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.
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.
The last week has seen a London hotel group lodge competition claims against Visa and Mastercard, Hellenic Petroleum and 10 insurers take on a shipper, and VTB Bank sue a Russian billionaire's holding company connected to EN+. Here, Law360 looks at those and other new claims in the U.K.
A property developer seeking to recover around £5.3 million ($6.9 million) over a loan dispute has argued in London court filings that it had a "mutual understanding" with a mortgage broker that it would not face default interest when deal expired.
The U.K.’s top financial lobby has called for a transitional agreement to protect 36 million cross-border insurance policyholders and £26 trillion ($34 trillion) of derivatives contracts, as fears grow of a “no deal” Brexit scenario.
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.
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.
The idea of holding companies criminally liable for human rights abuses committed overseas has gained traction over the past decade. Though the U.K. government has made it clear that it has no immediate plans for further legislation in this area, calls for corporate criminal liability are only likely to get louder, say Andrew Smith and Alice Lepeuple of Corker Binning.
The world of international litigation and arbitration tends to move slowly — however, I expect the pace of change to accelerate in the coming decade as six trends take hold, says Cedric Chao, U.S. head of DLA Piper's international arbitration practice.
A Dutch court's approval this month of a €1.3 billion ($1.5 billion) collective settlement of claims brought by shareholders of the former Fortis shows that the Dutch Act on Collective Settlement of Mass Claims can be used to resolve transnational disputes on a classwide, opt-out basis, say Jonathan Richman of Proskauer Rose LLP and Ianika Tzankova of Tilburg University.
The U.K. High Court's recent decision in Breeze and Another v. Chief Constable of Norfolk illustrates the great difficulty shareholders face when trying to recover loss caused by a wrong done to a company, especially if the company is unwilling or unable to pursue the claim itself, say David Gerber and Joshua Reynolds of Arnold & Porter.
The U.S. Department of Justice and the U.S. Securities and Exchange Commission have stood by an expansive theory of anti-bribery liability under the Foreign Corrupt Practices Act for corrupt hiring schemes. After the recent Credit Suisse resolutions, the theory appears to be here to stay, says Bruce Searby, a partner at Searby LLP and a former federal prosecutor.
While I read with interest Law360's report analyzing the top 20 global law firms of 2018, I also noticed it doesn't tell the whole story. Global networks of independent law firms compare favorably with multinational firms in terms of geographic coverage, legal expertise, and awareness of local cultures and customs, says Glenn Cunningham of Interlaw Ltd.
The U.K. Financial Conduct Authority has acknowledged that Brexit will present challenges, and will set aside some resources in preparation, but its business plan for 2018-2019 sends a strong message that there will be no let-up when it comes to detecting and prosecuting market abuse, says Ben Ticehurst of Rahman Ravelli Solicitors.