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.
Kodak has hit Goldman Sachs, Glencore and others with a U.K. lawsuit accusing them of manipulating aluminum prices, echoing antitrust claims it has pursued so far without success in the United States.
UBS AG urged a London judge on Wednesday to strike out a claim from the U.S. Federal Deposit Insurance Corp. that alleges it colluded with other banks to suppress a key interest rate benchmark, arguing the FDIC waited too long to file the suit.
Most banks fail to consistently assess complaints raised by employees when they conduct internal investigations into whistleblowing and are not passing them to the Financial Conduct Authority where appropriate, the financial watchdog said on Wednesday.
Lloyds Banking Group PLC said Wednesday it has settled with a former risk officer who wrote a report accusing her former bosses of concealing massive fraud at its HBOS PLC subsidiary.
Europe’s top insurance regulator has set out guidance for pension funds on how to provide annual statements to savers, shortly before the bloc's member states will be required to write sweeping retirement fund reforms into national rulebooks.
Lawmakers urged the Financial Conduct Authority on Wednesday to “be bold and innovative” and help rescue 140,000 homeowners trapped in high-interest mortgages because their lender is either not authorized or no longer active.
The former boss of a collapsed debt management company has lost his appeal of the Financial Conduct Authority's attempt to ban him for life from working in financial services, but now has a month to petition a tribunal to revive the case.
Prime Minister Theresa May's cabinet on Wednesday adopted her draft agreement for Britain to exit the European Union on March 29, increasing the chances of a regulatory transition period for banks and businesses.
Organizations representing the U.K.’s and Singapore’s financial technology industries signed an agreement pledging to cooperate with one another on Tuesday, hoping that the cross-border pact will lay the groundwork for faster growth among startups in both countries.
Identity theft and phishing attacks are the scams that financial firms are most concerned about, according the first financial crime review published by the City's watchdog on Tuesday.
U.K. lender Nationwide Building Society has been pulled into a dispute between XL Insurance Co. SE and an underwriting firm over €4 million ($4.5 million) in allegedly unpaid premiums, after a High Court judge told it to hand over client account information connected to the transfer of funds.
An English appeals court ruled Tuesday that it could weigh whether a £14 billion ($18.1 billion) consumer antitrust suit against MasterCard Inc. can proceed as a class action, rejecting an attempt to limit the challenge to a procedural review.
Tough compliance regimes at British banks risk making staff too frightened to make important decisions or take the initiative, the head of the Banking Standards Board warned a panel of lawmakers on Tuesday.
Europe’s top securities regulator published guidelines on Tuesday to help managers of money market funds report quarterly information to their national supervisors, in a move that will allow the bloc to reduce risk in the sector under upcoming EU rules.
The European Central Bank has announced it will undertake a “comprehensive assessment” of six Bulgarian lenders, which will include a stress test and a review of their assets, as the country seeks to join the bloc’s banking union.
A claim by Century Financial Holdings that a Cyprus-based trading company had acted fraudulently and misled a London court at a trial over a trade finance dispute has been struck out, according to new documents filed in the case.
A judge in London has rejected an attempt by a debt management company to use documents that HSBC PLC disclosed in U.K. proceedings as it considers whether to sue two of the bank’s units in the U.S. over allegations of "serious wrongdoing" in the foreign exchange markets.
A London court has ruled that 23 former executives at AIG are entitled to deferred bonuses pre-dating the financial crisis that could be worth more than $100 million despite the units' involvement in the risky trading that nearly brought down the insurance giant.
A fresh investigation is to be launched into the state of auditing in the U.K., the head of a parliamentary committee revealed on Monday, in the wake of a series of accounting scandals and corporate collapses that have “undermined public and investor confidence.”
A forum of central bankers announced on Monday that it has published a common vocabulary of cyber terms to help the global financial services sector boost cross-border cooperation on security by cracking down on the growing threat of online crime.
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.
Several European countries have recently incorporated the "right to disconnect" from work into their domestic legislation. Currently, there is no equivalent law in the U.K., but as stress levels continue to rise, it is likely that U.K. legislators will follow suit, says Sarah King of Excello Law.
Two court decisions within the past year have simplified the process for bringing derivative claims outside the Cayman Islands on behalf of Cayman companies, as shareholders no longer need permission from a Cayman court. However, such claims still face two difficulties, say Peter McMaster and Anna Snead of Appleby.
In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Melanie Green, chief client development officer at Faegre Baker Daniels LLP.
The English Court of Appeal's much-anticipated decision in Eurasian Natural Resources Corporation means that companies will continue to face difficulties in obtaining the information they need to investigate suspected wrongdoing, without losing the benefit of legal advice privilege under English law, say Mark Beeley and Rebecca Dipple of Orrick Herrington & Sutcliffe LLP.
The recently issued National Security and Investment White Paper proposes a significant expansion in the U.K. government's powers to scrutinize foreign investments. If the proposals are brought into force, the U.K. regime will be one of the most stringent in the world, say Douglas Lahnborg and Matthew Rose of Orrick Herrington & Sutcliffe LLP.
After almost a year and a half of uncertainty, the U.K. Court of Appeal has restored the eminently sensible position that documents created in an internal investigation are capable of being covered by litigation privilege when a criminal investigation or prosecution is in prospect, say Simon Airey and Joshua Domb of Paul Hastings LLP.
The U.S. Securities and Exchange Commission last week announced settlements with Aegon and several of its affiliates for alleged misconduct involving faulty quantitative investment models. The case illustrates the pitfalls of implementing an ambitious investment program poorly, say Brian Daly and Anna Maleva-Otto of Schulte Roth & Zabel LLP.
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.