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.
London police cannot protect the identity of a witness to an explosion on an oil tanker off the coast of Yemen, the High Court ruled on Monday, helping an insurer prove its allegations that the blast was an inside job.
RBS was a “rotten bank” that acted dishonestly when it sold swaps tied to Euribor while one of its traders was involved in a conspiracy to rig the interest rate benchmark, a lawyer for a Spanish investment vehicle said Monday at the close of a trial in London.
Stress test results released Friday by the European Banking Authority show that Europe’s biggest banks have enough high-quality capital to weather a severe hypothetical economic downturn without dipping below regulatory minimums, though Barclays and Lloyds were left with some of the thinnest cushions.
The last week has seen a private equity firm sue a major U.K. pub operator, an Iranian shipper take on dozens of insurers and a breach of contract claim against Merrill Lynch. Here, Law360 looks at those and other new claims in the U.K.
A U.K.-based subsidiary of BMW AG has accused HSBC Bank PLC of “commercially unacceptable” conduct as it seeks to claim back £4.4 million ($5.7 million) that was siphoned from its books into an account held at the bank by a former account manager who was later jailed for the fraud.
Ropes & Gray LLP has hired a former Financial Services Authority attorney away from Akin Gump Strauss Hauer & Feld LLP to expand its international risk team in London.
The individual behind a company that represented claimants who are yet to be paid in full after they won a £200 million ($260 million) settlement from Royal Bank of Scotland could have to appear in court to be cross-examined over his firm’s assets, a judge in London ruled Friday.
Lloyds Banking Group has stood by its decision not to grant a company director further redress for the loss he claims to have suffered over the misselling of interest rate hedging products, saying in new court documents that it acted “fairly and consistently” in a review of the sale.
The chief executive of the U.K.’s audit regulator announced Friday he is quitting, after lawmakers criticized his organization for its "timidity" and as the government carries out a review of its competence.
A property investment company accused of operating as a Ponzi scheme has been shut down by a London court for conning close to £19 million ($25 million) out of investors, a government agency said Friday.
The Hong Kong Securities and Futures Commission unveiled plans on Thursday to further regulate the cryptocurrency industry, setting standards for fund managers that invest in such assets while creating a “sandbox” that will explore how to regulate crypto-trading platforms.
Visa Inc. has hit back at a new round of lawsuits brought by nearly 400 retailers, local councils and companies, denying in new court documents that it infringed EU and U.K. competition law or abused any arrangements it had with the firms.
Two linked companies that claimed to be able to claw back cash for people who lost money in alternative investments have been closed down by an English court after an investigation revealed they routinely misled clients, a government agency said Thursday.
A former director at National Bank Trust hid a series of toxic loans made to companies he controlled, the bank’s attorney said Thursday at the trial of three bankers accused of funneling hundreds of millions of dollars out of the Russian lender for their own benefit.
A judge in London refused on Thursday to allow Genworth Financial Inc. to shift the blame for missold payment protection insurance onto two British units of Santander, after AXA SA sued the U.S. insurer for £28.5 million ($37 million).
One of the Big Four auditing companies could fail or voluntarily withdraw from the market if a review of the sector by the U.K.’s antitrust agency is too heavy-handed, an industry body has warned.
The Financial Conduct Authority has said it will be more transparent about how it expects financial services businesses to comply with new rules as it seeks to ease concerns within the sector about its supervisory response to Brexit and the growth in cyberrisks.
A Delaware bankruptcy judge rejected a creditor’s bid Wednesday for clearance to sue foreign representatives of Irish Bank Resolution Corp. in Delaware for actions in Ireland, saying the proposal was "well beyond the scope" of the bank’s Delaware Chapter 15 case.
A London judge on Wednesday released three companies owned by a banker involved in a scam to swindle U.K. asset manager FM Capital Partners out of £18 million ($22.9 million) from a worldwide freeze on his assets, finding the banker does not control the companies in his own right.
The U.K.’s highest court has dismissed an appeal brought by a trustee seeking the rights to compensation that his client won after being missold insurance, ruling that neither the trustee nor the creditors of the estate have a claim because their responsibilities were discharged before the redress was discovered.
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.
Two years after the U.K. Financial Conduct Authority acknowledged the threat cyberattacks pose to the U.K.'s financial system, little progress has been made. The Prudential Regulation Authority's new operating standards, expected to publish this year, must show that it is taking cybersecurity seriously, but without stifling innovation, says Jamie Monck-Mason of Willis Towers Watson.
After the pain heals from what for many businesses was a last-minute scramble for General Data Protection Regulation compliance, many of these businesses will come to appreciate how the effort made them stronger from a compliance, security and even operational performance stance, say Howard Schiffman and Adam Cohen of Yeshiva University.
Although data sharing via application programming interfaces is not mandated in the U.S. as it is in Europe under the new Revised Payment Services Directive, financial institutions that do not embrace it risk being left behind in terms of both technology and partnerships, say Erin Fonte and Brenna McGee of Dykema Gossett PLLC.
Currently, U.K. judgments in civil and commercial matters can be enforced in Germany with the same authority as German judgments. However, depending on what the U.K.'s relationship with the EU will look like after Brexit, the situation might become unbalanced to the detriment of British judgment creditors, say Stephen Llewellyn of Faegre Baker Daniels LLP and Karl von Hase of Luther Rechtsanwaltsgesellschaft mbH.
Currently, regulation of cryptocurrencies and initial coin offerings in the U.K. is handled primarily by the Financial Conduct Authority, Bank of England and Her Majesty's Revenue & Customs. Trading in cryptocurrencies themselves is not a regulated activity, but trading in derivatives using digital assets will require FCA authorization and new forms of market intervention are likely on the horizon, say attorneys at Crowell & Moring LLP.
While political uncertainty is pushing U.K. corporations toward defensive consolidation, inward mergers and acquisitions investment into the U.K. remains strong, with American acquirers leading the way. Factors contributing to this trend include Brexit, U.S. tax changes and saturation of the U.S. target market, say Simon Rous of Ashfords LLP and Laurie Sanders of Osborn McDerby LLP.
Justice Geraldine Andrews' judgment in Serious Fraud Office v. Eurasian Natural Resources Corp last year is a reality check, but not a change in the law. With the case's appeal currently pending, it is becoming more clear that British lawyers have been lulled into an ever-expanding definition of litigation privilege which is not supported by the law, say Davis McCluskey and Georgina Jones of Taylor Wessing LLP.
The European Parliament recently voted in favor of the fifth money laundering directive, 5MLD, which creates stricter rules and increases transparency around financial transactions and legal entities. 5MLD will create uniformity across the European Union and close any possible loopholes that may have existed previously, say Keily Blair and Andrea Holder of PricewaterhouseCoopers.
Security features unique to cryptocurrency put investors at risk of losing such assets upon incapacity or death. Understanding these features and crafting a plan that addresses certain important factors will help assure digital assets are effectively passed on to heirs and beneficiaries, say Michael Kearney and Joseph Doll at Cole Schotz PC.
The U.K. Court of Appeal recently ruled on the meaning of the words "fair market value" in the default valuation provisions in the Global Master Repurchase Agreement 2000 edition. The decision demonstrates the difficulty of challenging a nondefaulting party's valuation, provided that its process is reasonable, say attorneys at Signature Litigation LLP.