Financial Services UK

  • February 23, 2018

    Germany Refuses To Extradite Traders For SFO Euribor Trial

    German prosecutors said Friday they will not extradite four Deutsche Bank traders to the U.K. to face charges that they manipulated a key European interest rate benchmark.

  • February 23, 2018

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

    The last week has seen hundreds of new claimants bring competition suits against Visa and MasterCard, Italian bank Dexia lodge a claim against a Sicilian city still staring down a pre-crisis-era derivatives contract, and the liquidator for an FCA-targeted carbon credit investment scheme file a negligence claim against Nabas International Lawyers LLP.

  • February 23, 2018

    Investment Co. Takes Ex-Director To Court To Hand Over Docs

    An investment company has asked the High Court of England and Wales to intervene in its dispute with a former director whom it fired for “mismanaging” the business and is now allegedly refusing to return important company documents.

  • February 23, 2018

    Sainsbury's Scores A Win Ahead Of Visa Swipe Fees Appeal

    A U.K. High Court judge in London handed British retailer Sainsbury’s Supermarkets Ltd. a minor victory on Friday ahead of an April appellate court hearing in its long-running action against Visa Inc., ruling that swipe fees charged by the credit card company are not exempt from European Union competition rules.

  • February 23, 2018

    EU To Propose Rules On Blocwide Covered Bonds In March

    The European Commission is set to propose legislation in March for an integrated covered bonds market for the European Union as part of a wider effort to bolster the bloc’s capital, a senior EU official said Friday.

  • February 23, 2018

    Credit Suisse Accused Of Poor Disclosure In Unpaid Fees Suit

    A former investment banker at Credit Suisse AG has accused the bank of making a “hopeless” attempt to disclose information connected to her lawsuit against the Swiss lender over allegations it owes her around $10 million in fees for the role she played in two financing deals run by the bank.

  • February 23, 2018

    Belgian Banks Need More Capital To Withstand Risk, EBA Says

    The European Union’s banking watchdog said on Friday that it agrees with the Belgian central bank’s concern that financial firms in the region do not hold enough capital to protect themselves from increased market risks.

  • February 23, 2018

    UK Shariah Bank Sues As £7.3M Islamic Finance Deal Sours

    A Sharia-compliant bank based in the U.K. has launched legal proceedings against a leisure company that it claims reneged on the terms of a deal worth £7.3 million ($10.2 million) to finance the purchase of a 40-meter yacht, according to new court filings.

  • February 23, 2018

    PRA Updates Guidance on Assessing Liquidity Risk At Banks

    The Bank of England’s regulatory arm said on Friday it will scrutinize each of the entities that make up a banking and investment group when it assesses levels of liquidity as it seeks to prevent risk spilling over between divisions during times of financial stress.

  • February 23, 2018

    Standard Life Dodges Solvency II With Insurance Biz Sale

    Standard Life Aberdeen prepared to wave goodbye to the insurance world on Friday as the firm announced it is selling its savings business for £3.2 billion ($4.5 billion) to concentrate on asset management and avoid onerous capital rules imposed on insurers.

  • February 23, 2018

    RBS Sets Aside £3.2B To Cover US Loan Misselling Probes

    The Royal Bank of Scotland PLC revealed on Friday that it has set aside a total of £3.2 billion ($4.4 billion) as it braces for heavy fines from U.S. authorities over its handling of risky securities in the run-up to the 2008 financial crisis.

  • February 22, 2018

    DOJ Fights Ex-State Street Exec's Bid To Sever New Charge

    The U.S. Department of Justice urged a Massachusetts federal court on Wednesday not to split a freshly filed charge against a former State Street executive into a separate trial, saying the new charge goes after the same scheme only targeting a different victim.

  • February 22, 2018

    BBC, Guardian Say Public Duty Trumps Appleby Records Suit

    The BBC and the Guardian have told a British court that they're not liable for any damages their reporting caused offshore law firm Appleby Global Group LLC, arguing that while they knew portions of the Paradise Papers likely contained privileged communications, publishing portions of the leaked documents crucially furthered the public debate. 

  • February 22, 2018

    UK Fund Managers Clamp Down On 'Last Look' Forex Trades

    A group representing British fund managers responsible for £6.9 trillion in assets issued guidelines on Thursday for its members to toughen their stance on a contentious foreign-exchange trading tactic that gives traders a last-minute opportunity to back out of a deal.

  • February 22, 2018

    Barclays’ Pension Plan Faces Skepticism As It Heads To Court

    When Barclays on Monday becomes the first British bank to reveal in court how it will comply with new ring-fencing regulations, pension lawyers will look to how the bench reacts to the lender's controversial plan to house its pension scheme in its newly separated investment banking arm.

  • February 22, 2018

    BNP Trust Sues Wine Merchant Over Property Lease Breaches

    A BNP Paribas trust company is suing Allied Domecq Spirits and Wine Ltd. for around £700,000 ($976,000) in losses that the firm alleges it suffered when it took over the lease of a warehouse used by the British alcohol merchant that it was forced to repair.

  • February 22, 2018

    Blockchain May Save Funds £1.9B A Year, Tech Co. Predicts

    Global mutual funds market could save more than £1.9 billion ($2.65 billion) per year if asset managers migrated to using blockchain technology to buy and sell funds, transaction processor Calastone said Thursday.

  • February 22, 2018

    ESMA Weighs Revising Short-Selling Rules For MiFID II

    The European Securities and Markets Authority said on Thursday that the recent overhaul to tighten up Europe's trading rulebook could force it to rewrite amendments that it introduced into the bloc’s short selling rules in December.

  • February 22, 2018

    Judge Cuts BlackRock's Costs Claim In $700M Sukuk Suit

    A London judge ordered Dana Gas PJSC on Thursday to pay BlackRock Inc. for some of the costs it racked up while fighting the energy company’s failed attempt to invalidate $700 million in Islamic bonds, but refused to sign off on the asset manager's full fee request.

  • February 22, 2018

    ECB's Supervisory Fees For Banks Soar 14% in 2017

    The European Central Bank said Thursday that the fees it charged lenders in 2017 rose by 14 percent over the previous year as it stepped up assessments of how large banks are complying with rules on the models they use to gauge risk.

Expert Analysis

  • A Review Of Cross-Border Investigations In 2017: Part 2

    Sunil Gadhia

    Global authorities are taking an increasingly coordinated approach toward the investigation and prosecution of economic misconduct. Further significant developments in 2018 will likely refine the manner in which such investigations are approached, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • A Review Of Cross-Border Investigations In 2017: Part 1

    Sunil Gadhia

    A number of significant corporate resolutions were reached in 2017, which have provided guidance on the level of cooperation expected by criminal and civil authorities, primarily in Europe. Meanwhile, the divergent approaches to legal privilege taken by courts in different jurisdictions provide significant challenges to those conducting cross-border internal investigations, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Portfolio Finance May Minimize Litigation Funding Risks

    Matthew Denney, Chancery Capital.jpg

    In the litigation funding world, portfolio financing offers many potential advantages, but few who talk about it truly understand the mechanisms or reasoning behind portfolio arrangements, says Matthew Denney of Chancery Capital.

  • A Look At US And EU Fintech Regulatory Frameworks

    Brian Christiansen

    The regulatory fragmentation on the federal level, and at the U.S. state and EU member state levels, presents challenges and uncertainty for many fintech companies. The resolution of these uncertainties will directly impact the evolution of this sector, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • How Emerging Sources Of ESI Will Impact Discovery

    Charles McGee

    Late last year, the Sedona Conference released the third edition of its principles addressing electronic document production, updated to account for innovations like Snapchat and Twitter. It may be necessary for these principles to be updated more often in order to keep pace with technology, says Charles McGee III of Murphy & McGonigle LLP.

  • EU Notice To Stakeholders Is Accurate, But Misleading

    Louise Freeman

    The notice the European Commission released last November is factually accurate, but casts doubt on the continued efficacy of English courts without giving stakeholders the full story. The timing of its release was potentially by political reasons, says Louise Freeman of Covington & Burling LLP.

  • Series

    Judging A Book: Duncan Reviews 'Justice And Empathy'

    Judge Allyson Duncan

    In "Justice and Empathy: Toward a Constitutional Ideal," the late Yale Law School professor Robert Burt makes a compelling case for the undeniable role of the courts in protecting the vulnerable and oppressed​. But the question of how the judiciary might conform to Burt’s expectations raises practical problems​, says U.S. Circuit Judge Allyson Duncan of the Fourth Circuit. ​

  • The Art Of The Litigation Funding Deal

    Julia Gewolb

    As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF.

  • On The Eve Of A Blockchain Revolution

    Ross Nicholls

    Blockchain technology holds great potential to revolutionize the financial services industry, but it is not quite there yet. More work needs to be done across development and regulation to win the full trust of the wider financial sector, says Ross Nicholls of IR Global.

  • Smart Contracts Need Smart Corporate Lawyers

    Matthew O’Toole

    Given the operational and security risks involved, and the substantial digital asset values transacted, the rise of distributed ledger technology and smart contracts will create new opportunities and responsibilities for transactional lawyers, say attorneys with Potter Anderson Corroon LLP.