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.
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.
Sweden’s market regulator has said it will investigate how a trader was able to blow a €114 million ($133 million) hole in a Nasdaq clearing house contingency fund that helps ensure the safety of derivatives trading in European electricity markets.
Switzerland’s financial regulator reprimanded Credit Suisse AG on Monday after it revealed the bank had failed to comply with due diligence requirements in its dealings with clients linked to football's scandal-ridden international body and state-owned oil companies in Brazil and Venezuela.
The foreign representatives of Chapter 15 debtor Irish Bank Resolution Corp. Ltd. objected Friday to a move by an Irish creditor to lift the automatic stay of litigation to allow the creditor to move forward with an adversary proceeding in Delaware, saying the loans at issue in the complaint are governed by Irish law.
The last week has seen Denmark's tax authority file another fraud suit against more investment firms, insurance giants like Amlin and Axa sue a seafood distributor, and a bid to appeal a decision from former shareholders of a business in RBS' controversial restructuring unit. Here, Law360 looks at those and other new claims in the U.K.
A man whom the Financial Conduct Authority has called the “controlling mind, instigator and the main beneficiary” of a £2.8 million ($3.59 million) investment scam was jailed at a London court on Friday for a total of 13 years.
The Financial Conduct Authority said Friday it has banned a former Deutsche Bank AG derivative trader currently serving time in jail from any role in the U.K. financial services industry for his part in plotting to rig a key interest rate benchmark.
Directors of a U.S. investment firm acted unfairly when they blocked a proposed sale of shares in English company Last Lion Holdings Ltd., unreasonably citing links to a regulatory investigation into alleged insider trading, a U.K. judge said Friday.
A group of Luxembourg entities owned by U.S. real estate investment firm Colony NorthStar Inc. have rejected claims they owe U.K. asset manager Quidnet Capital Partners LLP £6.4 million ($8.4 million) in payments after they canceled asset management agreements tied to various commercial property investment portfolios.
European trading venues will lose their right to facilitate exchanges in U.K. markets unless they apply to the Financial Conduct Authority to become a recognized overseas platform before Britain withdraws from the European Union, the watchdog warned on Friday.
The European Central Bank published guidance on Friday to ensure that financial technology firms have a “smooth and effective” process when applying for licenses that allow them to perform banking services in the eurozone, given the rise of interest from alternative lenders.
British lawmakers on Friday accused the chief executive of the Royal Bank of Scotland of withholding information when he gave evidence to MPs during a hearing on the bank’s mistreatment of small businesses.
A dispute between Ukraine and Russia over $3 billion in unpaid Ukrainian bonds is set to go to a full trial, a London appeals court ruled Friday, finding allegations that Russian aggression against its neighbor voided the loan must be tested in court.
A former UBS AG trader convicted for causing the biggest trading loss in British banking history faces imminent deportation to his native Ghana after the government rejected his latest bid to stay in the U.K., his lawyer said Thursday.
A lawyer representing a former UBS trader jailed for fraud after he caused the largest trading loss in British banking history, which cost the bank $2.25 billion, is fighting attempts to have him deported from the U.K., his MP has revealed.
The European Union’s highest court said Thursday that financial regulators can be forced to disclose confidential information linked to a criminal case, but it is up to national courts to strike a balance between a person’s human rights and professional secrecy requirements before ordering them to do so.
The Association of Investment Companies has called for the suspension of "actively misleading" European rules that require fund managers to provide investors with details on how they expect their products to perform, urging U.K. politicians to launch an inquiry into the issue.
A London court judge has entered a default judgment against two defunct U.K. hedge funds for failing to respond to a lawsuit alleging they took part in a massive multinational fraud to cheat the Danish government out of £1 billion ($1.3 billion) in reimbursed taxes.
The former head of the Serious Fraud Office will be kept away from working on any matters he was involved with while he led the U.K.'s white collar watchdog when he joins City law firm Slaughter and May as a senior consultant, according to a government letter published Wednesday.
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 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.
In response to the evolving geopolitical threats of the 21st century, the United Kingdom at the end of July began an initiative to enhance its powers to review or block foreign acquisitions of sensitive British assets. The challenge will be striking a balance between protecting legitimate strategic concerns and facilitating international investment, say attorneys at King & Spalding LLP.