Top lawyers warned a parliamentary committee on Wednesday that U.K. banks and insurers face a massive task as they prepare to manage contracts with their European Union counterparts after Brexit and need confirmation that cross-border deals will remain legal.
A U.K. appeals court on Tuesday dismissed an attempt by Societe Generale to revive its decade-old lawsuit against a Turkish jewelry company over $483 million-worth of gold bullion, finding negligent legal advice given to the bank was not reason enough to retrospectively serve its claim using a different method.
Jenner & Block LLP has hired an experienced investigations and white collar partner from K&L Gates LLP to co-chair its global investigations and compliance practice, the firm has said.
The Financial Conduct Authority’s chief executive warned insurers Wednesday that, unless the U.K. and European Union put safeguards in place for a cliff-edge Brexit, a “sudden and disorderly” end to passporting would put £82 billion ($110 billion) of insurance liabilities at risk.
A U.K. parliamentary committee called for action on Wednesday after a report into so-called green finance found a “worrying collapse” in the level of investment, urging the government to publish a plan to plug looming policy gaps.
The Federal Reserve said Tuesday that it has terminated a nearly eight-year-old enforcement action brought against Barclays Bank PLC after the bank agreed in 2010 to pay $298 million to U.S. and New York authorities to settle criminal charges stemming from transactions it allegedly facilitated for banks in Cuba, Iran and other countries in violation of U.S. sanctions.
A Manhattan federal judge said Tuesday that she may push the trial of two former Deutsche Bank traders accused of rigging the Libor to September, saying she felt “sandbagged” by U.S. Department of Justice prosecutors’ new theories a month before trial.
Politicians criticized the U.K.'s pensions regulator for being “feeble” and “chronically passive” on Wednesday, adding that new leadership might be needed after a series of companies collapsed under the weight of massive pension liabilities.
Multinational law firm DLA Piper announced on Tuesday it is opening an office in Dublin and has hired a new partner with a focus on financial services in preparation for an expected increase in the number of companies with a presence in the city after Britain leaves the European Union.
A former Barclays PLC trader accused of illegally manipulating a key interest rate told a London jury on Monday he saw nothing wrong in messages from senior managers asking him to help fix Euribor, saying he thought it was normal business practice.
The U.K. government has scrapped a proposed bill that would put the brakes on a risky form of credit in which personal vehicles are used as security, drawing criticism from the independent legislation-review body that proposed the bill last year in an effort to protect consumers.
A company active in the oil and gas sector has hit back at claims filed in a London court that it owes a bankrupt British Virgin Islands investment company $3 million, arguing that it is too late for the firm to seek any relief, which it is not entitled to in any event.
Managers of money market funds must report “detailed” information on their assets to national regulators in the European Union so the watchdogs can respond to any risk to the bloc’s €1 trillion ($1.18 trillion) sector, the European Commission said Tuesday.
Thomson Reuters said Tuesday it was preparing to move its foreign exchange derivatives trading operation from London to Dublin because of the U.K.’s impending departure from the European Union.
The European Union has ordered the bloc’s top three financial regulators to step up their campaign against money laundering "with some urgency," saying a failure to swiftly strengthen coordination of their efforts would be a threat to wider financial stability, according to a letter published Tuesday.
WRM Capital Asset Management has launched legal proceedings in an English court against a Cyprus company it loaned $50 million to in 2015, claiming that the firm's failure to meet the terms of the deal triggers the asset manager's right to cancel the agreement and demand repayment.
The European Council announced on Monday that it has adopted new rules aimed at strengthening the European Union’s fight against money laundering and terrorist financing without hindering the bloc’s financial system.
Financial institutions should isolate activities that involve cryptocurrencies such as bitcoin from their main business to lessen the risk from “gambling in risky assets” as it could endanger financial stability, a European Central Bank official suggested on Monday.
FCFM Group Ltd. has issued a counterclaim against two investors suing the London-based asset manager for allegedly refusing to complete a sale contract for shares in RockRose Energy PLC, accusing them of conspiring to acquire the stock using insider information.
A lawsuit accusing Clydesdale Bank PLC of forcing a British property investment firm to enter into costly loans in 2008 and 2011 has been stayed until May 31 to allow the two sides time to reach a settlement, an order issued at the High Court has revealed.
Like medical professionals, lawyers often resist policies to reduce errors due to the culture of perfectionism that permeates the industry. Autonomy is key to the legal professional's prestige and the outward demonstration of competence is key to maintaining autonomy, says Peter Norman of Winnieware LLC.
The Utkrisht Bond is one of the largest and most ambitious development impact bonds to date, intended to support private health care facilities in Rajasthan, India. Hopefully, such bonds will pave the way for more transactions to be used as catalysts for positive change, says Ranajoy Basu of Reed Smith LLP.
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.