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.
Greek lender Aegean Baltic Bank SA has sued two shipping companies to recover an allegedly unpaid debt of nearly $9 million, according to documents filed in a London court.
The U.K.’s largest accounting companies are failing to properly scrutinize statements made by businesses about their financial health, according to a report published by the Financial Reporting Council on Thursday.
A London judge instructed jurors on Thursday to acquit two former Tesco executives accused of fraud and false accounting in a scandal that wiped nearly £2 billion ($2.6 billion) off the supermarket chain’s value, dealing a blow to the Serious Fraud Office’s prosecution.
MasterCard Inc. has reached an agreement with German rail company Deutsche Bahn AG to settle claims it broke European antitrust laws by pumping up the prices on bank-to-bank credit card charges in a suit that was set to be heard before the United Kingdom’s highest court.
The Financial Conduct Authority's case against a former UBS Group AG compliance officer and the day-trader friend to whom she allegedly passed inside information will go to the jury Thursday after a London judge summed up the weekslong trial.
A slew of big foreign banks including BNP Paribas and HSBC Bank plc told a New York federal judge that a proposed class of investors accusing them of manipulating the foreign exchange market for at least six years haven’t proven jurisdiction over them.
A key European Parliament committee has voted to give mutual funds a two-year exemption from controversial rules over information disclosures to investors under European Union rules governing packaged retail investment products.
The Financial Services Compensation Scheme has filed a fresh suit against a Guernsey-based trustee in London’s High Court as part of efforts to reclaim cash the fund paid out to investors who lost their savings in a failed holiday resort project on the Caribbean island of St. Lucia.
Online trading platform IG Group said that it expects its revenue to decline as European Securities and Markets Authority restrictions on selling speculative trading products continue to sting the sector, leading to a fall in new customers.
A U.K. businessman who unsuccessfully tried to sue Royal Bank of Scotland for £128 million is taking Britain’s financial watchdog to court over its handling of an investigation into the bank’s restructuring unit, which has been criticized for mistreating small business customers after the 2008 financial crisis.
More than a dozen trade bodies, including those representing Europe's insurers and bankers, raised concerns on Wednesday that European Commission proposals introducing a harmonized framework for class actions across the bloc may lead to a surge in "unnecessary and wasteful" litigation cases for businesses.
Britain's antitrust enforcer announced Wednesday that it is deepening its investigation into PayPal's $2.2 billion takeover of a Swedish rival after the U.S. payment company failed to address the watchdog's concerns that the deal could stifle competition.
The Bank of England has agreed to delay work on its first test of how banks respond to cyberattacks and IT failures to allow them to focus on preparing for Brexit, records published Wednesday reveal.
A group of former investors in Banco Popular Español SA and two fund managers urged the Second Circuit on Monday to revive their bid for information from Spain's largest bank for use in legal proceedings over Banco Popular’s 2017 sale, saying there was no doubt the bank meets a requirement that it be "found" in New York.
The Monetary Authority of Singapore on Monday released a guide describing how digital token offerings fall under the purview of the nation’s securities laws, weeks after a bill aimed at streamlining payment services regulation was introduced in the Singapore Parliament.
European Union member states have agreed to a set of proposals on how to approach the supervision of EU and third-country clearinghouses after Brexit, the European Council has announced.
The Financial Conduct Authority said Tuesday that it has hit the former chief executive of the U.K. subsidiary of a Bangladeshi-state owned bank with a fine of over £76,000 ($97,000), pending an appeal, for his involvement in a breach of anti-money laundering safeguards by the firm.
MasterCard Inc. said Tuesday it expects to see a $650 million fine from Europe's antitrust enforcer as it nears a deal to wrap up the watchdog's investigation over fees charged to European-area retailers that accept tourists' credit and debit cards.
The number of inquiries about pensions fraud leaped fivefold after two U.K. regulators launched a joint campaign to raise awareness of the problem, the Financial Conduct Authority said Tuesday.
One hundred and sixty eight arrests have been made across Europe as part of a global swoop on money laundering "mules," the European Union’s police agency Europol announced Tuesday.
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.
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.
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.