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Financial Services UK

  • August 17, 2018

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

    The last week has seen Gatwick Airport sue an insolvent construction firm and two insurers for professional negligence, Deutsche Bank lodge a claim against India's Canara Bank and a Markel unit file a contract dispute against German animal insurance specialist Hippo.

  • August 17, 2018

    Latham Adds New Corporate Finance Attys To London Office

    Latham & Watkins has bolstered the infrastructure scope of its private equity practice in Europe by poaching two partners for its London office from Magic Circle law firms.

  • August 17, 2018

    Speak To EU Regulators About Brexit, FCA Urges City Firms

    London’s banks and financial services should consider seeking guidance from Europe's domestic regulators about the future of their local operations, the Financial Conduct Authority has said, amid fears that Britain could leave the European Union without a trade deal.

  • August 17, 2018

    Denmark Widens £1B Tax Fraud Suit, Includes UK City Firms

    Denmark’s tax authority has filed a suit at the High Court in London against 71 individuals and companies, including many in the financial services sector, which it alleges took part in a massive multinational fraud to cheat the Danish government out of £1 billion ($1.3 billion) in reimbursed taxes.

  • August 17, 2018

    British Watchdog Asks EU To Review Vast EMIR Data Trove

    The mass of data gathered under EU derivatives reporting requirements has revealed a dramatic increase in the number of counterparties affected by the rules, which suggests that some clearing obligations and exemptions might not be working as intended, research commissioned by Britain's markets regulator shows.

  • August 17, 2018

    Pensions Regulator Tests Powers After Pressure From MPs

    The pensions watchdog said on Friday it had deployed a wider range of regulatory powers for the first time in the second quarter of 2018, after it promised to toughen up in the face of criticism from British politicians.

  • August 17, 2018

    Special Police Halt £25M In Card Fraud In Six Months

    A national police unit said it has prevented £25 million ($31.8 million) of credit and debit card fraud in the first half of 2018 as criminals in the U.K. continue to target the cashless economy.

  • August 16, 2018

    RBS Investors Fight Over Costs After £200M Settlement

    A firm representing Royal Bank of Scotland shareholders who secured £200 million ($254 million) from the British lender to avoid litigation over its 2008 rights issue has sued a group of Lloyds Bank units and other institutional investors for allegedly refusing to pay their share of the costs of financing the lawsuit.

  • August 16, 2018

    Court Sets Aside $3B Asset Freeze In Angolan Investment Suit

    A London court on Thursday set aside a world freezing order brought by an Angolan state fund against the son of its former president and one of his investment partners, ruling that there was no arguable case for it to remain in place.

  • August 16, 2018

    Jones Day Adds 2 Finance Partners In London

    Jones Day has bulked up its banking, finance and securities practice in Europe with the addition of two partners from Ashurst LLP and Dentons to its London office.

  • August 16, 2018

    Global Standard Setters To Review Legal Entity Identifiers

    A global forum of bankers said Thursday it is seeking responses on the challenges and costs faced by businesses as they implement new European Union rules that require trading desks across the bloc to use individual identity codes when they report financial transactions to regulators.

  • August 16, 2018

    UK Asset Manager Rejects 'Unreal' €4.4M Forex Fraud Suit

    An asset manager accused of using a client’s money to pay its costs told a London court on Thursday that allegations it conspired with its chief executive and head trader to defraud a unit of a property investment group in the Czech Republic are “unreal” and implausible.

  • August 16, 2018

    MPs Win Full Disclosure In Regulator's Co-op Bank Probe

    The Treasury and the Bank of England agreed on Thursday to make changes to the way an independent review into the regulatory oversight of the Co-op bank, which came close to failure in 2013, will be conducted after they bowed to pressure from a parliamentary committee.

  • August 16, 2018

    Accountant Admits Pension Lies In Landmark Court Case

    A British accountant has admitted falsely claiming to the pensions watchdog that his client’s staff had been enrolled on a retirement scheme as the regulator brings its first prosecution of a non-employer for the offense.

  • August 15, 2018

    Hausfeld, Susman Awarded $58.4M In Libor MDL Fees, Costs

    Hausfeld LLP and Susman Godfrey LLP will decide how to dole out a nearly $60 million award for attorneys' fees and expenses approved by a New York federal judge Tuesday from $250 million in multidistrict litigation settlements between Citigroup, Barclays and investors suing over rigging of the London Interbank Offered Rate.

  • August 15, 2018

    Indian Bank Denies Threatening Oil Co. Into $66.5M Loan

    The U.K. arm of Indian lender ICICI Bank has said in a London court filing that India's second-largest oil company should withdraw allegations the bank used aggressive tactics and threats to pressure the company into entering a $66.5 million loan facility in 2011.

  • August 15, 2018

    ECB Sets Timeline For Supervision Rules On Smaller Banks

    All banks operating in the euro area will be subject to a common supervisory methodology by the end of 2020, regardless of their size, the European Central Bank said Wednesday as it reminded national regulators to start implementing the required changes.

  • August 15, 2018

    UK To Shield Deposit Holders From Failed Banks After Brexit

    The U.K. Treasury announced Wednesday it is preparing deposit insurance regulations to guarantee that savers and policyholders can still win compensation when a bank or insurer collapses after Brexit.

  • August 15, 2018

    Irish Lenders Could Face Central Bank Gender Targets

    Ireland's central bank could impose gender diversity targets on the state’s lenders if they fail to increase the number of women at senior executive and management levels, a senior regulator said on Wednesday.

  • August 15, 2018

    Mortgage Lender Denies Wrongly Demanding Loan Interest

    A mortgage broker in the U.K. that financed an investor’s £20 million ($25 million) real estate portfolio has rejected the property developer’s claims that it wrongly demanded interest payments on a loan and caused him millions of pounds in lost rental income.

Expert Analysis

  • UK Corporations Face Growing Risk Of Class Actions

    Gregg Rowan

    Recent years have seen an increased focus on class action litigation in U.K. courts, with a rise in high-profile and high-value claims being brought against corporate defendants. Furthermore, various factors suggest that the trend is likely to continue, say attorneys at Herbert Smith Freehills LLP.

  • Tax Enforcers Unite Against International Tax Crime

    Kyle Womboldt

    In light of the launch of the Joint Chiefs of Global Tax Enforcement alliance against transnational tax crime and money laundering, it is more important than ever for corporations and professional services firms to carefully manage their exposure to higher risk clients and business activity, say Kyle Wombolt and Jeremy Birch of Herbert Smith Freehills LLP.

  • Goldman Sachs Decision Raises Bank Failure Questions In UK

    Ben Pilbrow

    Depending on your political beliefs, the U.K. Supreme Court's recent judgment in Goldman Sachs v. Novo Banco either illustrates the benefits of remaining in the European Union or highlights the dangers of not breaking free from it, says Ben Pilbrow of Shepherd and Wedderburn LLP.

  • Opinion

    A Revolution For 3rd-Party Funding In The UK

    Guy Harvey

    Only 10 years ago, third-party funding was an exotic black art at the fringes of appropriate behavior in the United Kingdom. Now it is formally approved and championed by Court of Appeal judges and there is a wide range of funding options available to practitioners, says Guy Harvey of Shepherd and Wedderburn LLP.

  • UK Seeks To Balance Asset Protection And Protectionism

    William Charnley

    In response to the evolving geopolitical threats of the 21st century, the United Kingdom at the end of July began an initiative to enhance its powers to review or block foreign acquisitions of sensitive British assets. The challenge will be striking a balance between protecting legitimate strategic concerns and facilitating international investment, say attorneys at King & Spalding LLP.

  • Is It Time To Prosecute UK Cos. For Human Rights Violations?

    Andrew Smith

    The idea of holding companies criminally liable for human rights abuses committed overseas has gained traction over the past decade. Though the U.K. government has made it clear that it has no immediate plans for further legislation in this area, calls for corporate criminal liability are only likely to get louder, say Andrew Smith and Alice Lepeuple of Corker Binning.

  • 6 Trends Will Shape Future International Commercial Disputes

    Cedric Chao

    The world of international litigation and arbitration tends to move slowly — however, I expect the pace of change to accelerate in the coming decade as six trends take hold, says Cedric Chao, U.S. head of DLA Piper's international arbitration practice.

  • Fortis Case Confirms Viability Of Dutch Settlement Law

    Jonathan Richman

    A Dutch court's approval this month of a €1.3 billion ($1.5 billion) collective settlement of claims brought by shareholders of the former Fortis shows that the Dutch Act on Collective Settlement of Mass Claims can be used to resolve transnational disputes on a classwide, opt-out basis, say Jonathan Richman of Proskauer Rose LLP and Ianika Tzankova of Tilburg University.

  • UK Reflective Loss Rule Impedes Shareholder Recovery

    David Gerber

    The U.K. High Court's recent decision in Breeze and Another v. Chief Constable of Norfolk illustrates the great difficulty shareholders face when trying to recover loss caused by a wrong done to a company, especially if the company is unwilling or unable to pursue the claim itself, say David Gerber and Joshua Reynolds of Arnold & Porter.

  • FCPA Liability For Hiring Practices Gains New Credence

    Bruce Searby

    The U.S. Department of Justice and the U.S. Securities and Exchange Commission have stood by an expansive theory of anti-bribery liability under the Foreign Corrupt Practices Act for corrupt hiring schemes. After the recent Credit Suisse resolutions, the theory appears to be here to stay, says Bruce Searby, a partner at Searby LLP and a former federal prosecutor.