A U.K. appeals court's recent broad take on the protections legal privilege offers companies against demands from government prosecutors in a dispute over a Serious Fraud Office probe re-enshrines the confidentiality at the heart of the attorney-client relationship and offers comfort to multinationals facing cross-border investigations.
Britain's data watchdog fined credit reference agency Equifax Ltd. £500,000 ($656,000) on Thursday for failing to protect the personal information of up to 15 million U.K. citizens during a cyberattack in 2017.
The European banking sector is preparing for new funding requirements by increasing its reliance on market-based funding and client deposits, according to analysis published by the bloc’s banking watchdog Wednesday.
British lawmakers called on the government and City watchdogs on Wednesday to regulate the “wild west” market in crypto-assets to protect consumers while also positioning the U.K. as a global center for virtual currencies.
A Luxembourg-based asset manager has denied in U.K. court documents that a company set up by Russian billionaire and businessman Mikail Shishkhanov can avoid repaying a $50 million loan, claiming that an alleged oral agreement between the parties that the loan is not repayable does not exist.
Banks and insurers must report how they are preparing to transition away from the scandal-hit London Interbank Offered Rate, the Financial Conduct Authority and Prudential Regulation Authority said on Wednesday in a bid to ensure boards understand the risks that come with the transfer.
The International Organization of Securities Commissions published new guidelines on Wednesday for national regulators aimed at preventing misconduct at banks and other intermediaries as they manage equity capital increases for companies.
KPMG and a partner at the auditing giant have admitted to misconduct when they produced reports for the Financial Conduct Authority on BNY Mellon’s compliance with rules designed to safeguard more than £1 trillion ($1.3 trillion) of client assets at the bank, the U.K.'s accounting watchdog said Wednesday.
Danske Bank’s chief executive officer announced his resignation on Wednesday after an investigation commissioned by the lender revealed that its Estonian branch may have laundered billions of euros between 2007 and 2015.
Two former Deutsche Bank AG traders on Tuesday urged a Manhattan federal jury to reject accusations of rigging the London Interbank Offered Rate, claiming prosecutors are attempting to hold them to an unfair standard which was nonexistent during the time in question.
A crop of major banks and affiliated entities have asked a New York federal court to toss a consolidated case alleging that they conspired to fix the prices of Mexican government bonds, saying the pension funds that brought the suit haven't adequately claimed that the financial institutions had a "conspiratorial agreement."
NatWest Markets PLC will have to pay $750,000 to the Commodity Futures Trading Commission to settle charges after the derivatives regulator found that thousands of swap transitions had been misreported.
Nonperforming loans are weighing down European Union banks and preventing them from lending to other countries within the bloc, the European Central Bank warned on Tuesday as it reminded lenders of the benefits of financial integration under the banking union.
A former UBS AG trader who was jailed for fraud after causing the biggest loss in British banking history has been granted a reprieve from deportation at the last moment as he seeks a judicial review of his case.
The Financial Conduct Authority has published guidance to help the financial services sector combat payments fraud, which costs £1 billion ($1.3 billion) a year, by requiring them to roll out tougher procedures on customer authentication and to report breaches, in an overhaul of payments services legislation.
An Iranian bank suing the U.K. government for $4 billion in damages resulting from illegally enforced British sanctions asked a judge in London on Tuesday to decide whether it can avoid disclosing thousands of documents about transactions at the heart of the case before a trial next year.
Visa and MasterCard must reveal by the end of the day details of transactions that will help the U.K.'s payments regulator investigate whether any credit card issuers are circumventing rules on interchange fee caps, the Payments Systems Regulator said on Tuesday.
Spain's High Court rejected a request on Tuesday from Switzerland for the extradition of a former HSBC Group Holdings PLC employee who has been convicted for leaking details of thousands of clients of HSBC's private bank to tax authorities.
A London judge has struck out a quarrying company’s lawsuit accusing Barclays Bank PLC and accountants KPMG LLP of plotting to force it into administration, finding there was no evidence the bank had a long-term plan to bring the company down.
The European Central Bank has “no plans” to issue its own digital currency because demand for physical cash in the eurozone remains high and there is “no concrete need” for a new form of electronic money, the institution’s president has said.
The Bank of England on Monday made public a list of all of the financial institutions that have signed up to the new code of conduct for the deposit, repo and securities lending markets, in a move intended to put pressure on firms that have yet to commit to the code.
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.
Courts in the British Virgin Islands have mostly resisted the temptation to appoint liquidators in soft wind-downs. However, a recent decision in Delco Participation v. Green Elite has opened the door to more "just and equitable" liquidation petitions, say Andrew Willins and Eliot Simpson of Appleby.
Several European countries have recently incorporated the "right to disconnect" from work into their domestic legislation. Currently, there is no equivalent law in the U.K., but as stress levels continue to rise, it is likely that U.K. legislators will follow suit, says Sarah King of Excello Law.
Two court decisions within the past year have simplified the process for bringing derivative claims outside the Cayman Islands on behalf of Cayman companies, as shareholders no longer need permission from a Cayman court. However, such claims still face two difficulties, say Peter McMaster and Anna Snead of Appleby.
In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Melanie Green, chief client development officer at Faegre Baker Daniels LLP.
The English Court of Appeal's much-anticipated decision in Eurasian Natural Resources Corporation means that companies will continue to face difficulties in obtaining the information they need to investigate suspected wrongdoing, without losing the benefit of legal advice privilege under English law, say Mark Beeley and Rebecca Dipple of Orrick Herrington & Sutcliffe LLP.
The recently issued National Security and Investment White Paper proposes a significant expansion in the U.K. government's powers to scrutinize foreign investments. If the proposals are brought into force, the U.K. regime will be one of the most stringent in the world, say Douglas Lahnborg and Matthew Rose of Orrick Herrington & Sutcliffe LLP.
After almost a year and a half of uncertainty, the U.K. Court of Appeal has restored the eminently sensible position that documents created in an internal investigation are capable of being covered by litigation privilege when a criminal investigation or prosecution is in prospect, say Simon Airey and Joshua Domb of Paul Hastings LLP.
The U.S. Securities and Exchange Commission last week announced settlements with Aegon and several of its affiliates for alleged misconduct involving faulty quantitative investment models. The case illustrates the pitfalls of implementing an ambitious investment program poorly, say Brian Daly and Anna Maleva-Otto of Schulte Roth & Zabel LLP.
Recent changes to the U.K. Corporate Governance Code should reassure investors that companies with a premium listing on the London Stock Exchange are committed to being standard-bearers. Issuers may also benefit from the workforce engagement, corporate culture and diversity changes that will be brought into businesses, say Joseph Ferraro and Jennifer Tait of Willkie Farr & Gallagher LLP.
In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.