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.
The first two suits brought under the U.K.'s young antitrust class action regime have fallen short, but attorneys say the competition court's recent rejection of a £14 billion consumer suit over MasterCard's swipe fees doesn't portend failure for the nascent system.
Orrick Herrington & Sutcliffe LLP revealed Monday that the head of Reed Smith LLP’s noncontentious financial regulatory team will join Orrick in September as a partner in its London-based technology companies group.
British television celebrity Noel Edmonds has more than quadrupled his compensation claim against Lloyds Banking Group PLC to £300 million ($392 million) for losses he suffered over a fraud scam carried out by former employees at the bank's HBOS unit.
The European Banking Authority announced details of its proposed EU-wide public register of authorized payment services firms on Monday, as the watchdog continues to work through the list of technical standards it is required to develop before massive reforms enter into law in January 2018.
England’s Court of Appeal has upheld decisions to throw out three linked interest rate swaps misselling claims against units of Barclays PLC and Royal Bank of Scotland PLC, in the latest victory for U.K. banks still battling numerous swaps misselling suits.
Insurers have raised concerns with plans to overhaul European Union derivatives trading rules which require insurance companies to post cash when centrally clearing securities trades, a key industry lobby group said Tuesday.
Britain’s government announced on Monday that it wants to capitalize on London’s position as a global financial technology leader by pumping £14.5 million ($18.9 million) into a new cyberdefense innovation center in the capital.
A senior Bank of England official has urged banks in the U.K. to stay vigilant against lax lending conditions, as regulators take action to counter the risks posed to the wider economy by mounting consumer debt.
Britain’s finance watchdog on Tuesday warned firms that have missed the deadline to submit crucial information for compliance with European Union reforms to investment services across the bloc’s banking system that they must have contingency plans in place.
Counsel for Axiom Investment Advisors LLC will receive $8.75 million from a $50 million settlement with Barclays Bank LLC in a New York federal court action filed over purported misuse of a foreign exchange trading system to boost bank profits.
U.K. payment system providers and other entities regulated by the Payment Systems Regulator have been told they are eligible for a refund from the fees they paid into the supervisor last year, according to a policy statement setting out the rates for the year ahead.
British legislation entering into force on Monday cements the right of European Union authorities to demand the execution of cross-border criminal investigation requests, even as legal experts question whether the pioneering enforcement law will survive the U.K.'s exit from the EU.
Reed Smith LLP has bolstered its commercial disputes team in London with the hiring of a former Gowling WLG partner who specialized in handling disputes for major accountancy firms, the law firm said on Monday.
U.K. lawmakers launched an inquiry Monday into how Britain’s financial services industry could maintain access to the European Union after the country leaves the bloc in March 2019.
Former Schroders PLC trader and convicted insider dealer Damian Clarke must pay £350,000 ($456,000) within three months or face three more years in jail, Britain’s Financial Conduct Authority said Monday.
Regulators should think carefully before adopting financial technology such as blockchain software and digital currencies for their payment systems infrastructures, a senior figure at the European Central Bank said on Monday.
The European Commission is seeking views on how it can lower the costs of cross-border payments within the European Union in currencies other than the euro, with the launch of a public survey on Monday.
The Financial Conduct Authority launched a consultation on Monday into how its planned new body will oversee the way professional bodies comply with money laundering regulations, as the regulator also seeks views on the costs it will impose on the industry to fund the work.
JPMorgan Chase & Co. and Deutsche Bank AG have agreed to pay a combined $148 million to escape two investor suits alleging they rigged the Libor benchmark rate, according to a proposed deal Friday, asking for early approval despite both banks having technically been dismissed from one of the cases.
Federal prosecutors told a New York federal judge on Friday that they want to dismiss fraud and conspiracy charges against two European former derivatives traders at JPMorgan Chase & Co. involved in the $6 billion “London Whale” debacle, because they can’t extradite the defendants and can’t rely on their star witness.
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.