A Jersey-based trust manager has succeeded in its claim that it is obliged to indemnify three employees that it provided to serve as directors at a fund invested in land in Romania, according to a High Court judgment handed down on Friday.
The last week has seen Kazakhstan and its national bank file a Financial List claim against the Bank of New York Mellon, the Law Society sue Barclays and a Greek commercial shipping manager take on an insurance brokerage. Here, Law360 looks at those and other new claims in the U.K.
A U.K. asset manager must pay damages to a client who saw the value of a £1.5 million investment ($2 million) portfolio managed by the firm more than halved after a High Court judge on Thursday found that Full Circle Asset Management Ltd. pursued a high-risk investment strategy without the client’s consent.
Global securities regulators have unveiled 14 steps on good practice for financial firms to follow when ending investment funds, in response to investor protection concerns.
The U.K.’s appellate court on Thursday ordered a defunct car auction company to stump up £4 million ($5.3 million) in security to Lloyds Banking Group PLC and PricewaterhouseCoopers LLP for costs in its £54 million legal claim accusing the firms of conspiring to force it into administration for profit.
Libor, the benchmark interest rate that was at the center of a multibillion-dollar global rigging scandal, will remain in place until 2021, it was confirmed Friday after the Financial Conduct Authority reached agreement with the 20 banks that use it.
The pace, volume and sheer complexity of regulatory change is the biggest challenge faced by wholesale banks, a survey of compliance departments by the U.K. finance watchdog revealed on Thursday.
Investors want improved disclosures from company boards about how they identify and manage risk to protect the sustainability of banks and businesses, according to a report released Thursday by Britain’s accounting and financial reporting watchdog.
Lighthouse Group PLC, a financial adviser suing two insurers over their refusal to honor claims linked to the sale of unregulated investments, has said it “should not be left out of pocket” because the insurers cannot agree which firm is liable to indemnify the company.
European regulators are improving their ability to measure risks to the global financial system posed by the murky multitrillion-dollar hedge fund industry, but major gaps still remain, an international securities watchdog said Thursday.
Financial technology startups are set for a big funding boost under U.K. government budget proposals to unlock £20 billion ($26.62 billion) for new technology over the next 10 years, providing new support for a fledgling industry already boosted by special regulatory programs.
An influential financial services lobby group said Thursday the government needs to do more to protect Britain's legal industry and urged it to set out plans to secure the sector’s access to European markets after Brexit.
Clyde & Co. LLP has hired two leading insurance dispute lawyers to launch a new office in the southwest city of Bristol in 2018, the London-headquartered firm announced on Thursday.
Developing the pan-European pension product is like “trying to solve an octagonal Rubik’s Cube,” a European Parliament rapporteur admitted on Wednesday, urging policymakers to keep proposals as simple as possible.
Britain’s Treasury promised new measures to tackle tax dodging on Wednesday in its budget statement and is set to bolster enforcement following a string of leaks that highlight how the U.K. is a major conduit for tax evasion.
An Iran-based bank suing the U.K. government for $4 billion in damages has scored a partial victory in its separate attempt to force HM Treasury to disclose secret material connected to the firm’s bid to set aside financial restrictions imposed on it by sanctions over the country’s nuclear weapons program.
Four directors of a consumer credit company have been banned from trading for a total of 28 years after investigators described the firm as a “shark” that carried out “utterly cynical and thoroughly reprehensible” scams as it ripped off vulnerable customers.
Libya’s sovereign wealth fund has notched a victory in its bid to use documents from its legal battle with Societe Generale SA for potential separate proceedings over questionable trades with other financial institutions.
Europe’s banking regulator said Wednesday that the European Union's domestic watchdogs are making progress as they try to meet EU guidelines on measuring the robustness of banks and their ability to withstand market shocks.
A former bond trader with Bank of America Merrill Lynch International Ltd. has been hit with a £60,090 ($79,590) fine by the Financial Conduct Authority for engaging in market abuse, the U.K. banking watchdog said Tuesday.
Having embraced the notion that the right space can reinforce the right firm culture, law firm leaders have been evaluating real estate primarily for its physical properties. However, it's hard to be collegial, even in the coolest of in-house coffee bars, if your cost structure is untenable, says Craig Braham of Advocate Commercial Real Estate Advisors LLC.
It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.
The debate over the possible merger between the United Kingdom's National Crime Agency and Serious Fraud Office has underlined the chronic underfunding of law enforcement. Increasing the budgets of the police and Crown Prosecution Service would be more helpful than an unnecessary merger, says Collingwood Thompson QC of 7 Bedford Row.
The Second Circuit's Allen decision Wednesday tilts the scales toward subjects and targets in multinational investigations. U.S. prosecutors could be forced to get involved in international investigations earlier than they might like, say Gregory O’Connell and Peter Sluka of De Feis O’Connell & Rose PC.
With increasing international focus on matters of beneficial-ownership information, the British Virgin Islands has taken steps aimed at making such information readily available without compromising the privacy of those who, for perfectly legal and acceptable reasons, choose the BVI as the domicile of an entity, say members of Walkers and BDO.
With the recent charges brought against Barclays PLC, the U.K. Serious Fraud Office and Financial Conduct Authority have made clear their intention to expand the law on corporate criminal liability beyond the current identification doctrine and punish those who fail to keep up new legal standards, say Robert Amaee and James McSweeney of Quinn Emanuel Urquhart & Sullivan LLP.
The U.K. Criminal Finances Act 2017 allows for court orders requiring individuals and companies to explain the origin of assets in the U.K. and beyond that appear disproportionate to their known incomes. But the controversial nature of the new orders means that legal challenges are likely, say attorneys from Dechert LLP.
In a recent Law360 guest article, Christopher Bogart of Burford Capital LLC claimed that "while theoretically well designed to find the proverbial needle in a haystack, big data and AI currently lack the ability to do so usefully in a commercial litigation financing context." But AI can manage many of the tasks that litigation financiers would otherwise perform, says Eva Shang, co-founder of Legalist Inc.
The European Union's Market Abuse Regulation, which went into effect in July 2016, contains rules on insider dealing, unlawful disclosure of inside information and market manipulation. As a consequence of the increased burden on asset managers and bond issuers, the popularity of listing debt in European multilateral trading facilities has declined, say Michelle Moran and John Young of Ropes & Gray LLP.
For U.S. fintech firms that have a global presence or are looking to expand globally, going across the pond often means being subjected to European, U.K. or other non-U.S. laws that address privacy and data protection issues very differently, say Jeewon Serrato, Oliver Linch and Kyle Koh of Shearman & Sterling LLP.