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.
A London court has tossed a $370 million fraud suit accusing foreign-exchange firm Ikon Finance of participating in a fictitious currency-trading scheme, ruling the case was an "unmeritorious" attempt by two investment funds to escape their own responsibility for misleading clients.
HSBC Holdings PLC finalized a $765 million settlement Tuesday, resolving the U.S. Department of Justice's allegations that it hid risks associated with residential mortgage-backed securities sold in the years preceding the 2008 financial crisis.
The financial services industry needs more support from other regulated sectors, including audit firms and the legal profession, to fight economic crime, a parliamentary committee was told Tuesday.
Accountancy firm Grant Thornton on Tuesday ripped into "on the hoof" claims that it had spoon-fed a botched investigation by Britain's Serious Fraud Office to Iranian property tycoon Robert Tchenguiz and his brother, during the second day of a court battle in which Tchenguiz is claiming hundreds of millions of pounds in damages.
Royal Bank of Scotland would have treated allegations it knew it was rigging Euribor when it sold investment vehicle Marme Inversiones a swap tied to the European interest rate benchmark with "disdain," property tycoon Glenn Maud said at a High Court of Justice trial Tuesday.
The U.K.'s antitrust authority launched another investigation into the country's auditing sector on Tuesday, putting more pressure on the Big Four accounting firms amid concerns that audits for some major British companies have fallen short.
An $11.25 million freeze on the assets of a banker involved in a scam to funnel money away from an asset manager will remain in force, a London judge ruled on Tuesday, finding that the individual’s dishonest conduct made it likely he would try to hide his wealth if the injunction was lifted.
Banking regulators in Britain will have the power to waive or modify the requirements facing financial services companies for a limited time to ensure that European businesses can continue to serve the U.K. if it crashes out of the bloc without a deal, the government has said.
The Bank of England called on the European Union on Tuesday to do more to protect cross-border financial services from the risks of a so-called hard Brexit, warning that negotiators have made only “limited progress.”
Grant Thornton, one of Britain’s biggest accountancy firms, went on trial in London on Monday over claims it conspired with a failed Icelandic bank to encourage an investigation by the Serious Fraud Office into property tycoon Robert Tchenguiz and his brother over their dealings with the collapsed lender.
Europe’s top banking regulator called on Monday for an urgent increase in funding and clarification of its own powers to help fight money laundering and terrorist financing, amid mounting demand for tougher controls.
The U.K.’s Financial Reporting Council launched a program on Monday designed to improve auditing standards in the wake of a series of high-profile accountancy scandals, and revealed it will consider whether to ban auditors from doing lucrative consulting work for the bodies whose books they inspect.
A U.K. lawmaker called on the government on Monday to funnel more funds into agencies fighting economic crime so they can investigate financial fraud and other misconduct "to the fullest extent of the law."
The Financial Conduct Authority set out new rules on Monday that it said would help funds that hold illiquid assets, such as property and unlisted securities, to manage their risks and reduce possible harm to investors.
Two former Tesco executives appeared at a London criminal court on Monday to face a retrial over allegations that they cooked the books at the U.K. retailer in an accounting scandal that wiped almost £2 billion ($2.6 billion) off the company’s stock market value.
The Financial Conduct Authority is failing to enforce transparency rules under Europe’s securities trading regulation in “flagrant breach” of its statutory objective, a high-profile wealth management company claimed on Monday.
The government has set out measures that it said will help U.K. financial markets remain “fair, stable and transparent,” which include giving extended powers to British regulators, as it seeks to ensure the continuity of EU rules on transparency rules in the event of a “no-deal” Brexit.
The Central Bank of Ireland revealed on Monday that it has fined Citibank Europe PLC €1.3 million ($1.5 million) after the lender admitted it had failed to comply with the authority's code for reporting credit card loans to senior managers.
The U.K. froze £12.8 billion ($16.8 billion) of foreign-held assets in the year ending in March, with Libyan funds frozen in Britain accounting for almost the entire amount, figures from the Office for Financial Sanctions Implementation reveal.
A New York federal judge signaled Friday that the Libor-rigging trial against former Deutsche Bank traders Matthew Connolly and Gavin Black may be in trouble, in light of "highly persuasive" evidence concerning the government's role in an internal investigation of the bank by Paul Weiss Rifkind Wharton & Garrison LLP.
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.
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.
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.