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.
Payment sector chiefs delivered a new blueprint for the future of the U.K.’s payment system on Friday, setting out what they believe is “the most radical change to the industry” since the 1960s.
Major Dutch housing association Stichting Vestia's multimillion dollar bribery lawsuit against Deutsche Bank AG is set to go to trial at the end of April next year, it was confirmed at a hearing at the U.K.’s High Court on Friday.
Latham & Watkins LLP announced on Friday it has hired a regulatory partner from Quinn Emanuel Urquhart & Sullivan LLP for its London financial institutions group, just months after he joined the specialist litigation firm.
Chancellor of the Exchequer Philip Hammond said Friday that the transition to Britain’s new long-term relationship with the European Union after Brexit has to be completed by the U.K.’s June 2022 general election.
Europe and North America have made the most progress implementing global principles for safeguarding client assets, particularly for regulatory oversight, but a number of countries need to do more to protect clients’ rights, according to a report published Thursday by an international group of securities authorities.
Payment service providers will have to report major security incidents to market watchdogs within four hours of them taking place under reporting rules published by the European Banking Authority on Thursday, which come ahead of sweeping European Union payment systems regulations that kick in next year.
The Bank of England announced on Thursday that it has appointed a new chief operating officer to replace Charlotte Hogg, who resigned in March after being grilled by MPs over her failure to formally declare a potential conflict of interest.
Barclays Bank PLC would be "vicariously liable" if it is proved that a doctor sexually assaulted prospective employees while carrying out medical examinations on behalf of the British lender, a judge ruled on Wednesday at London’s High Court.
Lloyds Banking Group PLC has agreed to set up a redress scheme for customers who were inappropriately charged when they fell behind with their mortgage payments between 2009 and 2016, the U.K.’s Financial Conduct Authority announced on Thursday.
Lloyds Banking Group PLC has been forced to commit a further £700 million ($920 million) in the second quarter to cover the cost of missold loan insurance because of a rise in compensation claims, the British lender said on Thursday as it posted a slight increase in first-half profits.
The Libor benchmark rate, which is used to price $350 trillion in financial products around the world, will be abandoned in 2021 as British regulators look for a more suitable substitute, the head of the U.K.’s Financial Conduct Authority said Thursday.
MasterCard's recent win in a £14 billion antitrust case in the U.K.'s new class action forum is a loss for litigation funders eager for a slice of massive potential recoveries in antitrust actions in the country, raising questions about whether similar cases can gain traction there and trigger payouts for investors, experts said.
The European Union and the U.K. government have agreed on plans in principle for state-owned Royal Bank of Scotland PLC that avoid forcing the bank to sell off a subsidiary, a divestment that was originally a condition of its financial-crisis era bailout, the EU said Wednesday.
The weight of individual accountability will soon cover the entire British financial landscape after authorities revealed plans Wednesday to expand the management conduct regime to all 56,000 firms under their watch, prompting attorneys to warn of a new era of enhanced compliance.
McGuireWoods LLP has expanded its London office with the addition of a highly regarded partner from King & Wood Mallesons, tying into its strategy to meet growing demand for U.S.-style leveraged financings in the U.K.
The European Central Bank published a draft regulation on Wednesday on statistical reporting requirements for pension funds in a bid to increase transparency and improve data comparability.
A U.K. judge on Wednesday tossed Russian Federation demands that Ukraine should hand over $325 million as security in exchange for not attempting to enforce its London High Court win in a dispute over $3 billion in unpaid Ukrainian bonds.
The European Central Bank put pressure on foreign exchange trading banks and other institutions on Wednesday to publicly commit to a global code of conduct introduced to help restore faith in the $5 trillion-a-day market, which has been hit with several enforcement probes.
The legal adviser to a firm that ran a series of unlawful pooled investment schemes told a court on Wednesday that she was not responsible for managing the scheme that lost investors millions of pounds and that she was not "a little lackey" to the British businessman alleged to have run the operation.
British financial regulators set out plans on Wednesday to broaden rules holding senior managers at banks and insurers accountable for misconduct inside their firms to encompass other financial services, including asset managers and brokers.
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.