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.
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.
The Financial Reporting Council urged U.K. businesses on Monday to treat diversity as part of their business strategy, as it unveiled research that found only one in three FTSE 100 companies have policies on ethnic diversity in boardrooms.
A British family suing a financial adviser over a failed property investment can take their lawsuit to the Supreme Court after Britain’s top appellate court granted them permission to appeal against a lower court’s verdict that the company could not be held liable for their losses.
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.
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.
In both the U.K. and abroad, the discounted cash flow methodology is often considered the "go to" valuation approach when conducting a damages assessment. However, DCF is not always appropriate and damages experts should know when to use the option analysis methodology instead, says Ronnie Barnes of Cornerstone Research Inc.
The United Kingdom has taken the unusual step of introducing significant retrospective powers that could unravel acquisitions and transactions from decades ago. The government's intentions are laudable, but its new "unexplained wealth orders" cast doubts on the U.K.'s appetite for foreign investment and may hurt national interests, says Simon Bushell of Signature Litigation LLP.
The Second Circuit’s opinion last week in U.S. v. Hoskins limits the U.S. Department of Justice’s ability to prosecute foreign individuals or companies for Foreign Corrupt Practices Act violations. The opinion also flatly contradicts the U.S. Securities and Exchange Commission’s 2012 FCPA resource guide, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.
Once considered the “cliff edge,” the possibility of the United Kingdom exiting from the European Union without agreeing on a trade deal has moved from unthinkable to increasingly likely. Both sides are ramping up preparations for a no-deal scenario, which would have significant implications for businesses in all sectors, say attorneys with Baker McKenzie LLP.
The U.K. High Court Commercial Division's recent decision in Phones 4U v. EE is a reminder of the care with which contracting parties should consider their rights when their English law contracts appear to be failing, says John Laird of Crowell & Moring LLP.
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.
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.
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.
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.