJet customers are gearing up to test European Union data rules in a group lawsuit seeking damages from the airline after a cyberattack left their personal details exposed to hackers, lawyers representing the claimants said.  

  • May 29, 2020

    PE Firm Asks For Barclays' Legal Docs Ahead Of Fraud Trial

    Barclays Bank PLC should have to hand over all of the legal advice it received before paying Qatar millions of pounds for advisory services during the financial crisis, as it has waived any privilege over the communication, a private equity firm suing the bank argued Friday.

  • May 29, 2020

    Self-Proclaimed Bitcoin Creator Can't Sue Over Libel In UK

    The Court of Appeal ruled Friday that a computer scientist claiming to be the inventor of Bitcoin can't bring his defamation suit in England against an investor who called him a fraud online, saying the reach of the social media sites is largely in the U.S.

  • May 29, 2020

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

    The past week in London has seen German financier Lars Windhorst dragged into court by a hospitality company, an Emirati lender sue former executives of a scandal-hit health company, and a bank representing the estate of musical artist Prince file IP claims against a unit of a major record label.

  • May 29, 2020

    UK Banks Grant Breaks On 1.5M Credit Card, Loan Payments

    British lenders have granted 1.5 million payment holidays to credit card and loan customers who are struggling to meet repayments because they have fallen ill or been furloughed during the coronavirus pandemic, a finance industry group said Friday.

  • May 29, 2020

    Global Securities Body Eyes New Outsourcing Standards

    A global standard-setter for the securities markets asked for industry input Friday from financial services companies on a new set of principles that they should use when discharging some of their services to third parties.

  • May 29, 2020

    Danish Prosecutors Drop Probe Into EY's Danske Audits

    Denmark's state prosecutor announced on Friday that it is ending a year-long investigation into whether Ernst & Young LLP breached anti-money laundering laws in connection with its audit of Danske Bank, itself the subject of an international probe into the recycling of dirty money.

  • May 29, 2020

    Former Lehman Bros Administrators Cleared of Liability

    A judge formally declared on Friday that the administrators for the European subsidiary of Lehman Brothers are not liable for their work in securing assets on behalf of creditors of the defunct investment bank after the committee failed to clear the PricewaterhouseCoopers employees before disbanding.

  • May 29, 2020

    Jersey's Baker & Partners Adds Fraud Expert To London Team

    Law firm Baker & Partners has hired a forensic accountant and asset-tracing expert from Grant Thornton to join the fraud and asset recovery practice at its new London office.

  • May 29, 2020

    Fraudsters Exploiting COVID-19 Cheat Britons Out Of £4.6M

    More than 2,000 Britons have lost over £4.6 million ($5.7 million) to fraudsters seeking to exploit fears over the COVID-19 pandemic, figures published Friday reveal.

  • May 28, 2020

    Morgan Lewis Nabs Investment Fund Team From MoFo

    Morgan Lewis & Bockius LLP has added a four-person team of attorneys from Morrison & Foerster LLP to its investment funds practice in London.

  • May 28, 2020

    Venezuelan Prez Question Made Priority In $1B Gold Dispute

    The English courts must determine who the U.K. government formally recognizes as president of Venezuela before hearing any bid for forcing the release of €930 million ($1 billion) of the country's gold from the Bank of England's vaults, a London judge ruled Thursday.

  • May 28, 2020

    Serco Shareholders Defend Ownership Rights In Fraud Suit

    A group of shareholders suing security outsourcing giant Serco over fraud and false accounting revelations that ravaged the company's stock price have insisted they have "sufficient interest" in the company shares to be compensated even if they own them indirectly.

  • May 28, 2020

    NatWest Accused Of Falling Short In $5M Push Payment Fraud

    A Saudi unit of Maire Tecnimont SpA sued National Westminster Bank PLC for falling short of its responsibilities to the engineering giant after it was the victim of a $5 million push-payment fraud to let it recover the funds.

Expert Analysis

  • UK Lawyers Can Adapt Due Diligence To Screen New Clients

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    As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.

  • A Post-COVID-19 Road Map For UK Financial Services

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    From setting realistic recovery expectations to anticipating regulatory zeal to strategizing internal operations, attorneys at King & Spalding offer a road map for U.K. financial services stakeholders attempting to return to "normal" when the pandemic subsides.

  • FCA Has Strong-Arm Lending Tactics Under The Microscope

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    Even by the usual standards of a "Dear CEO" letter, the Financial Conduct Authority's April 28 letter is strongly worded — signaling no tolerance for banks using their corporate clients' cash-flow problems as leverage to obtain roles on equity mandates they otherwise would not have obtained, says Claire Cross at Corker Binning.

  • A Look Forward To UK Banking Litigation In The 2020s

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    With an eye on the impact of COVID-19 and the evolving threat of financial crime, Christa Band and Jane Larner at Linklaters provide an overview of the near-future challenges financial institutions should expect.

  • A UK Business View Of COVID-19's Economic Fallout

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    Covington attorneys Alex Leitch and Harry Denlegh-Maxwell provide a bird's-eye view of how U.K. businesses will navigate the legal and economic aftermath of the pandemic, including discussion of where litigation funding, class actions, insurance disputes and force majeure fit it.

  • Potential Silver Linings In European Leveraged Loan Defaults

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    Since the last financial crisis, borrowers and private equity sponsors have cut distressed investors out of most European leveraged loan deals, but the recent economic turmoil due to the pandemic could create opportunities for distressed investors to return to the market, say attorneys at Orrick.

  • Time For Presumptive Virtual Mediation In The UK

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    While the COVID-19 outbreak is a real-time test of the U.K. justice system’s adaptability and innovation, it is also an opportunity to deliver alternative dispute resolution through virtual technology — and there are two ways in which this could be achieved, says Suzanne Rab at Serle Court.

  • UK Decision Highlights Contract Enforceability Considerations

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    The U.K. Court of Appeals' recent decision in Filatona Trading v. Navigator Equities — concluding that an unnamed party could seek enforcement of a contract — sheds light on undisclosed principals' rights and obligations, and the interaction between agency and contract law, says Jonathan Swil at Shearman & Sterling.

  • UK 'Property' Classification Boosts Confidence In Bitcoin

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    In AA v. Persons Unknown, the English High Court classified bitcoins as property that can be the subject of proprietary injunctions, indicating the slow but growing acceptance of virtual currencies within the U.K., say Steven De Lara and Colin Grech at Signature Litigation.

  • 3 EU And UK Data Protection Tips During COVID-19

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    Though EU and U.K. data protection laws should not impede the fight against COVID-19, companies must continue to protect individuals' data, and the challenges of managing a remote workforce and the desire for information about the virus’s impact have significant implications for that responsibility, say attorneys at Debevoise.

  • COVID-19 Is Prompting EU To Protect Strategic Health Assets

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    The European Commission's call for EU member states to exercise vigilance in screening new foreign investments in health care confirms a shift away from historical free trade principles in response to the coronavirus pandemic, says Mathieu de Korvin at FTPA Avocats.

  • Opinion

    UK Rescue Procedure For Corporate Directors Is No Panacea

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    The U.K. government's plans to protect company directors from wrongful trading liability is a laudable attempt to mitigate COVID-19's harm to the economy, but they may create problems by keeping unviable businesses artificially afloat, says Howard Morris at MoFo.

  • COVID-19 Unlikely To Excuse UK Financial Reg Violations

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    Despite the significant disruption that COVID-19 is causing in the U.K., the Financial Conduct Authority and Prudential Regulation Authority still expect that financial services firms appropriately protect their increasingly vulnerable consumers, say Tracey Dovaston and Matt Getz at Boies Schiller.

  • Leveling Tax Playing Field For Non-UK Resident Landlords

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    Starting Monday, non-U.K. resident landlords are subject to broadly the same U.K. tax treatment as residents with respect to income derived from U.K. property, and landlords and lenders should be considering the impact on transaction cashflows and covenant compliance, say James Spencer and Sherry Scrivens at Alston & Bird.

  • Latest UK Sanctions Breach Fine May Signal New Era

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    The £20.47 million penalty that the Office of Financial Sanctions Implementation imposed on Standard Chartered Bank on Tuesday is unprecedented, and this case could represent the start of a new era of sanctions enforcement in the United Kingdom, say attorneys at Kirkland.

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