A landmark London appeals court decision finding that Visa’s and MasterCard’s so-called swipe fees are too high could mean the two credit card companies are about to face a wave of costly claims in Britain, but the ruling has left some questions lingering.
The government confirmed on Wednesday it has given the go-ahead to its plan to build a new court that will hear cases of fraud, economic crime and cybercrime in the financial center of London.
The Financial Conduct Authority set out draft proposals for U.K. lenders on Wednesday on when they should reveal high commissions charged on payment protection insurance after a potentially game-changing court decision that could force banks to pay billions of pounds in additional compensation.
Lloyds Banking Group PLC is set to face trial on Thursday in a London court over claims the British lender’s pension scheme discriminates against thousands of female employees, in a landmark case that could result in pensions being topped up across the U.K.
The Prudential Regulation Authority has ordered "ring-fenced" banks to follow so-called leverage ratio framework rules, although the watchdog said it will amend the amount of capital these spun-off firms will need to hold to reflect other regulatory demands.
The London Stock Exchange Group said Wednesday it has started executing its contingency plans for a "hard" Brexit by applying for several licenses in The Netherlands that will allow it to keep serving clients in the European Union.
The inability of the audit regulator to investigate individuals who are not chartered accountants “highlights a weakness” in its powers, which was exposed during the U.K. watchdog’s probe into the controversial sale of high street chain BHS before it collapsed with a massive pensions deficit, a parliamentary committee said.
The U.K.’s highest court dismissed an appeal by Goldman Sachs and a New Zealand fund on Wednesday over an $835 million loan to now-failed Portuguese bank Espirito Santo, finding that the liability claimed is not recognized in Portugal and that the court cannot step into legal proceedings in another EU member state.
The global standards setter for trading in derivatives has provided the legal basis for Ireland and France to settle disputes in derivatives trading, creating options for traders preferring to keep transactions within a European Union jurisdiction after the U.K. leaves the bloc.
Credit card companies Visa and MasterCard set fees at an unlawful level that restricted competition, a London appellate court ruled Wednesday, in a landmark judgment in favor of a group of British retailers that could revive lawsuits potentially worth billions of dollars against the card firms.
Senior managers could soon find the history of their conduct made public for consumers and firms to scrutinize under proposals put forward by the U.K.’s financial watchdog on Wednesday.
Retired Delaware Supreme Court Justice Randy J. Holland, who bills himself as the answer to all trivia questions about the state's high court, has broken ground again by joining a commercial law chambers in London.
A Luxembourg-based investment group has launched a putative class action accusing the holding company for the Chicago Board Options Exchange of manipulating the VIX index, causing the U.S. volatility benchmark to spike and reaping more than a billion dollars in proceeds in the process.
Litigation law firm Baker & Partners on Monday announced that it has hired an English barrister with experience in international trusts, insolvency and commercial disputes to join its global offshore disputes practice in Jersey.
The European Securities and Markets Authority told national regulators on Tuesday to “not prioritize” taking supervisory action on pension scheme arrangements once they are subject to clearing obligations in August.
Europe’s lenders could find their profits coming under increasing pressure from financial technology companies if they fail to adapt to a changing market, the bloc's banking watchdog warned on Tuesday.
A private sector financial services body warned London’s banks and traders on Tuesday about potential conflicts of interest that could arise when they enter into transactions to mitigate risks during the issuance of bonds, as it finalized a new standard for the wholesale markets.
The Serious Fraud Office and an international mining firm appeared before a London court on Tuesday in a landmark appeal with major ramifications for banks facing attempts by U.K. enforcement agencies to make them reveal privileged documents during routine investigations.
The City’s watchdogs and policymakers should publish detailed assessments of the economic damage they think Brexit could wreak before a parliamentary vote is held on a withdrawal deal, a parliamentary committee demanded on Tuesday.
A director at a real estate firm who acted as a guarantor for a company loan must pay Allied Irish Banks PLC €1 million ($1.2 million) after a judge at the High Court of Ireland said it was “scarcely credible” that the contract included a term that the guarantee would never be relied upon.
The Financial Reporting Council announced on Tuesday that it has launched a probe into KPMG’s audit of the financial statements of a British alcohol supplier that collapsed into administration in April.
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 the infancy of cryptocurrencies, initial coin offerings could pay scant regard to due diligence and business transparency, but investors now expect more from regulators. The United Kingdom's Financial Conduct Authority must balance consumer protection and market integrity with promotion of technological innovation, says Andrew Barber of Womble Bond Dickinson LLP.
In the long term, Carillion PLC's collapse has added to the growing demand for increased regulation and scrutiny of company directors fueled by the failure of British Home Stores. The U.K. government has promised to introduce new sanctions for company directors who put their employees' pensions at risk, say Lance Ashworth, QC, and Zahler Bryan of Serle Court Chambers.
Legal leaders who want to meet their clients' expanding expectations should start moving their documents to future-ready document management solutions now if they want to stay competitive in the next few years, says Dan Puterbaugh of Adobe Systems Inc.
The sheer scale and global nature of the Volkswagen diesel emissions scandal has led to discussions about how such high-volume consumer cases are handled, with some commentators suggesting that the case represents a turning point in how class action litigation is viewed and handled, particularly in Europe, say Noah Wortman, global head of class action services at Goal Group, and attorneys with Hausfeld LLP.
Global authorities are taking an increasingly coordinated approach toward the investigation and prosecution of economic misconduct. Further significant developments in 2018 will likely refine the manner in which such investigations are approached, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
A number of significant corporate resolutions were reached in 2017, which have provided guidance on the level of cooperation expected by criminal and civil authorities, primarily in Europe. Meanwhile, the divergent approaches to legal privilege taken by courts in different jurisdictions provide significant challenges to those conducting cross-border internal investigations, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
In the litigation funding world, portfolio financing offers many potential advantages, but few who talk about it truly understand the mechanisms or reasoning behind portfolio arrangements, says Matthew Denney of Chancery Capital.
The regulatory fragmentation on the federal level, and at the U.S. state and EU member state levels, presents challenges and uncertainty for many fintech companies. The resolution of these uncertainties will directly impact the evolution of this sector, say attorneys with Skadden Arps Slate Meagher & Flom LLP.
Late last year, the Sedona Conference released the third edition of its principles addressing electronic document production, updated to account for innovations like Snapchat and Twitter. It may be necessary for these principles to be updated more often in order to keep pace with technology, says Charles McGee III of Murphy & McGonigle PC.
The notice the European Commission released last November is factually accurate, but casts doubt on the continued efficacy of English courts without giving stakeholders the full story. The timing of its release was potentially by political reasons, says Louise Freeman of Covington & Burling LLP.